All Forum Posts by: Joshua Hill

How do you know if you are overextended? I am new to real estate investing, and I have just purchased my second property. I feel like I can cover my payments every month, however I feel uneasy about the added debt. I dont know why if I have the positive cash flow and a backup account. I guess it is just the feeling of taking on new and more loans. Is this a normal feeling to adjust to?

How is countrywide with processing a loan? I have always used suntrust for my mortgages and my "Go to" loan officer there has moved and is now working for Countrywide Home loans. I dont mind using them however I just wanted to ask what kind of experiences people have had using them for a purchase?

I am in the process of negotiating for a purchase. It is a duplex in a overall good location, but the street is very rough. Therefore I feel like there is more risk. Some of the homes are brand new and some need to be bulldozed. The cash flow is good, which is why I want to pick it up. I wanted to ask the forum which they would put as a top priority in long term holding of properties. Cash flow or Location?

Regarding deductions of mortgage interest on rental property against income, Can you deduct all interest up to the current appraised value, or up to the original purchase price? For example, a property purchased 20 years ago for 30,000, that may now have a loan balance of 180,000 and is worth 250000. How much interest can you legally deduct?

Does anybody know of banks/ lenders offering Home Equity Loans ( 90% LTV for investment properties). I have only found one thus far, Wachovia

The mentors I have met on this forum have been great in helping me, I purchased my first place earlier this year and from that moment it has been a learning experience every step of the way. It is a duplex and it was in rough shape when I purchased it. I completed the rehab on the second side last month and was able to raise the rents to get a few hundred positive cash flow with new tennants. I have developed my mind in many ways from this. I totally aggree about finding books. In the past year, I have read at least 50 books and on the internet constantly about Real Estate. There is so much available to help you, if you seek it out. Good luck

Thank you both for your advice, I think I will just do a minimal increase for now

What is the best way to raise the current rent with a tennant. I have had a couple good years with my current tennents but would really like to increase the rental rate. I dont want to piss them off, but I need to raise it? Is there an amount that is going way too far? Like raising more than 15%. I would like to raise it 10-15%.

What are the odds of getting sued by a tennant? I am new to investing and made the mistake of buying my first property in my own name rather than an LLC, so now I am trying to figure out if it is worth changing it over or to just keep it as and buy my next one through an LLC

About changing your title to your LLC. I have my mortgage through suntrust. Do I contact the customer service department to obtain this form (guarantee). I need to get my property transfered to an LLC and I am new to investing. I know everyone says contact an attorney to do this, but how do you go about finding an attorney who knows about this type of thing and does it regularly? thanks for you help