- Joined
- Jul 30, 2009
- Messages
- 29
Ok I am looking at this kind of family deal and looking for feedback
House is 5bed 2 bath in great part of town 15min walk to college(2min drive). House is great condition just needs fresh paint and that`s about it
Sister bought house for 86k 6yrs ago and now owes around 75k
Sister is moving in with boyfriend(owns his house) so has no need for immediate money and was looking at renting this location or selling to whoever offered
Asking 129k(want to get true appraisal not realtor guesstimate but 4 houses down sold in less then a week 165+ so its a wanted area)
Would like to settle for around 110-115k or less
She is willing to take a VTB on the rest of equity she has built up but would like her current mortgage paid off
We have been pre-approved on another house for 80k from RBC homeline(this opportunity came up recently)
We also have parents that will be gifting money for our 20% down on the 80k plus we have our own money built up also.
House numbers are great because of location. Used REMA based at 115k @ 7.5% 35yrs and bringing 2500 a month in rent we would have cash flow of 750+(10% vacancy). Now our RBC homeline is cheaper then estimate
Rent breakdown
1000k a month for downstairs (girlfriend and I)(2bed 1bath)
Then 3 students or young professionals share entire up stairs 500 a room all inclusive I know I can get that because my dad is charging 600 for a smaller room farther away from the college and has decent line up of tenants
So just looking for advice because I would like to create a presentation of some sort to explain my reasoning and idea in detail. My side of the family has some sort of understanding of this but the other doesn`t so I would like to create something easy and straight forward for them both like my new path and passion for real estate and will be giving me more money in the future if I can successfully be a landlord first.
Numbers again
129k
Buy around 110-115
Current mtg 76k
Preapproved for 80k RBC HELOC
Gift 25k-50k+
Rent 2500
Expenses 681(include all utilities,cable,internet,maintenance(150), Taxes and insurance)
MTG @7.5 623 amonth
Total Expenses = 1304
Idea also is a few yrs time replace entire mortgage at new place under RBC HELOC and pay off sister. Less then 5yr timeline on that(if you dont like idea explain)
Again looking to explain VTB so that everyone can understand and what my numbers should look like for them
Feel free to rip apart my ideas and plans I am open to criticism
Hope to hear from you soon and I will try to be on frequently to answer any question
LMP
House is 5bed 2 bath in great part of town 15min walk to college(2min drive). House is great condition just needs fresh paint and that`s about it
Sister bought house for 86k 6yrs ago and now owes around 75k
Sister is moving in with boyfriend(owns his house) so has no need for immediate money and was looking at renting this location or selling to whoever offered
Asking 129k(want to get true appraisal not realtor guesstimate but 4 houses down sold in less then a week 165+ so its a wanted area)
Would like to settle for around 110-115k or less
She is willing to take a VTB on the rest of equity she has built up but would like her current mortgage paid off
We have been pre-approved on another house for 80k from RBC homeline(this opportunity came up recently)
We also have parents that will be gifting money for our 20% down on the 80k plus we have our own money built up also.
House numbers are great because of location. Used REMA based at 115k @ 7.5% 35yrs and bringing 2500 a month in rent we would have cash flow of 750+(10% vacancy). Now our RBC homeline is cheaper then estimate
Rent breakdown
1000k a month for downstairs (girlfriend and I)(2bed 1bath)
Then 3 students or young professionals share entire up stairs 500 a room all inclusive I know I can get that because my dad is charging 600 for a smaller room farther away from the college and has decent line up of tenants
So just looking for advice because I would like to create a presentation of some sort to explain my reasoning and idea in detail. My side of the family has some sort of understanding of this but the other doesn`t so I would like to create something easy and straight forward for them both like my new path and passion for real estate and will be giving me more money in the future if I can successfully be a landlord first.
Numbers again
129k
Buy around 110-115
Current mtg 76k
Preapproved for 80k RBC HELOC
Gift 25k-50k+
Rent 2500
Expenses 681(include all utilities,cable,internet,maintenance(150), Taxes and insurance)
MTG @7.5 623 amonth
Total Expenses = 1304
Idea also is a few yrs time replace entire mortgage at new place under RBC HELOC and pay off sister. Less then 5yr timeline on that(if you dont like idea explain)
Again looking to explain VTB so that everyone can understand and what my numbers should look like for them
Feel free to rip apart my ideas and plans I am open to criticism
Hope to hear from you soon and I will try to be on frequently to answer any question
LMP