All Forum Posts by: Meaghan Lugo

Thank you. @Allan C. looking at the data is always a smart idea. 

Thank you. Yes, If we were looking to buy another investment right now we definitely wouldn’t buy this, but since we technically already own it we wanted to weigh all options. 

@Ray Hage I hear you. The interest rates are tough. It’s in Lauderdale Lakes area. 

 Thank you. Association president is a family friend so we hope to get clear information on all things association before taking any steps. Appreciate the feedback!

I have accepted lower credit scores than I would've liked in the past. Both cases were great tenants. I did verify certain things before agreeing, example a couple with low credit were recent immigrants to the country, no bad marks but still building up their credit. Had jobs and reserves in the bank. Prior tenant lost her job and all missed payments were during the same two months before she got on her feet. Spoke to prior landlord and he said she did pay him all rents, though late during that time, but she got back on track. I had a similar experience with tenants not showing up to view despite applications looking good, etc. If you are uncomfortable with the options you have I would wait for better options. Took me six weeks to rent a smaller unit at one point but its worth it for a great tenant who pays on time and has no complaints or issues. 

We use RentRedi and the tenants pay $1 or 3% if they use a credit card. We have opted to pay the $1 fee for them for the first year but with each new lease they pay it themselves. We haven't any pushback or any issues. Id reach out to them about the $10 fee, they're customer service has been very helpful with us. Otherwise, with 1 tenant zelle etc as others have mentioned isn't a bad option. 

My husband and I will be taking my in-laws into our home due to health issues. They have a paid off Condo (1/1.5) in a 55+ community, not the most desirable area so worth approximately $100-115k. We will need to mortgage the condo or sell it in order to outfit our home (and my brother-in-laws home) for my in-laws to live privately and comfortably. What would you do? Facts to consider: The condo is in my husbands name, has been for about 5 years so the capital gains taxes would be ours to pay upon sale. Property Taxes $1200 annually which we've been paying. HOA $325 monthly. Conservatively, rent would be about $1000-1200 monthly based on our research. We do have 4 other properties we rent with significant equity so using equity from one of those is on the table as well. This would allow us to just rent the condo without placing any financing on it, or to 1031 the funds from the sale of the condo and still have the needed funds to complete the work on our homes to accommodate them. Lastly, our DTI is maxed out per every lender we've spoken to recently as all the properties are mortgaged in our personal name. So we'd be looking at DSCR or other funding that doesn't consider our personal DTI. Ideas? What are we not thinking about? Thanks in advance.