All Forum Posts by: Zachary Rosa
Zachary Rosa has started 3 posts and replied 7 times.
Post: indoor pool 10 bed 2 bath refi
- Posts 7
- Votes 3
Quote from @John Underwood:
This is still a residential property as you mentioned? Why don't you just do a residential cash out refi?
I'm guessing you probably have a residential loan now?
I may do a residential cash out but the bank does not value a residential property off the income in produces, just the comps in the area. It is a cool property but as a standalone residential property the value will not be as high as if they took in account the rental income.
Post: indoor pool 10 bed 2 bath refi
- Posts 7
- Votes 3
Hi,
2 years ago I bought a very unique property in NH. It has 10 bedrooms and an indoor pool. This property is zoned residential. The property has brought in over $220k each of the past 2 years and on track for more this year. I bought the house for $700k and believe it is work much more and want to do a cash out refinance. I know commercial properties are valued based on the income. Is there anyone who will lend on an STR/residential property based on the income? Again my goal is to do a cash out refi. My current rate is 5.9. I may not exacute on this just yet but I believe rates will be close to this by the end of 2024. Let me know what you think!
just for the sake of asking, could I use that $246k to buy 2 properties or is a 1031 only a 1 property for 1 property swap?
awesome! thank you very much.
Hi,
I am looking to do a 1031 exchange and am wondering what is the amount of the house I would have to buy to hit my reinvestment goal for the 1031 exchange.
the current property:
purchase price $515,000
sell price :$660,000
principle balance: $383,700
Post: Need advice on a deal
- Posts 7
- Votes 3
I did run the numbers (conservative and aggressive) and it is coming out to a 8.5 - 12 cap rate. This is with the current owners profit and loss file from 2020 and 2021. I believe with some updates and professional management we can preform better than the current(also putting it on air B and B should increase the amount of people who see it) The property is super rare for the area and I am just unsure if I am being captured by “how cool” the property is or if it really is a great deal.
Post: Need advice on a deal
- Posts 7
- Votes 3
Looking for input on this deal I have under contract. Here are the facts.
Home price :736,000
Rate:5.75
Cost for rate:14,000
Down payment :25%
prop manager:25%
Property is in NH
the property is 10 beds with an indoor pool and sauna and the current owner is getting about 9,000 a month in rent. Very little updates needed besides a possible septic issue in a few years. Owner currently self manages and does not have it on air B and B. I believe with a few update the property could bring in about $11,000 per month.
What do you think?