All Forum Posts by: Jim Jackson

They're in Pittsburgh (Downtown, P.Hills, Burrell).  And there's some cash, but it's low.  I may just take the first suggestion and sell one- although I hate to do this.

Tyler- THANK YOU for your reply. I've "thought" about everything.  Here's what my thinking is:

Combining the loans in a new 15 year gives me 850/mo increased cash-flow (because they're all at different terms/rates) YES, it creates a new 15 year loan, but it also frees up a property (#3 above) that I wanted to establish a LOC on to buy additional properties. I would use the additional cash flow to pay down the new loan as well, or prepare for repairs.

The one that's easiest to sell has the best opportunity for upside in the coming years too.  The other two I've owned for a bit and would need some work- which I don't have the cash for.  It's really a love / hate right now.  Crazy I have 150+k sitting in there and someone won't let me combine them.

You do Multi Family for greater cash flow?  I was looking at that too...

I got into a bad deal a number of years ago that put me in a whole, and also zapped my cash flow.  I have a "regular" job, so I licked my wounds & let these 3 properties gain equity- it was literally money in = money out.  Prob is I had to pay for repairs.  Now i'm dealing with banks that don't like that there's no cash flow, and aren't refinancing even though there's equity AND it MAKES them cash flow.  It also pays off the third property.  I'm in Pittsburgh and I'm ready to scream.  Oh, by the way Mr/Ms bank- if they cash flowed, I wouldn't need you.

1. 50k debt, worth 100k

2. 50k debt, worth 140k

3. 25 debt, worth 125k

I REALLY need this to happen so I can get back in the game.  Has anyone else experienced this, and can someone tell me what type of institution I should be approaching?  Or can I personally guarantee the loan?  What gives?