All Forum Posts by: Justin Brummer

@Steve Vaughan thanks for the feedback. Cutting my losses hurts but sounds necessary at this point.

@Bjorn Ahlblad

Thanks for the feedback

Needing some guidance. have an FHA rental that I lose $150/mo on due to giving family a break. Put a little money in Reno too and thought I could refi. With a 699 score and rates ticking up the lender said it is not worth the the $100-150 I would save to put me back even with the mortgage. That would be buying it down with about $6k. I owe 136, valued 185. PMI $60. Rent 950. Mort. 1050. HOA 50.
Question: should I stick it out while raising rent to appropriate amt and continuing to pay down, try refi later with better LTV and credit score+ wait for a good market.
Or...do I sell it and just walk away. and make almost $0, due to it needing about 10k more in work, 10k down pmt assistance loan attached, 6% to agents + capital gains tax. 

I know it’s a bad deal. It was our first house. We bought a new home and had to keep it due to it being underwater at the time because of the crash. Now it actually has equity but a lot of baggage too. What to do Bigger Pockets? I do have extra money to fix it up or pay down principal. 

Great points!
Unfortunately it is at a 4.375% and the the PMI cancellation would still not let it cash flow. Refi would take advantage of the rates right now. Yeah its a lot of cash to bring it down. Thanks for your input!

Hi, I own a 2 year old new build. I'm thinking of paying down the principal with 20k and with cash to close and then refi out of the PMI. Get the payment low enough to rent. It would take me about 6 months to save the funds for that. I'm working 2 jobs so that's why I have the extra income to do that. It's a new house so I'm not needing a big cap expense % cut. I'll manage the property. Figure for vacancy and small repairs. Is this a good ROI if I plan to keep it for the long haul or should I just cut bait and look for better deals instead of using cash to "make" it cash flow?