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re: Buying A Rental House?
Posted on 9/15/14 at 6:10 am to Mr.Perfect
Posted on 9/15/14 at 6:10 am to Mr.Perfect
150k purchase price with 20% down payment and he's financing 120k
120k @ 6% for 15 years is about $1,000
Now you pay tax(no homestead) and insurance(also higher on rental) and you'd be very lucky to stay under $1,350
Any maintenance at all you'd be negative.
120k @ 6% for 15 years is about $1,000
Now you pay tax(no homestead) and insurance(also higher on rental) and you'd be very lucky to stay under $1,350
Any maintenance at all you'd be negative.
2
Posted on 9/15/14 at 6:54 am to yellowfin
I have rentals in BR. I finance with 25% down over 30 years at less than 6%. Last one closed this past June at 4.75%. Bought one a year ago at 4.25%. I pay them off over 15 years bc I pay extra, but have the option to go 30 if they were unrented for a long period of time and cash was tight.
Posted on 9/15/14 at 10:45 am to yellowfin
Gotcha... I missed the 15year possibility.
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