All Forum Posts by: Jacob Hilton

I am from Texas (and have 1 rental there), currently live in Colorado (own a house which will hopefully become rental), and am moving to Michigan in about a year. 

I don’t want have properties across 3 states, but also do not want to wait a year to buy another property. I can try to find a property in Michigan but do not know the area well nor the market. I am more comfortable with the Texas and Colorado markets, but  they will always be long distance rentals. 

Does anyone know each of these markets and the potential better play?

History: We had bought a house about 5 years ago for my grandma to live in and she has since been moved to a nursing home. Rather than sell the house, we have now had a renter for about 6 months. Currently, we owe 80k on a 100k loan ant 3.25 interest and it was recently appraised by the county at 155k. 

I would like to either refinance and buy 1-2 more properties, or sell and buy a couple properties but am torn as to which would be the best move. 

I have never refinanced before and imagine I would need to back into how much equity I draw so that the current house still cash flows? (currently rent is 1350 with mortgage, insurance, and taxes at 900 - maintence, etc)

With selling, it just sounds easier to analyze the new deals from a clean slate. 

Thoughts?

Thanks, guys.  

I only have one rental so I am just getting into this.  The tenant has been great so far and paying on time.  However, I was just asked if they could put an above ground pool in the backyard.  Assuming it is not permanent (not fixed in any way) and understanding it will likely kill the grass, would should there be any other concerns to think of? Potential insurance or liability concerns?