All Forum Posts by: Benjamin Sawicki

Thanks @Restyn Robbins, I plan on self managing for the near future. This is my first property, and it's been a learning experience in a 1000 different ways! I'm slowly transitioning it to the potential I know it has (including bringing in quality tenants!)

Thanks all! Most of these ideas were along my lines of thinking. I'm looking forward to choosing my next tenant and will of course put into place safeguards for the future. I'm also very glad to hear that people have donated things left behind. There were lot of useable items left behind so I'm definitely going to donate them.

Hello all, hoping for some advice on a recent situation. A tenant I inherited when I bought my place (who pays 50% below market rent, and no security deposit or last month's rent via previous owner) just informed me with 11 day's notice, that he was moving out on Dec. 1st. We had just signed a 6 month lease with no option to renew, because the apartment has so much deferred work that needs to be done. He and his family are very low income so I'm trying to be flexible with them and their situation. While I'm glad they found a good place to move that suits their needs, they really left me in a bind. I'm not happy about it, but I can accept them moving out early, but he moved out being a month behind on rent, and with piles and piles of furniture and trash left in the apartment. There is food in the fridge and a huge chest freezer full of stuff.

I'm owed $1000 in back rent, and I'm estimating about $1000 for hauling away the stuff from the apartment. Oh, and surprise, he hasn't returned phone calls or texts. All calls and texts from my end have been very professional and requesting to work things out in a peaceful way that works for both of us. 

What's the best course of action?

They aren't 'local', but I'm working with TD bank now on a HELOC for a 4-unit in Maine. It is my primary residence, but they consider it an investment property because it's more than two units. I'm in the middle of the process now, so I can't provide the outcome, but it's going well (quickly) so far. They are doing 80% LTV with a full walk-through appraisal.

You do have a very good rate on your current mortgage, but depending on the numbers and available cash for your next property, consider that you'd most likely be putting down 20% on your next purchase, whereas if you refinanced your current mortgage (what I'm assuming is an FHA or VA loan product), you could then qualify for another 3% down loan, freeing up even more of your cash for renovations, etc.

Hello all!

First, I wanted to thank all of the people who post on here and especially those who take the time to respond - it's really what creates such a positive community here! I've learned SO much from reading questions, answers, and comments.

I own a 4-unit in Biddeford (currently my only property) on an FHA loan with just under $200k in equity I'd like to access. My quick question is simply recommendations on good lenders offering HELOCs in the Biddeford / greater Portland area. I've been through the process with several banks only to get unusually low appraisals (one bank used a single family in Cumberland as a comp for my 4-unit in Biddeford), unexplained fees ("sorry, I should have mentioned these fees at the beginning of the application process.."), and general difficulties in working with lenders. Does anyone in the Biddeford / southern Maine area have a great lender they can recommend for a HELOC with low/no fees and a decent interest rate?

Thank you!

https://www.lendingtree.com/home/mortgage/nina-loan/

 No worries, Kyle, hopefully see you next time!

Kyle - I'll be coming from Somerville. I can give you a ride there and back.