All Forum Posts by: Adrian Akerman

Carl, my long term goal is to scale to new construction for sale, with multifamily and small commercial rentals in the mid term. The rental market has been good to me as opposed to flips. Good point about the tax implications. I closed on this property in mid 2021. Thank you for your insight. 

Hello, I have a single family 4/4 high end brand new renovation that has only been occupied for 8 months. I am trying to decide on whether to continue renting, or to sell it. 

The area and block are transitioning, homes will likely only increase in value. Rent is $2,550/mo + utilities and could be increased, tenant is month to month.
I have no mortgage on the property itself, but I refinanced another property to pay off the private money loan. I have about 280k into the deal, and it can sell for 375k based on the comps. 

Should I do a cash out refinance and eat the interest rates, or sell it in the spring? The tenant is taking great care of the house and has no desire to move. We own other properties that require full rehab, so pulling the cash out will finance the other deals; that is the main consideration for selling. My original intention was to sell it, however, that got delayed with last year’s market changes. Most of my other experience in real estate has been brrrr.

Have you seen a lease in the former, meaning with only one party having that option? Would it apply during the pandemic?

Given the times, has anyone added to their lease a clause that allows the landlord to terminate a lease with 30 days notice without cause? Does it also allow the tenant to do the same? It seems like a reasonable alternative to a month to month lease, without it being a month to month lease.

Thank you, @Verna Littleton! Of course, by the time I locked it the rates increased, however I expect that they will drop again and we will be eligible for an adjustment. @Robert Gunn Good question. I had a HELOC closed on me after the last market collapse due to a property value reduction. Someone else will know much more about the overall benefit of one vs. the other though.

@John Warren Thank you, John!

What sources are you using to compare today’s interest rates to interest rates from recent days? I was quoted 4% for a cash out refi and want to determine whether the rates today, or in coming days, will be better or worse. 

@Anthony Wick@Anthony Wick Thank you!

@Stephanie P.

Thank you for the breakdown! We'll see how things shape up given the current circumstances.