Should I Sell....
Hi all,
This is my first post and I am hoping someone can help point me in the right direction. I recently (4 months ago) purchased a duplex in Staten Island, NYC for $740K. I put 15% down and my total payments are $4K per month. The house is very unique, the previous owner built out the attic and finished the basement, he also replaced most of the electrical and plumbing and kept the original woodwork-house was built in 1930. I have a short term tenant in the front (side by side) for $1,600.00 per month. Many applications, rented 3rd day.
Based on the area, convenience to the city, etc I am pretty sure I can rent the back house out for around $2,000.00. I currently live there and my wife and I are not very happy without having a big yard for the dogs and baby (too late). I am contemplating buying a primary for myself not too far away and renting out the my apt, only thing is, after mortgage, taxes, ins and a sinking fund for gutter cleaning, maintenance, etc. I will probably be out of pocket $600 per month. I bought the property with the intention living there for a few years and keeping it as a rental and paying down the home equity which I would break even afterwards. The prices in my area are outrageous and it is almost impossible to buy something else and see a profit without putting down a significant amount. I can handle losing a few bucks each month but do others do this and does it work out in the end? I appreciate the advise.
Yes $2,400.00 is what I am paying. Thanks for the advice. I just wanted to start the investment game off on the right foot and everything is so high right now.
By signing this rental agreement, the tenant agrees that upon surrender or abandonment, as defined by Chapter 83, Florida Statutes, the landlord shall not be liable or responsible for storage or disposition of the tenant’s personal property.
If yo have the above clause in your lease, you can throw their stuff away. If you do not have the clause then it depends on the dollar value of the stuff. Do a google search on Landlord Tenant Florida Chapter 83
Personally I would throw it out. They have abandoned the unit. What makes you think they are coming back and paying you for your time and expense to store it?
So you want to refinance a Non Owner Occupied unit at owner occupied rates and you want someone to do it for next to nothing? Just making sure I understand what it is you are asking for. In this business it takes money to make money. Shop around but keep in mind that everyone has a family to feed. If you have other needs for loans in the future use that as a bargaining chip. If I think I am going to do multiple loans with someone I will charge different. Why mainly because I do not have to re-evaluate their portfoilio every time and I can do it quicker and easier.......Also keep in mind that no one works for free so if they arent charging you directly they are getting it from you somehow usually in a higher interest rate.........
Good Luck