All Forum Posts by: Mike Slusher

Thanks for the help, im gonna try and get together the full amount and pay cash.

Thank you

Im looking at a Rental for 40k and I am going to put 20% down. Some mortgage brokers are telling me that the banks will not even take the loan because the loan amount is to little, so their fees will be too small. Im being told that I should pay all cash for anything under 60k or so.

Is that true??

Pretty much nothing, good point

Thanks for the advice Taz.

I was on craigslist the other day checking rental rates for that area. 95% of the 3br 2bths were renting for $1000 or more.

That property management company had that one condo at $850 for section 8.

Should I fiquare the rental rate based on that property managements condo or should I go off of the other rentals that are in the $1,000-$1,100 range?

I found this condo, its selling for $47k. Its a 3br 2bth, 1200sq ft. Its near a pretty rough neighborhood, but the complex that it is actually in is gated and fairly nice. I was pretty gung ho about it, I thought I could rent it for around $1000-$1,100.

I went to the complex the other day and I saw a property management sign in one of the other condos. I called the company and the same basic condo was being offered through them for $850mth and it was also section 8 ok.

So that has soured me alittle on the deal. Another kicker is that the 20% down I am coming up with is borrowed from my line of credit.

So I fiquared roughly my bills on the property

payment-$240
HOA -$230
Line of credit payment-$200
Utilities-$120

Low end Rent-$850

High end rent - $1,100

cash flow $60 to $310

Any advice would be greatly appreciated,

Thanks!

Forming a LLC and geting a commerical loan, is that more difficult to get financing, than a traditional mortgage loan??

Is it even possible to buy 3 or 4 properties at the same time??

I'm thinking about buying 3 or 4 condos in my area at the same time, I recently gave my info to a mortgage broker and he said with my debt-to-income ratio I can afford to borrow around $160,000. Their are condo's in my area (3br 2bth) that are for sale around 50k range and they rent for around $950 to $1100. I was going to put 20% down on each.

I fiquared that would leave me with about $3,000 cash flow if all condos are rented.

I've owned rentals in the past and want to get back into the market. Just wondering if this is possible or am I just dreaming.

Any input would be much appreciated

Thanks