All Forum Posts by: Wendy S.

@Mike Hern

Thanks Mike, I played that card 2 years in a row and this time I can't find another good reason. Hence a win win, I'm thinking, finance, we can make the payment with $10K down, $400 mthly with dealer financing. Leave $28K to redeploy in RE.

It was hard to walk out of dealership today but I'm hoping I can get a better deal.

Is it best to finance a 2023 Honda $38,000 or pay cash?

If financing, is it better to get a bank loan or finance at the dealership?

Background

Car is not for me but mid twenties daughter who I partner with to buy real estate. I quit my job 2022, live off rental income and we house hack a large 3 level house with rents totally covering mortgage.

She has excellent credit and six figure yearly income. Only mortgages as debts which are covered by rents.

P.s. I'm supporting the new car decision. You have to enjoy and reward yourself sometimes. Not always about frugality.

@Caroline Gerardo. No arrears. Tenant is current with rent. Balance owed to seller/Landlord is on their rent to own agreement. Seller wants to be paid off. Appraisal and inspection will be done. Perhaps it would be good idea to get 2 other estimates for upcoming work to be done on property. Then if Tenant matches or betters estimate he is contracted and gets equity or monthly cashflow from improvements while still continue to live in his unit.

@Shawn McCormick. Thank you.

@Kristen L Garner, thank you so much. Well check them out.

@Robin Simon. Read. Thank you.

@Caroline Gerardo I sent msg to your inbox.

@Jonathan Taylor, yes I am hoping to get taxes in order for conventional but also looking to go under contract for another on market so DSCR as time is of the essence on that one.

1.5 or actually 1.7728 at 25% DP and 8.5% interest.

@Caroline Gerardo 😃 😊. I know. No reward without calculated risks. Worst case, I can just resell the property.

@Caroline Gerardo thanks. Aye, this is where I come in,Tenant's credit is bad but his work is good. He initially was doing a rent to own but seller wants to be paid off. So in essence I will buy outright and pay off debts including his. He will stay on, continue to pay rent and continue working on projects between states with me.