All Forum Posts by: Joel C.

Brian,

I would have to come to the table with ~$100-$115K. Would rather buy another property with that money. I do have equity in my other income property as I did learn my lesson on this first one. Wouldn't that being throwing "good" money at a "bad" deal?

Bill,

I'm close to breaking even with expenses factored in.

Yes, it's a great write off. Would just like to take advantage of the lower rates since this has turned into a long term hold. I signed the mortgage and have held up my end of the contract thus far. Just a rate reduction, not a balance reduction, would help.

I know the mistakes I made.

Looking forward.....

3Unit
non-owner occ.
non Freddie or Fannie
1st mortgage ~$225K 7% 30yr fixed
2nd ~$79K 8.125% 30yr fixed

Will appraise for ~$225K

$2650/month gross rents

Not going to walk away at this point for many reasons.

At very least would just like to get the rates lowered.

I have tried to talk to the lenders many times. They deny me because I have [u][b]always paid on time and have a good W-2 income corporate job.

What are my options?

Thank You, I will look at all the sites referenced.

What software/service do you use to collect rent electronically? I would like to have my tenants pay through my web site using their routing and account number or a credit card. Let me know you use.

Thank You,
Joel