Use summer rental income to offset expenses. Most 4+ bedroom properties rent weekly for about $3,000.00 to $8,000.00, depending on the property amenities, the rental week, and the location to the beach.
$925,000 purchase price
720,000 first mortgage (80%) 4.5% principal and interest payment $3,648.17
$46,250 home equity line of credit interest only prime plus 3% (approx) $240.88 per month
Total principal and interest payment $3,889.06
You need to add taxes and insurance to the above figure
Gross rental income $5,000 per month
$700,000 purchase price
$560,000 first mortgage (80%) principal and interest payment $2,837.46
$35,000 home equity line of credit prime plus 3.5%(approx) $196.88 per month
Total principal and interest payment $3,044.34
You need to add taxes and insurance to the above amount
Gross rental income is $3,333.33 per month
Looking at the above the first scenario offers buyer more income.
Please let me know how you would like to proceed.
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Paul@iLoveSeaisle.com (online since 1999)
