All Forum Posts by: Kevin Phu

Originally posted by @Aaron K.:

Yes there are many vendors who will accept online payment, you don't even need to find a single person if you can assess the problem from a distance.  A Property manager might be more difficult to find because you are renting by the room and presumably have different leases with each tenant.

 There are times I cannot assess the problem. Times like when I am out at sea with no communication with the outside world. If something were to arise, I would need a contact that my tenants can call to have the issue resolved without me being there. This is the problem I'm juggling the most...

Hey BPers,

I'm in need of some solid advice/guidance in my situation.

I currently have a SFR primary residence in which I rent out two of the rooms. For my W-2 job, I travel a lot and am often times out at sea for weeks at a time.

I am currently out to sea and there have been some problems the have sprung up at home.

-Coworker who went by the other day noticed the main toilet is leaking at the base

-One tenant just emailed me saying the dishwasher won't drain and smells like death

There have been previous problems such as the shower clogging (which I cleared) and the washer drain line backing up. These two problems I was luckily in town and got them resolved right away.

How do I go about managing these problems in the future/now while I am away? Find a jack of all trades handy man? Are they willing to wait for payment when I get back or online payments if available? Bite some of the cost and get a property manager?

What do you guys do? Stressing out here...

@Steve Vaughan very true! I will have to look into more ways to make a return on my money real estate or other wise. Thanks for the advice!

Wow...I just used the early mortgage payout calculator on Bankrate.

If I make a $400 principal only payment per month, which is easy in my case, I will shorten my loan by almost 7.5 years AND save 76K in interest!

Starting these additional payments ASAP!

@Ned Carey Thanks for that insight! My interest is 3.6%. That would be 3.6% more than what my money is gaining while sitting in my bank account. I've had my house for almost 1 year (Sept) and I have just over only 1% equity into my house so I am far from having equity I can pull out. I'm in no hurry to pull money out so I think even adding to it now would help in the long run. 

@Steve Vaughan The only debt I have is my mortgage and a few k in credit cards. The credit card is 0% and I am on track to have it paid off by the time the 0% goes away. Figured I keep paying it to keep my credit active since it's costing me nothing. I have a VA loan so no PMI

My rate is 3.625% 30 year/fixed.

Originally posted by @Dave Van Horn:

Hi @Kevin Phu

Don't want to get too off topic of this thread or sound like I'm plugging our company but let me try to answer your questions as best as I can:

 - Whatever they can afford and find. You might have to be more specific. We deal with re-performing 1st and 2nd mortgages currently, but that's just our model.

- Depends where you buy from and how much capital you have. For instance, we only sell individual notes but others on BP purchase pools or pool together capital to purchase pools from other note sellers.

- Every note seller is different. We currently vet note buyers that register through our site via a Note Application process.

No worries! You were the exact person I was directing my question too. I was out at sea so the Navy computers were acting funky with the B site and I couldn't quote your post. Thank you for all the information!

Not sure if this would be the exact section to put this so sorry ahead of time if it isn't.

I was hoping to discuss the idea of making an additional principal only payment on my mortgage every month. I currently have a SFR that I house hack and can easily throw in another few hundred a month extra towards the principal.

How fast would this accelerate the amortization and are there any benefits to it? Should I do something else with the money?

My idea is that since my tenants are helping build that pot of equity, I should contribute to it some also so it can build bigger faster. In the event I need to pull money out, I'll have a larger pot...if that makes sense. 

A lot of these conferences seem to be geared towards people who are well experienced in the market or are larger investors.

Any conferences that are welcoming to newer investors looking to learn and network?

Currently out at sea so the internet connection is very slow for me to do any research. So basic questions here while I can: -What kind of notes can non-accredited investors purchase? -Are they pools or can you buy individual notes? -What is the process for new investors to get involved with the notes you are offering? (screening, approval, etc) Thanks!

Wow...there was so much good information in here. I recently just read Performance Anxiety and NP 2nd's really ring a bell with me. So much to learn but it's obvious that there is some amazing info on here! Has anyone cold called small banks/hedge funds to ask for tapes or even just to introduce yourself as someone looking to purchase notes? Are individual note purchases/sales common in today's market or pools? Thanks all!