All Forum Posts by: Corby Goade

If you want to post an estimate here, I am sure you will get some feedback. Every part of the country has drastically different challenges- higher /lower taxes or insurance, moisture issues, mold, etc, so details will help.

I'd sit down with both of them and discuss all of the options above that interest you. I've been in the situation many times. If you have a good relationship and they've been good tenants otherwise, you'll be able to come to an agreement. You can be friendly but firm, after all, you hold all of the cards in this situation, but that doesn't mean you have to be unreasonable. If you can agree to a solution that doesn't cost you money or much time, why not?

Sorry to hear about your experience, no fun at all. I've never been in your shoes, but I'd send the PM a letter, professionally describing and documenting all of the issues you've had, ending the contract in writing and respectfully requesting that they return my deposit by x date (make sure it's in line with what your contract says). If the deposit isn't returned by then, I'd have my lawyer either call or write them another letter. If that doesn't get a response, I'd probably take them to small claims.

If they do return your deposit, I'd be thankful and leave it be at that point. If they don't, I'd call the BBB, review them on Yelp, Google and anywhere else I could.

Best of luck!

Thanks @Chris. Where could I find that statute for Freddie?

Thanksfor the info, @Stephanie. I've been told that Fannie Mae won't allow cash out on non owner occupied if you have five or more mortgages,  Freddie at 2, is that true? If so, delayed financing would be my only option. 

I agree with @Marcus Auerbach, with just a couple items to add. If you are in the carpenter's union, I am sure you can get solid recommendations for tradespeople. When you are hiring contractors, let them know that you want to shadow them and help. If you learn how to repair plumbing, electrical, roofing, etc, it will benefit you in many ways. For one, it will give you a good idea of how difficult any given job is, which will guide you when getting bids in the future. I've been able to give suggestions to my contractors that they had not thought of, saving both of us time and saving me money. It will also give you to ability to make basic repairs rather than bid everything out.

Secondly, and probably the most important tip- be diligent in your tenant screening. A bad tenant can be more expensive and time consuming than you could imagine. Make sure you are getting someone in there who will respect the property and you. I've made poor choices and had tenants that cost me more to get out and clean up the place than I made in two years of them paying rent. It's the most important job you have as a landlord.

Good luck out there- you have so much time and opportunity, make good use of it!

My numbers are almost exactly the same. I used a local credit union to close a HELOC last year, it was a very simple process. I'd just check with some local credit unions- I found the terms varied quite a bit, but found a fairly generous loan. Good luck!

Have they been good tenants? Are you in a strong rental market? If so, there's a good chance you can work something out and separate on good terms. If they can get out and you can re rent without a loss of time or money, why wouldn't you accommodate them? I've done this before where the tenants kept the house in good shape to show, I've had a couple groups walk through (after vetting them) and rented the place out. It's possible that it could be a frustrating and spendy situation, but it's also possible that it could go smoothly. You could probably keep their deposit, but check your local laws and your lease. 

You may be talking to a bank with it's own policy, but if you meet the criteria, you can have up to 10 conventional loans. I'd press them for more info- was your DTI too high? That's a very common problem for investors in the range you and I are in, because they typically count 75% of your rental income, bu 100% of your debt.

Hey Todd- welcome! My two cents: I wouldn't bother with a refi if you are at 4.2%. By the time closing fees are added in, it'll take awhile for you to make up that deficit. I'd go out and get that HELOC. Many banks will open a HELOC for you with no fees, you just pay for the appraisal. You can use your HELOC for a down or cash payment on another investment property. Just do that over and over and over.