All Forum Posts by: Eric Mcginn

Quote from @Bruce Woodruff:

Quote from @Eric Mcginn:

Sure, I’d let them fix it 

Admittedly, this is an easy one, but at what point do you stop allowing a tenant to hire Contractors and workers to fix/improve your property? That is the more pertinent question.....

I don’t know that there is a point I’d stop them from improving the properties. 
it totally depends on the scenario, I have a tenant that does all sorts of fixes for me. If he wanted to hire someone for anything I’d say go for it. 
if my brand new section 8 tenant wanted to put in a washer and dryer hookup in her unit, I’d just tell her it has to be a licensed plumber otherwise she can wait for me to get someone to do it. 
it’s definitely a case by case scenario but generally I would be inclined to let them improve the property as they like. 

Sure, I’d let them fix it 

No

Seems like the STR and wind are separate issues.

If you are STRing it you should have insurance that will cover you. 

The wind coverage equation should be calculated separately. At $10k annually I’d be tempted to risk it. But make sure you’re covered for liability. 

Los Angeles is really hard to cashflow any properties, so I’d focus on house hacking and value-adding a fixer upper in a strategic location. Personally I like Oxnard or Palmdale as an investment location. 

I’d go straight to permitting. Depends how involved you want to be. 
I added a half bath as a builder-owner and got permits through the county. It wasn’t too hard and turned out great!

Quote from @Rafael Abdalla:

Quote from @Eric Mcginn:

What’s the average rate on the personal debt? 
sounds like you have a good rate on your mortgage and refinancing would ruin that. 
we need some more numbers, actually a lot more numbers to really tell you. 

 you are spot on. my Mortgage rate is 2.8% over 30 years. 

Now the other half of the equation is the interest in the other personal debt. If it’s 18% than it might be worth refinancing everything at 7%

Great advice above. I’m about to close @8.65% so your 6.8 sounds pretty great to me! 
Rates are a bit high now so not going with a 30 year fixed might be a good idea if it saves a little $ now. 

Quote from @Xavier A. Malave:

Quote from @Jay Hurst:

Quote from @Xavier A. Malave:

Good evening,

We are currently trying to refinance out of our private loan and everyone that we have talk is saying that we need to bring money instead of getting our money out. I wasn't expecting this at all. Are we doing something wrong with the BRRRR? Or is only the market? Can I do something different or talk to someone else?

Thanks in anticipation for all the help!

 @Xavier A. Malave    There are a few peices of info that will help answer your questions:

1. what is the property worth?

2. What do you owe?

3. When did you buy it?

4. For how much did you buy it?

5. Single family home or something else?

There of course is a lot more but that would at least allow you to get an idea of what might work for you. 

Ok, thanks.

Yeah, I gave all that info to the lenders but no luck so far. 

We can’t tell you how or why without ballpark figures  

What’s the average rate on the personal debt? 
sounds like you have a good rate on your mortgage and refinancing would ruin that. 
we need some more numbers, actually a lot more numbers to really tell you.