All Forum Posts by: Marc Winter

That's a nice situation you're in, and I wouldn't touch the underlying 2.625% loan. Use either the HELOC or second mortgage for the $80K ONLY if you can get a fixed-rate loan.

It's difficult to predict the direction of medium—to long-term mortgage rates, (I feel we will be seeing more inflation over the next few years), so the fixed-rate mortgage is recommended.  

Good luck.

Replace the system up to code.  OR, don't do the deal. Whatever you decide to do, do NOT even entertain the idea of skating by on the disclosure.  Not nice to try and fool Mother Nature aka Karma.

Check with your local boots-on-the-ground team to learn about how that particular HOA operates. You can also speak with real estate brokers, title officers, other investors, the local zoning officer, etc.

Speak with the Community Manager, or try to meet with one or more board members to gauge their attitudes on your investing ideas.

Very Important:  check to see if there are any current or in-the-works special assessments.  Those can be deal-killers.

Good luck!

Could be a short-sale candidate.

Hi @Shelby McKean, and congrats on finding a potentially great deal!  The short-and-sweet responses to your post:

1.  Study hard, like on here on BP and maybe some YTube. 

2. Connect with experienced owners of this type of property. Establish relationships, do some brain-picking, and maybe consider a partnership.

3. Drop by your municipality's building, permit, and zoning office.  Make nice and ask questions.

4.  Contact a title (escrow) office and repeat #3 above.  They can be a great source of info and referrals. 

Good Luck.  Keep investing and moving forward!

Why risk $50k on a "maybe 5%" return when you can get 4.3% on a CD?  No muss, no fuss.  

Even if one thinks market values will continue to increase over the next few years (I have my doubts), I would not invest in finishing a basement.  That's a low-return improvement, compared to say new bathrooms/kitchens.

IMHO, if you expect to increase your net through rental and market appreciation, consider the length of time it will take to realize that goal—many years. 

I believe this market cycle is topping, and one should tread very carefully before investing more money into an 'unsure' property.

That does NOT mean to stop investing; just make sure you aren't trying to catch a falling knife in an unsure environment.

This is rapidly becoming the 4th boom/bust cycle I've seen.  After 40+ years in real estate sales, management, and investing, I advise someone in your situation to cultivate your patience.

No market moves in a straight line--they move in cycles.  We are at the top of this boom cycle, and the time is not right for the average buyer to make that move in many areas.

Keep in mind that the faster/higher the boom, the faster and more severe the bust.  Think FL, TX, AZ, NV, and other southern states as the ones that boomed the fastest.

On the flip side, the northeast ME, VT, and NY are still strong markets and will probably be the last dominoes to fall.

I can't tell you what to do, but I am waiting until the middle of 2025/2026 before trying to catch a falling knife in the southern areas.  

In the northern tiers it still seems to be a hot market, so if you can find the right deal where all the numbers line up, go for it.  Just be willing and prepared to make it a long-term investment to get you mentally and financially through any bumps in the market going forward.

Good luck! 

Let the cleaning company use a product like MoldX or any fungicide.  That will kill the immediate growth.  

There must be a cause for mold growth, and that cause is almost always moisture.

Check there are no roof leaks or attic window leaks. Adequate attic ventilation is a must. Make sure the vents or fans are clean and working properly. 

If the cleaners use the proper chemicals and the mold returns (and there are no leaks, drips, and adequate ventilation), call the mold ghostbusters!

Good Luck.  Keep investing and moving forward!

First, are the current unsubsidized tenants paying properly?  Are you 'happy' with them?  If so, send proper notice to raise rent closer to the fair market.  

Other than that, I'd wait until you have a vacancy rather than 'forcing' one to facilitate a move into Section 8 tenancy.  

Good luck.  Keep investing and moving forward!

@Scott Mac and @Bill B. give good advice.

Pull the toilet to see if the subfloor or supporting joists are damaged.  Also, check to see if the toilet tank is 'sweating' and if the condensed water is not dripping onto the floor.