All Forum Posts by: Charles Morgan

Why wouldn't you refinance and use that money tax free?  You get to keep the cashflow and still use the equity that you have built up.

What if you went with enough cash out to buy one in Florida to test the waters then add more as you feel more comfortable? You are correct that the equity is not bringing in cashflow, it is a cushion, I have recently taken equity out of a home and used it to buy more cashflow.

I am assuming you can refi one or two to get enough to buy one in Florida?

4 rentals, 1 rent-to-own, 1 in rehab + 1 personal residence in rehab :-)  All self-managed plus full-time J.O.B.

A letter to the address may work if they have forwarded the mail.

Cheap enough to try.

@Account Closed I would like to put in that the current rents should have been part of your analysis before buying the property. If you start out without cashflow you should have assets and a plan to make it cashflow Before you buy.

Most lenders should count it if you have a two year+ history in your Federal taxes.

One of my rentals though had a cable bill go unpaid by a previous tenant and the local cable company refused to connect cable until the bill was paid. They are still waiting for their money.

Fortunately I live in Texas with some rentals in New Mexico, in neither place do I pay any utilities, except in-between tenants.

I don't think the website itself is a scam but there are a lot of requirements for getting started and most of the homes are as is of course. I believe that usually they are listed because they have major issues that the realtor would have to disclose if listed on the MLS. Make sure you do your due diligence!

Do you have an estimate of how much you still need to do? 

How much time do you have before you can't make the payment(s)?

How long will it take if you have the money?

As @Jody P. said, can you rent it while you finish it?