All Forum Posts by: Brett Lee

@Todd Rasmussen

If I didn't find a good deal with the equity I could always recast the loan so my monthly payment is less. I would be at a better interest rate than current but the toughest thing is that it would still cost me about $10,000 to do that. I just wish I had a crystal ball on what deals will look like in the next year or so

@Todd Rasmussen

My personal thought is that real estate is going to drop in price considerably and the next 6 to 9 months. Currently I have access to a hundred and $ $110,000 cash and can pull another $90,000 out at a rate of 3 and a half percent. However the market that I am in is Seattle and you can't buy anything for around $200,000. I am mulling over the possibility of freeing up as much cash as possible in case of some Screaming deals come available. However that is just my speculation. Conversely as long as I have good credit and enough for a downpayment I could probably still qualify for a rental. Just not a screaming deal that would be all cash

@Todd Rasmussen

Right now that property is cash flowing me $1000 per month. just trying to figure out if it is worth the hassle for me to get an extra 200 per month.

On another note that property is worth about $400,000 and I owe 130000 on it. Am I dumb if I don't strip Equity out of this? I know most BiggerPockets people would for sure but I'm definitely not a pro real estate investor just an average guy who likes real estate :-)

@Nicholas Weckstein

Thanks I am leaning towards what you are telling me. Just wanting extra advice and perspectives👍

I have a duplex that is currently on a 30 year loan at a rate of 4.875%.  I currently owe $129,600 on it and my monthly payment is $1200.  I have 18.7 years remaining left on this loan.  

I have been shopping rates and have been quoted a rate of 3.5% on a 30 years for this property.  However, fees are around $10K.  It will take my 4 years to pay off the fees associated with this refi.  I would be saving $212 per month which is nice... but I am just struggling with figuring out if this is even helpful to me or not.  

I keep going back and forth on this as to what to do.  Not sure if this makes sense to proceed or not...  Right now, I am leaning towards not proceeding with refi and just paying on my current mortgage (possibly paying extra on principal).  

What are your thoughts?  Would you refinance if you were me?  I realize everyone has different goals... but I would appreciate some different perspectives in thinking about this.  Thanks!! 

-Brett

@Nathan G.

I agree with you. I just hope other deadbeat tenants don't jump in the bandwagon and try to make up allegations against a landlord (for their gain) a ruin his life.

Obviously if some piece of crap landlord actually is doing this they deserve the consequences.

Basically this is a nothing burger news story that keeps making the news every day. Landlords will be viewed as awful... And people will automatically believe the allegations.

Crazy the justice department felt the need to chime in

https://www-cbsnews-com.cdn.ampproject.org/v/s/www.cbsnews.com/amp/news/coronavirus-justice-dept-targets-landlords-demanding-sexual-favors-in-lieu-of-rent/?amp_js_v=a3&_gsa=1&usqp=mq331AQFKAGwASA%3D#referrer=https%3A%2F%2Fwww.google.com&_tf=From%20%251%24s&share=https%3A%2F%2Fwww.cbsnews.com%2Fnews%2Fcoronavirus-justice-dept-targets-landlords-demanding-sexual-favors-in-lieu-of-rent%2F

I'm sure you aren't!

So these news articles keep popping up about landlords demanding sexual favors in lieu of rent. Is this really happening or is this just a few isolated cases with the news running with this to make landlords look terrible.

My thoughts are that this might take place from time to time from no class scumbags but I can't imagine that this all the sudden is some new phenomena where people can't afford rent and a landlord comes and says "I have a way for you to pay... Why don't you be a hooker instead of paying rent ...".

Didn't a ton of people get protected from eviction already without needing to work out "sexual arrangements"?

We live in such a litigious society that I would think any landlord with this TERRIBLE idea would think twice before actually propositioning a tenant like a prostitute. They would get sued ASAP!! I just don't see this happening... But maybe I am just naive and ignorant?

Is this really happening all the sudden because of covid or is this a few tenants looking to take landlords to the cleaners in lawsuits? It just doesn't add up to me... It almost seems like landlords are being painted as terrible villains and tenants as being poor victims.

I am wondering if based on these new "wide spread" allegations if landlords need to make sure they aren't showing a property alone or going to a rental without an extra set of eyes to vouch for them? Probably not for every house call but for tenants that have lost trust and credibility with you and might want to slander your reputation and take your money...because after all aren't you just a perverted greedy slumlord? (Sarcasm intended)

What are your thoughts? Is this some newfound society wide problem or just anti landlord tabloid (click bait) news...

@Michael King

Do you mind me asking who you refinanced your rental with?

@Mashika Patrick

I just read an article about 1/3 of tenants aren't even paying rent. Don't raise now or your tenants might just refuse to pay at all. Wait until this is over and then increase by $50 per year. I have 2 rentals paying less than market but they are decent tenants. I would much rather keep things the same then deal with new tenants during this economic climate. Plus not sure how things are where you are at but where I am in Washington state tenants getting a lot of protection even if they don't pay rent. Also people can be vindictive so don't be surprised if your tenant start asking more of you on little things if you raise their rents too high

@Tchaka Owen

I am aware of that. However, wondering if there will still be a connection to lower mortgage rates such as referenced here

https://www-cnbc-com.cdn.ampproject.org/v/s/www.cnbc.com/amp/2020/03/15/coronavirus-mortgage-rates-will-fall-again-after-latest-fed-cut.html?amp_js_v=a3&_gsa=1&usqp=mq331AQHKAFQArABIA%3D%3D#aoh=15843576039401&referrer=https%3A%2F%2Fwww.google.com&_tf=From%20%251%24s&share=https%3A%2F%2Fwww.cnbc.com%2F2020%2F03%2F15%2Fcoronavirus-mortgage-rates-will-fall-again-after-latest-fed-cut.html