All Forum Posts by: Brock W.

Thanks Lauren B.  I guess I'm looking for more detail.  If I need to foreclose, is that a call to the sheriff?  Do I need an attorney to navigate the process?  How long does it take?  What does it cost? and so forth?

I'm curious about selling a property I own outright "on a note"  IE- keeping banks out of it and selling with 100% owner financing.  My biggest reservation is what happens in the event of a default?  What are the steps necessary to reclaim ownership?  Have I signed over the title after the downpayment or do I retain title until the note is fully paid?  Any info is appreciated.  Thank you!

Hello All-  First time poster and pretty UN-Savvy investor.  Perhaps you can help me?  

I own a modest 3/2 valued at 165k free and clear.  It has always had a great rental history and I've never had a vacancy in the 10 years I've owned it.  It rents for $1150/month.  

My mortgage balance on my residence is ALSO $165K.  The rate is 4.5% and the monthly payment is $1350.  The residence could probably sell for $315k give or take.

My question: Should I sell the rental and pay off the residence? I'd be making 4.5 percent in saved interest, probably 5.5% after all fees and expenses and such. I'd wake up debt free every day and could turn my salary toward the next investment, I could HELOC into my now paid-off residence if I needed to etc etc.

On the flip side, the rental (almost) pays my mortgage, and in 24 years I'd own 2 houses free and clear instead of one.  

Please let me know what you think of these options?  What considerations am I missing?  What are the macro-economic concerns that I need to pay attention to.

Thanks in advance.  Your input is very welcome.

Hello All,  members and admins.  First Post.  Pleased to have found what seems to be a comprehensive site!  I hope this is filed appropriately.

I am 46.  I have 50% equity in my residence valued at $300K.  I own 100% of a rental property valued at $150/160K.  It rents for $1100/month.  I have no debt outside of my residential mortgage.  Currently I make only about $30k but I do have approx 50K cash on hand.  My credit is good to excellent.

I am very risk averse and my priorities as I look at a next step are as follows:  

First-  Safety.  I must not lose money.  I feel like I am too old to recoup.  

Second- Growth and Return.  I do NOT need to hit a grand slam.  I'd prefer a series of single base hits every year or so.

Last- Liquidity.  I DO not need to access my cash or get my money out in the near to medium term.

Although I'd love to supplement my monthly income, if forced to choose, I'd prefer long term growth over immediate cash flow improvement.

Here are some things I'm considering:

Replacing my residential mortgage with a first position HELOC and aggressively paying that down. Likely it will still take 5-8 years.

Collateralizing current property to get a loan for a third purchase.  Possibly another SF house,  possible a small apartment, possibly commercial.

I;d hope to avoid selling but of course, would not rule it out in the event of a great opportunity,

Given all of the above,  what might you suggest?  Thanks so much for reading!