All Forum Posts by: Mark Forest

  They create an environment where people feel they are entitled to handouts simply because they exist. Just look at the post near the top of this thread.  I saved money, did without, and worked very hard to acquire my properties, and then I did 90% of the rehab work myself.  Now I have a modest portfolio of homes that I still work hard to maintain.  I belong to several real estate investment groups and I don't know any so-called "slumlords."  Maybe they exist, but I would point out to them that they are missing out on substantial appreciation money if they don't maintain their properties.  I look forward to the day when I can 1031 exchange into some commercial properties. 

I have a substantial amount of funds in my 401, but I don't use that.  I just take occasional drawings from my rentals for my personal expenses.  

Hello, I guess I phrased my question wrong.  I will certainly be making my monthly payments.  I wanted to know if my lender would demand full payment of the mortgage balance since I am no longer working my W-2 job as I was when I got this mortgage. When I contact my lender to refi I will have to tell them I am retired.  I assume I am safe, but I've never been retired before.  

Also, how hard will it be to get a refinance since I am retired.  I want to take advantage of the lower interest rates. Sorry for the confusion.

I want to refinance my mortgage of several years, but now I have retired. Now that I am no longer earning W-2 income can my lender demand payment?  I doubt it, but it's a good idea to ask since I will be contacting them to refi.  Also, can I refinance with just my rental portfolio as income and my substantial holdings in my 401K?  Thanks

This probably won't be an issue, but now that I am retired from my W-2 job and no longer have that income can my lender demand payment?  Also, now that I only have rental property income what are my chances of qualifying for a refi?  I have substantial funds in my 401 k.

My tenant informed me that a raccoon got in to the roof last summer and he now has bug infestation. He claims the bugs are biting him, but they are not bedbugs and he sought medical attention. He has two dogs, so I suspect they are the culprit. This house has high cathedral ceilings so there is no attic for a raccoon to live in. He just told us about his today, so we had no idea he was having a problem for over a month, even though our lease specifies he is to immediately contact the landlord. He claims he had to move to a motel at $560 a week. What do we do here? He has been a problem tenant for years.

BTW. Did I say I HATE THE IRS?

Steven I have to do this by Monday.  What are you saying?  Thanks.

Thanks Chris.  I like your logic.  This is new to 2018. Did I already say I HATE THE IRS?

This is what I get for not doing my taxes earlier.

I use Turbo Tax and the program just asked me if my SFH properties are Qualified Business Income or not. The help post at Turbo Tax seem to say no, while the CPA who called me from Turbo Tax said yes. What are you all doing? I have several SFH where I am actively involved in that whenever there is a problem I respond to repair the issue. I do NOT have a PM. I receive rent checks and deposit them in my bank. So do I declare that this is Qualified Business Income or not? I HATE THE IRS!!!