All Forum Posts by: Michael Campbell

Taron, my advice would be to keep it simple and just get the letters out.  I think that so many people waste time trying to get the perfect letter and just delay the process of getting started.  You'll never know what works until you try something out.  

Hi Tyler,

I think this is something that will vary by location.  In some areas, Craigslist is a great place to get a lot of exposure.  Some people seem to say that Zillow is better in their area.  If you were looking for an apartment, where would you look first?  Maybe try asking friends/family where they have looked?  I see people in my area post on Facebook and other social media sites.  There are also some websites where you can create a single ad and it will automatically post it on multiple sites.

Be sure to read up on properly screening your tenants as well.  

Good luck!

Hi Megan,

I ended up going forward with the streamlined refinance. There wasn't a ton of paperwork and since my loan was from 2014, I was able to take advantage of lower PMI rates and slightly lower interest rates. I'm savings about $100 per month on my duplex which will help my cash flow. I'd recommend just giving the lenders a call and see if they can give you a loan estimate to show your new monthly payment breakdowns compared to your existing.

As others have said, refinancing into a conventional is probably a better option.  The reason I did not do that is because I didn't want to pay for an appraisal only to find out that I can't refinance into a conventional mortgage yet.  It seemed like a good option to reduce my monthly expenses and increase cash flow.  Hope this helps.

Great success story @Will Menard.  Would you mind sharing some more details on the renovation?  How long did it take to complete the renovation?  Did you hire a general contractor?  Looks like a really nice rehab for only $34k.  What did you do to keep costs down?

@Chris Herbert  Thanks for the input, this is exactly what I was looking for.  What brand of sheet vinyl did you use?  Do you know how thick is was?

Here is a link to the product I am considering:  

http://www.homedepot.com/p/Armstrong-12-ft-Wide-Se...

Compared to vinyl planks, it is less expensive, quicker to install, and provides greater protection against water.  It also has a 10 mil wear layer compared to 4 mil for the allure product.  In the pictures, I think it looks just as good as vinyl planks but I've never seen it in person.  

Have you ever used vinyl sheet flooring?  I'm not a fan of the planks that glue together.  Some of the pictures I've seen of vinyl sheet flooring make it look surprisingly good which is why I'm considering it.  

Hi BP,

I'd love to hear your thoughts on sheet vinyl flooring.  I'm currently looking to re-do the flooring in half of my duplex and considering my options.  I know a lot of people recommend the tongue and groove vinyl planks, but they are a little expensive.  I have an open kitchen/living room area and I'd like to use the same flooring throughout.  I'm considering sheet vinyl for a few reasons:  cost, no seams in the floor (more waterproof than vinyl planks), and ease of install.  If anyone has any advice, recommendations, or pictures of sheet vinyl that they've installed I'd appreciate it.

Thanks,

Mike

Any reason why you can't refinance into a commercial mortgage?

Hello BP,

I bought a duplex in late 2014 with an FHA loan. Since that time I've been getting a lot of letters in the mail regarding reduced Mortgage Insurance Premiums. So yesterday I called up one of the lenders and they sent me a cost analysis today. Based on what they sent me, I will be saving about $114/month due to MIP reduction and lower interest rates and they will actually pay me $113 to settle the loan (this is because they have an FHA loan credit program in place).

Has anyone done something like this?  Honestly it seems like a no-brainer because I'll be getting paid to lower my monthly payment.  The only downside is now I'll have an additional 1.5 years until my loan is fully paid off.  Any insight or advice is appreciated.

Thanks,

Mike