All Forum Posts by: Mike Hoefling

I believe the rental could bring in $1100 max but my mortgage is higher than that...which is where I end up with the problem.

Is it worth refinancing to lower rates to being my payment down or should I make some minor repairs and try to dump it.

Mike

There is a lot to consider the property manager does all the repairs himself which keeps the expenses down but is not a potential buyer. The current renter is a potential buyer but most likely would not buy with the repairs needed because the renter does not make enough to buy. I sometimes wonder if there is a creative way to finance the property for the current renter..such as a lease purchase.

Mike

So, I relocated for a job and started renting out my single family residence..which may have not been a good idea, I am not sure. Anyways, the house is rented and not covering the mortgage and expenses (negative cashflow). What I am trying to figure out is if I should continue making repairs and attempt to make it cashflow positive or fix it up to sell.

Current Issues: Leak in basement and retaining wall by the driveway that need repair.
Minor Issues: Water pooling in backyard, deck could use work (functional, but not pretty)

Has anyone had any similar problems?

Any ideas on how I should plan on moving forward?

Mike

Hello All!

My name is Mike Hoefling and I am newer to the Central, MA area. I recently moved from the midwest (Kansas City, MO) to central, ma for a new job and became an accidental landlord you could say. In Kansas City, MO I own a single family home that I rent out and it needs some TLC so its good that I have my neighbor (property manager) to take care of all of it. My next adventure is buying a 4 unit multifamily that I will be closing on in the next few weeks.

I hope to continure investing but I am having trouble trying to figure out what to do with my single family investment in Kansas City, MO. Do I keep it and invest more into the property trying to make it generate psoitive cash flow (it has negative cash flow now) or do I fix it up and try to sell it. Anyways I do not expect to anwser those questions now, just a few things I have been thinking about that is why I am here, to learn.

Mike