“Making Real Estate a part of a Retirement Plan”

“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,

Doug

 

 

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

Email: joe@righttracfg.com

www.righttracfg.com

www.joepetrowsky.com

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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.

Equal Housing Statement: We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing becuase of race, color, religion, sex, handicap, familial status, or national origin.

Comment balloon 3 commentsJoe Petrowsky • September 11 2019 06:10PM

Comments

Good morning, Joe Petrowsky real estate is long term investment .... and it's been a good investment for me.... I'm looking forward to selling my last piece of investment property to my granddaughter..... 

Posted by Barbara Todaro, Marketing Agent for The Todaro Team (RE/MAX Executive Realty ) 7 days ago

Good morning Joe. Different strokes for different folks. Some go big, some go small and some are in between. A coach knows how to advise his players and it is not always the same. Enjoy your day!

Posted by Wayne Martin, Real Estate Broker - Retired (Wayne M Martin) 7 days ago

I exclusively sell real estate investments and I keep buy property. I also like the idea that they want to pay off high interest debt.

Posted by Joe Pryor, REALTOR® - Oklahoma Investment Properties (The Virtual Real Estate Team) 6 days ago

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