All Forum Posts by: Jacob Lewis

Hi!  I haven't managed to find anything on this so maybe it's not so cut and dry.  I've had a rental in California for about 10 years, managed by the same property manager, and now I'm ready to sell.  The tenant moved out leaving a big mess and about $1500 in unpaid rent.  

I'm expecting the property manager to follow through on collecting repair costs and unpaid rent, going to collections or representing us in court if necessary.  But they insist that since I'm selling the property and they're not managing it anymore they will kindly pass along our bill to the tenant but not go to collections for us.

Does that seem right, given that the tenants fell behind in rent on this manager's watch?  As well as kept dogs which violated the lease and incurred extra repair costs, on this manager's watch?  Is there any law about what a manager is responsible for, or any recourse I can take?

Thanks!

 Thanks Jerry!  Goals are to keep collecting these small ~$70k properties, and maybe eventually get into multiple units, but I'm not in any really hurry.

Are you saying I may not be able to cash out refi on my primary if I have more than for mortgages for rentals?

Thanks again.

Hi BP.  This is my first post.  I have seen a couple questions similar to this but can't find the exact one so I'll go ahead and ask it:

I'm looking at making my second rental purchase for about $60k, which with traditional financing is maybe a $45k loan, $15k down.  Aside from it being difficult to find a lender for so small amount, it being an investment property it comes with a higher interest rate and higher closing costs than if it were for my primary.

Since it is such a small amount I could just refi my primary to pull the cash out (I would end up with about the same interest rate as I currently enjoy), have a lower interest rate and almost no closing costs and pay cash for the investment.  

I don't know why but something feels off about mingling my primary with my investment properties, even though I know the liability and tax is all the same anyway.  The only reason I could really think of not to do the refi is to keep the option open in the future when maybe traditional financing gets harder due to owning more rentals.  Anybody have any other reasons not to or other ideas?

Thanks!