All Forum Posts by: Becca Summers

Welcome to BP!! Tons to learn hear and great people to meet.

Thank you all for your input! I just got notice that my current renters are moving so I can replace the carpet and raise rent to market value. 

I found myself in a similar position when I quit my job to stay home with my two children. I found I missed being with people who had the same interests as me. That is what brought me to Real Estate. I had been investing before but not as passionately.

Would your girl friend change if she truly knew how much money you had? It might be nice opening up to someone close to you.  

I agree with others, I think you need to sit down and set goals that you might not think are achievable. The goals can be for personal and self growth or business. 

@Jay Hinrichs that is the way I was leaning but after hearing so many talk about importance of cash flow it made me question. 

@Andy Robison I have it rented for $1290 similar homes in the neighborhood rent for $1400.

@Fay Chen I haven't brought up the topic with them as I don't want to give them a reason to move. They have been really low maintenance and pay early every month. Your right they might not want to go though the hassle of moving. 

@Joel Owens Yes I have about $20-$30k to add to the 1031 exchange depending on how much work will need to put into a new property. The home has no extra land. It's seen pretty good equity growth over the last four years but I expect that to slow down for my market. I like the home because of lack of maintenance and it's in an "A" neighborhood. I'd want to replace it with a trplex or fourplex but would have to go to a B or C neighborhood to afford one. 

@Russell Brazil great idea on the refinance I will have to look into that, with rates dropping again. 

I currently own a single family residence that does not cash flow. It's negative $85 a month and any repairs come out of my pocket (Home was built in 2006 so repair costs are low). The debate is, we have 20 years left of the loan with a fixed 4% rate. We haven't raised rents in the last two years, good tenants on a month to month. After fees to fix up and sale we'd net about $20k. 

Should we sell and do a 1031 exchange to buy a new property or raise rents to cover deficit once these renters move out or hit 5 years whichever happens sooner?

I just closed on a flip for a investor I represented on the purchase. It was my fist transaction with Leslie Peterson at Charage and she did a great job and it was a hard money 2 week close deal.

Also for hard money Matt Atkinson Flagship Financial Group. I've personally never used them but I've my investors have and it's been smooth and efficient.