All Forum Posts by: Jeff Fountain

@Tyler Mullenthx, that’s good info. I will certainly look into it. JF

@Jonathan W.I appreciate the info. Certainly makes sense. Thanks!

@Jonathan W.do you find that most passed that fee on to the renter? From your response, it sounds like that is the case.

Hey guys, I have a potential renter wanting to use a credit card to pay rent. In this case it is a government employee attending a government training camp (FLETC - Brunswick, GA). The government provides the person a government travel card to pay expenses. I am trying to avoid paying out "x" percent to Pay Pal or anything similar but may have to "bite the bullet" and use one of those methods to allow the payment. Just curious and would welcome feedback on what is the least hassle but best method for a renter using a credit card to pay the rent. Thanks in advance.

I'm a retired Army Colonel and now into real estate on the side. Next time you place a military member, have them give you their chain of command's names and contact information. If they are not willing to, then they are probably not the tenant you want in there.

@Anthony Dooley you certainly have my wheels turning. I actually had not thought of that but makes perfect sense. I would have a lot to learn about the management side of an apartment building.

@Anthony Dooley Certainly makes sense, I just have to muster up the bravery to go the apartment building route. Not that it is out of the picture. My end goal is to create as much passive income as possible. Like all of us, I want to build wealth but smartly. Thanks for your feedback. I love this forum with everyone's input. Very professional.

@Tavares L....and no Tavares, I don't want to sell the Porsche!....LOL

I have an option to do a full cash out refi or partial cash out refi.  Here are the numbers with my particular situation but first my question. Which one? ....all based on 400K value and also taking into account receiving 70% of total value for each option. 

On the property that I am considering for a cash-out refi, I pay $1638. Taxes, Insurance, HOA, P&I. I receive $2200 monthly rental and have been now for about three years. It stays rented. I could do a partial taking $153K for 30 years @ 5.375% plus 5K for closing costs. The partial would pay off the 93K, current left owing and give me the $60k for the down payment on the investment. Nothing out of pocket. New mortgage payment with taxes, insurance, HOA would be approx $1400. Leaving approx $800 which I would throw toward the principal. This option leaves me about $247K equity still in the place.

Or option two - full cash out refi. Mortgage would be $280K, 93K for payoff on the original, 60K for downpayment on the new investment and walk with $127K in pocket. The new monthly payment for 30 years would be approx $2085, everything. Remember I am collecting  $2200 monthly rent. This option leaves me about $120 equity remaining.

I am more comfortable with option #1.

Please weigh in with your comments.

@tavareslumpkin.