All Forum Posts by: Joshua Mellor

@Nathan G.

Although I just got sick to my stomach seeing those numbers I appreciate the truth. This is something that I needed to see. I have been looking at this investment wrong since I have owned it. I always looked at it just as something I would sell one day and as long as I didn’t lose money from month to month I was ok. Now I see I left a huge sum of money on the table and that is just with one of the apartments. Again thank you for opening my eyes.

@Michael Craig

Thank you I actually read that wrong the first time so I appreciate the information.

I have a tenant that has lived in one of my apartments for 12 years with the rent never being raised. The apartment is way under what the rent should be. Is it out of line to raise it 8% come February 1st after the holidays? It is currently only 510 plus utilities i feel even at 550 it is still undervalued although it has not been updated since she moved in. My other comparable apartment is 600 plus utilities which is also probably a little under too.

 Hi Jon I'm just curious who you use for property management in Rochester?  I own 1 property in canandaigua about 40 minutes south of Rochester and am thinking of looking in Rochester but would like to use a property management system there.

@Kenneth Reimer

Thank you. when I bought the house I had no idea what I was doing and just wanted something that would pay for itself. I bought it with an fha loan with no money down which to me was good as I thought of this as kind of like a 401k in the future. Now I am just starting to do research and feel like I wasted 15 years of investment opportunities but I feel it’s better to start late then never.

@Jaysen Medhurst

Ok a little more background I bought this with an fha loan with zero money down my thought process at that time was it would pay for itself and this would be like a 401k in the future. Back then I worked a good job with 401k and a pension so I was happy to just hold this property. Now things have changed and my company got sold and gone is the pension and now it’s time to look at other ways to set my family up in the future. I’m really just starting to research as much as possible.

I’m 41 years old and bought a triplex in 2004 for 135,000 at 6 percent, currently owe 84,000 left with 15 years to go. My return is around 300 a month after bills which up until this point I have just used as money towards other bills but now want to expand and build something for my daughter to pass onto her. I am wondering if it’s wise to refinance the 84,000 for 30 years which would basically double my return and buy another one in a few years or do a cash out refinance for 30 years and use that money to buy property sooner. Sorry forgot to mention the property would probably be assessed around 160,000 today. Would love to receive some opinions.