All Forum Posts by: Steve Kirsch

thank you Joe Villeneuve. Great explanation.......

Hello BP family,

How do you determine how much of rental income from doors should be applied to the loan and how much should go toward the next down payment of another property. If I have extra funding, should I apply that to the loan balance or again, just save for another door. I presume at some point, it is beneficial to pay down the loan. But when?

thank you

Thank you Etienne.....

Hello all BP families,

I am looking to invest in the outskirts of Denver. SFH/ Duplex in possibly Aurora, Commerce City, Westminster, Wheat Ridge. Looking for feedback on neighborhood class rating B. Your input is much appreciated. Any current investors have thoughts on 3-5 year projection of market viability?

thank you...

Steve K.

Hello Holly,

 Yes, can you please send pictures? Can you give me the cross streets? I used to live in Greeley and am familiar with the location and UNC.

thank you.... Steve Kirsch

thank you both Stan and Catherine for your responses. Much to think about.. :)

Hello BP Peers,

I have a relative who is looking to move and retire to another state from where she resides. She has a condo now with a remaining mortgage of about $100K. The condo's un-appraised value is approx $250K. Her next residence she is wanting to move to will cost around $225K. She is on a fixed income with limited funds in her savings. I am trying to see if she can afford to keep her current condo and rent it for cash flow to support both condos. However, this will hinder her ability to come up with a traditional 20% dp and new mortgage payments. She is being advised to  sell her current condo, pay off the existing mortgage, use the balance to support the 20% dp and then invest the rest in the market where she might receive $400-$500 return monthly for living expenses (too risky in my opinion). Another option is to sell the current condo and apply for a Reverse Mortgage. Then she will not have to come up with a dp. But in this scenario the bank will own the house (especially if she outlives the money from the loan. She is 72 years young. Again, I am suggesting keeping the current condo for cash flow and looking for loan options for the new condo.

Lastly, she is not wanting to put the new condo ownership in her name as it may hinder her in regards to Medicare and Medicaid (her words)?  She wants to have the ownership under the names of her beneficiaries (her children). However, I am concerned with that option as having another asset under their names could negatively affect their ability for future loans (personal, business, college) and increase their annual tax bracket????   Any advise is much appreciated...

Hey guys. (Chris Mason, Mike McCarthy, John Mocker).

Great ideas. I did have a mortgage insurance policy for my first primary residence, but that program doesn't exist for the below reasons. I was thinking of obtaining another life insurance policy to cover this expense. My current life insurance policy alone would not provide enough security for my children in the event something does happen.

thanks again.....

Hello BP family. Any thoughts on obtaining mortgage loan insurance? not property insurance, but insurance that would cover the balance of the loan in case you lose your life and you do not want your family to incur the expense burden. Thank you... sk 

Do any of my BP family members have any experience or reviews of the online marketplace Roofstock? Please let me know your comments.

thank you...

sk