All Forum Posts by: William D.

BP!

Is there any way around the usual 20 or 25% down payment for multi families?

BP! 

I purchased a 1bed 1 bath condo in NYC for 260k with a 15k sellers concession for the down payment. 275k in total. 

I put 10% down 27k

I did a full renovation for about 28k. 

I closed this past February and live in the property.

HOA is $267 and includes the usual, water, outside maintenance, pool, tennis court, basketball court, snow removal , and storage.

My current total payment is $1925, including taxes, HOA, and $199 for PMI.

My question is, should I pay down my mortgage to reach the 80% LTV so I can remove my PMI and pay down my mortgage? The cost to pay down the mortgage to reach 80% is $17000. Or should I invest the money in another property?

BP!!!

I want to look at a short sale in Union City NJ. The banks agent said the tenant who is living there is giving him a hard time about letting us in to see the place.He or she us also paying way below market value for rent. Can someone advise me on the laws and best way to go about this? How can someone just live there pretty much rent free and deny the bank a showing? 

@Wayne Brooks 

Ok, I didnt see that. I pulled that info straight from my Loan Summary account portal.

I stayed in an Air BnB in Flamingo park last year. Going back this year as well. West Palm is awesome.

Good Morning!

I am trying to put together a plan for a down payment on my first investment property. I purchased my primary residence around February this year. I paid $260000 and rolled in $15000 in closing costs ($275000 total loan amount). I put down $35250. I pay $199 in PMI and have a $270 monthly HOA as well. I am paying an extra $200 per month to help pay down the loan earlier. I also did a full renovation, about $30000.

I was thinking of paying down the loan with a lump sum to remove my PMI and then taking out a HELOC to add to the cash I have for a down payment. Is this wise?

I currently have $30000 to work with.

Below is my loan info.

GOOD Day BP!

When attempting the BRRRR strategy is buying a property cash the only way to do it successfully?

@Chris Mason @Irina Belkofer This conversation has gone way over my head. hahaha Although I am positive this will come in handy one day. 

Why the talk about taxes when I haven't purchased the property yet? If I am attempting to purchase a property I wouldn't have any taxes to show for it. Will I be using the past year or 2 rental income to help with qualifying?