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Reply to "What a self made multiple millionaire would do in your shoes to increase your net worth."
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[quote=Anonymous][quote] Property Purchase Price: $400,000 Downpayment Required by Lender: $100,000 (25% b/c Investment Property right?) Gross Monthly Rent: $2750 Less PI: $1520.06 (300k at 4.5%, 30 year fixed) Less Ins: $62.50 monthly Less Taxes: $375 monthly Remaining: $792.44 monthly, $9,509.33 85% of remaining: $8,082.93 annually, which is approximately 8% of downpayment amount ($100,000) [/quote] Not OP but I am an agent. A lot of lenders have 20% downpayment requirements for investors rather than 25%. Ask around. Your 4.5% interest rate is too high, also.[/quote]
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