All Forum Posts by: Mark Fein

My husband is retiring & we are moving to another state early 2023. We would like to sell our 3-yr-old home to an investor since rentals are common in our subdivision. The house next door is exact same model as ours & the upstairs rents for $1,600/mo + $200 utilities, & the downstairs for $1,300/mo + $200 utilities (it sold 6 mos. ago for $357k). Only difference in our home is that our basement is unfinished (Zillow values it at $330,900). We would like to rent from the buyer for 4-5 months--or as long as it takes for our new home to be move-in ready, at the same mortgage we pay now: $1,120. We think this benefits the investor, since a new renter is not needed immediately. Do you think this would work, and how could we locate an interested investor? (prefer just working with a law firm for the paperwork, bypassing a realtor)

I kicked off 4 loans last year as a borrower, some involving multiple properties in one loan. My loans were then sent for service. The mortgage servicer has been just awful from the start. I know "awful" is subjective, but in my case I am still fighting with them to pay the property taxes that are now more than 3 months late on 4 properties, despite me telling them early on about the problem. Also, out of nowhere, my bank account was drafted for another customer's mortgage and it took three months to get it stopped. They're not replying to emails, they just fall into a black hole. Countless phone calls lasting 40 minutes or more. There is much, much more, but I won't get into that here.

Time to bring out the big guns. Their ever-so-helpful reply of "sorry for your inconvenience" isn't enough. I want to get them fired and have my loan serviced elsewhere. I am contacting the originator to see what remedies they can provide. Meanwhile, I want to see what advice I can get here. Even if it will cost me a little bit by hiring an attorney, or something else with teeth. 

What can I do? 

 Honestly, you could find 10x better deals here in Columbus that will cashflow and appreciate off the bat. I always say it is all about the numbers but in this case they do not line up at all. I like to use https://www.calculator.net/ren... this calculator. If you want to start building your wealth and long term passive income choose a market that can do that for you. Here are the Stats and trends for Columbus https://learn.roofstock.com/blog/columbus-oh-real-estate-market.

NO, not and NOOOOOOO.  This is a terrible deal.

1 - It starts out with negative CF, then to rationalize the negative CF, you are willing to

2 - Penalize the other two properties for being successful.

What you're saying is this.  If this was you, and we were talking about your jobs, what you wrote tells me because you make so much money on your full time job, you would be perfectly willing to work a second job, and pay your employer (and other employees) just for the privilege of working that second job.

You are a REI, not a property collector. If you want to collect properties, there's a much cheaper way of doing it:

1 - Find properties that would cost you a lot of money, and where someone else lived in it.
2 - Go to those properties with your cell phone.
3 - Take pictures.
4 - Transfer those pictures to your computer.
5 - Use them as a slide show screen saver.

If your goals are to build wealth, this will do the complete opposite...and while we're at it, that 6%/30 year option is much better.  The monthly payment is almost $400 less.  IT still doesn't fix what's broke, it would just reduce your cost to keep fixing it (without success).