“Making Real Estate a part of a Retirement Plan”
Joe, I hope all is well. Carol and I have finished our renovation project. We've had an overwhelming response to ads we've posted so we expect to have it leased within the week. I'm writing to ask about refinancing it. Here's what I'm looking at:
Expected Appraised value of the house: $210,000 - $215,000 Looking to Refi and cash out at $165,000 (LTV = 75 - 78%) Current Mortgage: $90,000 Other debt to pay off - $25,000 (credit cards, small personal loans, etc) Expect $1,850 per month rent - taxes are approx. $350/month
This would leave approx. 50K for the next project.
Question: Is the above realistic? what are current interest rates?
Originally, you mentioned a 6 month holding period - we purchased on April 15th of this year, so I'm doing a little planning here, but would like to know the difference between doing this now and waiting until October. Looking forward to doing this again,
Many of my clients have incorporated real estate ownership as part of their overall wealth creation. There is no right way to make this happen. Some clients buy as many properties at they possibly can, yet others will buy one property per year and everything in between.
I have been a real estate investor for many years and have an extensive portfolio, so I can speak the language and have coached and continue to coach many of my clients.
If real estate investing is going to be an overall wealth building strategy it would be wise to get a knowledgeable coach.
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Joe Petrowsky, NMLS #6869
Right Trac Financial Group, Inc. NMLS #2709
110 Main St.
Manchester, Ct. 06042
Office: 860 647-7701 x116
Fax: 860 647-8940
Cell: 860 836-9294
Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.
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