All Forum Posts by: Steve Smithy

I wouldn't try to keep a non-paying tenant, let him leave if he wants.  I would insist the seller get him out before closing if that is possible.  Until you buy it make it the sellers problem!

I'm not sure what your question is, can you be more specific?

Are you allowed to move in? Of course, its owned by your family.

Are they allowed to charge you even though the HOA says no? Unless you plan to testify in court against your family I don't see how they would ever prove it! I think this being a family deal kind of makes it not a rental in many people's eyes (and likely a judge).

I'd be vague in your responses, ask them to clarify what they mean and say you are in the same boat with finances as they are.  Anytime I've had renters get behind they have NEVER gotten caught up.  Try to avoid that if you can, be as understanding and generous as you can. 

Partial payment is better than none, and if they really can't pay offer to let them off the lease if they can vacate by the end of the month or something (30 days).

Whenever I head "house hacking" the person doing the "hacking" is YOU, and you are living in the property and thus would be responsible for finding/screening tenants.  Unsure why you would want to outsource finding of roommates to a property manager and pay a fee when you are doing the work anyway!

You didn't have official financial commitment from the lender by the 21 days so they would have to refund your deposit, so don't worry about that.  They will try to weasel-words it into sounding like you somehow would lose it but stick to your guns here.

Don't do any deal you aren't comfortable with.  The market is crazy now and they would be crazy to let a buyer go with everything going on.  In this market I wouldn't be surprised if everything got extended 30 days.  I've had normal deals during normal times with slow lenders that just take 60 days to close "just because".

Do you have contractors working for you via 1099?  Maybe take some training on how to use quickbooks and do accounting is my advice.

Wait you can only refinance at 0.1% less than what you have now?  Rates should be under 4 for you unless you have horrible credit, try another bank!

If you can do the faster paydown you should, you'll thank yourself later for saving so much interest!

My gut says sell it.

Think of it this way, what would that money return if you invested it in something?  Would it be a better return than what you are getting from this house?  Considering its not really pure profit, you still have to manage the house and renters!  Is a 5% return worth all that hassle?  I say sell.

I think it does affect her section 8 status, they suddenly might be paying less as now there is another tenant that should be paying rent!

I try to avoid pets whenever possible, I presume your state allows a fee for pets, my experience is the deposit is never big enough.  In the past I used to charge $50-100/mo for a small dog.  I wish I hadn't rented to them!

What is the question?  Will paying off a loan early hurt your credit?  It shouldn't!

Just be careful taking out that HELOC, when you purchase another property the bank could in theory demand you repay the loan as you took out the proceeds fraudulently (they ask if its to purchase another property or not). Why not get a regular mortgage and just pay that back faster? Lower rate on a HELOC?