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by Dan Auito
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an full value and still be paid in full.
Don’t pay for private mortgage insurance if you can avoid it!
Let’s not forget that as the value of your duplex has risen the rents should also be increasing along the same lines. Now instead of $750.00, you should reasonably expect to get $800.00 per month, per side, which now delivers $1600.00 a month to your bank account. Unfortunately you still have to pay for 28 more years on the original loan amount, so you will make that good old $1099.33 payment as usual. That leaves you with $500.67 left over to pay that new equity line back with. Your new $29,000 equity line which you used as a down payment on your new home costs you $336.71 @ 7% for 10 years. Now $500.36 minus $336.71 leaves you with $163.96 left over to maintain a nice little reserve account for vacancies and maintenance/repairs. This is a good example of how to transition to a secure lifestyle while using your existing asset base to buy more.
Review:
- Break the mold and look at multiple income property to start.
- Go to a first time home buyer class to get ready.
- Go to a lender prepared to qualify for an affordable loan amount.
- Focus your effort on learning how real estate works.
- Realize the sooner you start, the
better off you will be.
- Offset expenses by renting to others.
- Manage tenants, deposits and property responsibly.
- Plan for the future using assets and equity lines to start.
- Keep reading and learning how to do new things with real estate.
- Find mentors and use knowle
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