All Forum Posts by: David McCarthy

no we haven't fired them yet. Trying to proceed with the best form of action.  The $2000 charges are utilities, repairs, management fees, and legal fees for an eviction.  Thanks for the suggestion

First time investor and I'm learning some lessons the way hard. Our property management in Muncie, IN has not been paying our bills on time. We've racked up $30 in late fees, a $290 electric deposit, and $625 gas deposit and $60 reconnect charge.  We now have no tenants and the property management group is asking us to pay them almost $2,000 in charges.  I've asked for line by line statement.  Does anyone have any lawyer recommendations?  I think we need some legal counsel to get out of our contract with this property management and ideally without paying this management team money since they've cost us so much due to not paying the bills on time.

Please send more info! [email protected]

Thanks!

We are looking to buy our first rental property but need more cash to do so. The value in our area has gone up pretty dramatically. We bought for $268k 4 years ago and owe about $225k on it. Similar houses are selling for $400 plus our realtor would list for $450k expecting to get about $420k if we sold.

Rather than pulling out of retirement funds or selling our current house, we explored the cash out refi option. Would give us about $80,000 cash allowing us to pay down some debt so our monthly expenses actually decrease and free up money for a downpayment on an investment property which we're approved for. The refi loan would be for $320k and eliminates the PMI we currently pay which is why our monthly expenses would actually decrease along with paying off some debt.

What are the drawbacks? Other than the market crashing and the house losing value...has anyone done this or something similar before?

Thanks!