Georgia’s recent water crisis has hit a new low. Some lawmakers have proposed annexing a small part of Tennessee to include the Nickajack Resevoir to quench Georgia’s growing thirst.
If you didn’t see it, last summer Georgia sucked their water supplies nearly dry and have been fighting with Tennessee and Florida over water rights for some time.
According to this latest CNN Money Article – the rates are low but that doesn’t mean everybody’s a shoe-in for a refi. One mortgage lender claimed he’s turning away 60-75% of applicants because they cannot qualify.
Underwriters are being more strict on lending requirements because banks are having a tougher time selling the mortgages (or validating that the mortgage is a good investment) for the secondary markets.
I’ve been watching the multi-units in the Spokane–Coeur D’Alene area for almost a year now and have been tracking the ups and downs of the rents, interest rates and estimated nets after mortgage, insurance and taxes.
I’ve found it surprising that there are actually quite a few properties that when only considering rents vs. debt service – there is often $100-$300 positive on many of them. Some of them with Cap Rates (capital return rate – i.e. how much of your investment is returned each year) of 9% and Cash on Cash (your rate of return on the cash invested) of 5-20% depending on the terms.
I keep up this spreadsheet on a weekly-biweekly basis depending on how many properties are available – if you’d like to receive a copy – please contact me.
