Posted by Ron on July 25, 2003 at 11:34:38:
Carlton Sheets mentions in his course that the rent of an income property SHOULD be about 1-1.3% of it’s worth.
Re-Fi Cash Out? - Posted by Patrick
Posted by Patrick on July 23, 2003 at 23:21:59:
I just purchased a tri-plex for 130K, that brings in a total of $1625 in rent per month. I knew I had a kick ass deal, but someone informed me the rent of an income property SHOULD be about 1% of it’s worth. So, essentially, my place would appraise for ABOUT 160K, but it appraised for exactly how much I bought it for - 130K…it’s so convenient how that works. I got a NOO 80/20 loan, with the second being at a very high rate. I guess I am asking if it would be difficult to do a cash out re-fi and throw a nice little chunk of change in my pocket? What other kind of options do I have?