rental investing

[tom bhayya]

1 minute ago, LadiesTailor said:

Exactly until unless you refinance the home before you rent it 

ya andhukey refinance cheyalekapothunna nenu 4% chepthunnaru bookalodhi 

[sureshkonda]

5 minutes ago, tom bhayya said:

no one will do that, nee payslip, last year tax filings and utility bill property address lo lekapothey it will be consodered investment property and your interest rate will increase when you go for refinance 

Nee ishtam bro. Naku atlane ichindu loan. 5 years la mortgage kooda pay ayipothadi

[LadiesTailor]

2 minutes ago, tom bhayya said:

ya andhukey refinance cheyalekapothunna nenu 4% chepthunnaru bookalodhi 

you should have done before renting out or when next time tenant move ayyetappudu break vaste mee wife peru meeda refinance chepinchu 

[LadiesTailor]

Just now, sureshkonda said:

Nee ishtam bro. Naku atlane ichindu loan. 5 years la mortgage kooda pay ayipothadi

Good for you bro.. 

[All_is_well]

On 7/12/2020 at 11:22 AM, joblessjack said:

Vadu bro one of my friend tried in Detroit. Failed. 

home price is 200K , Mortgage is  $1500 Rent you get $1800 to $2000 

If you are luck and home is full occupied 12 months you get $2000X12 =$24000 - $18000 Mortgage for 12 months - Property tax of $5000 - HOA $2400- Move out cleaning at least $500 = $500 Profit  

IF there are no appliance damage , no issues with home like plumbing electric , And all 12 months its occupied and also no rental agent commissions. 

AND main thing is if its not your primary residence you pay high interest  and  DOnt forget to add rental income tax + Insurance 

He ended up in loss of $3500 in losses BUT he is building equity , Since the home is 10 years old now the price will go down or stay stagnant with is another loss . 

Dont forget you need to pay 5 to 8 % in agent fees when you sell.  

Good analysis 👏👏👏