All Forum Posts by: Aleksandra U.

@Jaysen Medhurst

I was thinking the same but I guess my main reason for considering that route is I will have condo loan shown as paid off. Now I'm at the point few banks told me my DTI ratio is too

High and I have too many loans.

If I was buying another property, I’d like it to be 30 or 20 years fixed, not adjustable. And last time I talked to the bank, I was told I could only be able to get adjustable rate.

I already had one HELOC for 35k, just replaced it with 50k.

Seems banks look at HELOC differently as it secured debt. Doesn't count against one as much as regular mortgage.

Hello,

I just secured 50k HELOC with 3 first years fixed rate of 3.49%.

My plan was to pay off an investment condo with mortgage balance of 44k. It is Adjustable rate loan, recently 4.75% till 2023. After that rate goes up.

Haven’t done any appraisal on the condo but look like it might be worth around 75k now.

After it's paid off, I was going to get a HELOC on the condo, I found the bank who was willing to give me HELOC on investment but only when they are in a first position.

I’m wondering if that plan make sense.

My thoughts were if I pay off the condo loan, that property will be free and clear, one less mortgage to worry about and the interest rate is lower. I will obviously have a debt against my primary residence but the idea was to pay it off as quick as possible.

Secondly with HELOC, money is not tied up, when pay it down, I can still use it.

And lastly - I can get a new HELOC Against that condo and have it as a down payment for another investment. Just a side note- investment HELOC doesn't have promotional rate but that's not a big deal because it's write off anyway.

What are your thoughts?

Thank you!

I have very small bathroom to remodel. Previous owner had some weird ideas there (how about that PVC to hold a curtains?) all needs to go. Bath tub is corroded and somewhat pain to use in that type of set up. 

My contractor suggested building a shower to fit into space. He would tile everything top to bottom. 

I’m thinking small bathtub (48”) probably is a better option. One reason is tiled shower can start leaking?..

Build a wall to separate shower or bath from window and gain storage space behind. 

What’s your opinion?

Hello, 

I have to put new Floors in my rental property. Please take a Look at tell me What would be your choice Here. 

It is a 3 bedroom townhouse style apartment with all bedrooms on the second floor. 

Before removing old, nasty carpet, my plan was to refinish wood underneath but it might be too far gone and it is just a subfloor. Maybe sand lightly and paint them? How about vinyl sheet? Does anyone do vinyl in bedrooms?? Vinyl planks would be ideal but it’s probably around $3000 material and labor. 

I’d rather avoid carpet but looks like it might be the cheapest option...

It’s about 460sf upstairs and big living room shown on the photo.

Thank you!

I will definitely get them out. Question is if I have to wait 30 days (till end of May) or can proceed with eviction as soon as possible based on what's going on. With an attorney's help at that point no doubt.

Hello, I have a problem with my current tenant (again!! I guess I need to work on my screening skills). They turned out to be, simply call it, crazy! I rented it to couple and the aunt. 3 adults. Aunt just decided to move out breaking the whole deal. Just after 2 months! And the reason was I told her few times she cannot smoke inside. They knew about no smoking, we talked about it, it's in the lease. So she is gone, those two left. And they still smoke inside! I texted him about it and he calls it harassment, he is not smoking, it's religious candle. And so on... I also suspect there are 2 more people that are not on lease, living there.When I ask about it, he said I have no right to ask about it, they are just visiting etc. Finally I had enough and gave them proper notice on the April 30. It's month to month lease so no reason needed. He sent me whole bunch of nasty texts, calling me names and threatening me. Went I went there yesterday (it's duplex and I'm working on second floor unit) there was some substance splashed on my freshly painted hallway walls. Called guys mom, since he didn't answer his phone. She told me they said someone tried to break in, and the girlfriend pour that thing on the intruder. Hmmm. Yeah. And the police was called and report filled. So I called local police and was told there was no intervention at that address. What now? I have mentally unstable tenants who doesn't want to move out. He didn't pay rent yet for May either. What's my options? Can I just refuse to take rent and go straight to eviction? Or should I play nice, take rent (if they pay) and not to do anything since they are crazy and might cause more damage and wait for the end of the month hoping they will move out. I have all his texts saved. Pictures of damaged walls. Thank you for advice!

I agree, don't want to show it when it looks/smells bad. Just thought they would be reasonable, let me in and keep it nice since they are moving out and have to leave it in good condition otherwise they won't get damage deposit. I do have a note in a lease saying they have to let me in for showings. I don't bother them too much, but I'm also not going to let them be since they have some obligations and responsibilities as tenants. Sure I can expect some vacancies but maybe only when there is no one interested. Since I have at least 4 qualified potential tenants, I don't want to lose the opportunity. It's a tough situation, never had it before. It looks like though, I will have to wait till they gone. Definitely don't want to have any drama and fights in front of my new potential tenants.

They are still there just don't want to communicate. Yesterday I called phone rang twice and went to voicemail. They are clearly avoiding me. Rent is paid up and I have their security deposit. Which btw I'm going to keep if they live unit smelling like an ashtray. I just wonder if I could send a note about eviction process due to breaking lease agreement by not communicating with me/not letting me in. And/or saying I will charge them for my loss since I have no way to show the property and signing new lease starting beginning of February. I just don't understand their behavior. Maybe they are not planning to move at all?!

Hello, My current tenants are on 30days notice period. They supposed to move out at the end of January. It was month to month lease and I did not renew because of smoking. After 2 written notices and tons of complains from upstairs neighbors, I had enough. I have place posted and I'm ready to show it to potential renters. Lot of people interested. I'm trying to schedule viewing but tenant is not picking up phone, nor returning texts or emails. What are my options at that point? Thank you for your help.

Hello, 

@ Igor

@Robert

No property management, i live near by, will handle everything. 

It's is as little as possible - they want 25% down for none owner occupied multifamily. 

Actually number seller gave me, ($4500) included water, sewer and insurance, that, btw, was high in my opinion. He is paying $1700/yearly. 

I also did my little investigation and turned out it is $423 for water, $564 for sewer for last year. 

And one of the offer contingency was for seller to provide break down of costs and income. So I will know exactly what's going on. 

With the roof - I only mention it because seller doesn't even know how old it is. He owns property for 10 years, so roof is at least that. That will be the fist big thing to do. But it is not leaking and no other problems, so I might just bring someone at some point to get it evaluated. 

As for CapEx - I have HELOC open if anything major broke down.