All Forum Posts by: Charles Goodwin

I met a local-to-me investor the other day, he bought a house for $3k and the rehab was going to be way more than what the property could ever be worth due to its location. I asked him why he would do such a thing and he said that the property will pay for itself in the long run. Before my conversation with him I would say I was a little weary of even looking at the properties that needed so much work, but talking to him gave me a new perspective. Worst case scenario you end up upside down on the property, but as long as you can get it rented you should be fine in the long run.

@Nick C. I agree this is the last time I will work with this broker, she blames it on the economy but I think she just wanted to make the initial sale and see if I can get out of it. Thankfully this property has stellar tenants and is cash flowing nicely even with a terrible loan.

@Reid Chauvin I will give you a call ASAP. I am looking for any solution out there!

Hey Everyone!

Earlier this year (April) I bought a duplex for $49k with a short term interest only loan. The main reason I went for it was because I knew the rent more than covered the monthly payment and my mortgage broker assured me that I could "easily" refinance the property after I owned it. I waited for three months of rent roll to come in after I raised the rent a much needed 25%, just as my mortgage broker recommended. I then called back to start the refinance process and she responded that the loan amount was too small. I only owe $30k on the duplex and I can't find a financial solution to start paying down the principal. What would you do in this situation?

The value of the duplex has gone up quite a bit since I bought it, is it possible to do a HELOC and then use that money to pay off the interest only loan? It sounds Crazy, but it just might work.

@Kevin McWhorter 3 years later and now I am in the same position you were once in! How did it turn out for you?

Wow! Thanks everyone! Great information and I have a new perspective to move forward with!

Hey everyone, I just had my first tenant ever and he quit paying after two months. I work with a bunch of busy attorneys and I got enough advice on how to properly evict him. Now he is gone but still hasn’t paid. So how does this typically go down? Am I just out of luck? I would rush to file a claim in small claims court but I don’t exactly know where he is located now. Any help would be appreciated!

Hey everyone, I just had my first tenant ever and he quit paying after two months. I work with a bunch of busy attorneys and I got enough advice on how to properly evict him. Now he is gone but still hasn’t paid. So how does this typically go down? Am I just out of luck? I would rush to file a claim in small claims court but I don’t exactly know where he is located now. Any help would be appreciated!

Hey everyone, I just had my first tenant ever and he quit paying after two months. I work with a bunch of busy attorneys and I got enough advice on how to properly evict him. Now he is gone but still hasn’t paid. So how does this typically go down? Am I just out of luck? I would rush to file a claim in small claims court but I don’t exactly know where he is located now. Any help would be appreciated!

Do you have any recommendations for property management?