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All Forum Posts by: Meg K.

Meg K. has started 29 posts and replied 130 times.

Post: HELOC for Investment Property

Meg K.Posted
  • Investor
  • Rochester, NY
  • Posts 130
  • Votes 36
Quote from @Brittney Wright:

 @Meg K. I would pay it back by doing a cash out refinance on the investment property to pay back the HELOC. Then, you can continue to use the HELOC for other investments. The rental income would be used to pay off the new refinanced mortgage on the rental.


How much equity is needed to do a cash out refinance? I am not very familiar with cash out refinances...and doesnt it cost money for closing? Arent interest rate too high now? How does should one wait before doing it? I closed on my STR in May 2022...Thanks for your feedback

Post: HELOC for Investment Property

Meg K.Posted
  • Investor
  • Rochester, NY
  • Posts 130
  • Votes 36

@Taylor Dasch

Pay back using which money? :) I took out a HELOC and used it to purchase a STR. I am using rental income to pay it back but i dont see myself paying back 80k in less than 10 yrs...tenants are paying for it...the idea of paying it off and using it again assumes you have a lot of cash flow and personal income to do so...all depends on your strategy

Post: Finding cleaners in local and remote markets

Meg K.Posted
  • Investor
  • Rochester, NY
  • Posts 130
  • Votes 36

Join the local FB page for the market...you will be surprised how many FB pages are out there...or Local STR fb page...ask for recommendations...I pay for cleaning per job but my cleaner bills me every month and I send the payment through Zelle. I prefer an established cleaner or business. The local workers are already working for other properties. I would not want to train someone especially if i am long distance. I use turnoverbnb to schedule the cleanings...it syncs with my channel manager so the cleaner gets bookings and knows when guests are checking out...once a while you do need to check in...I think i was very lucky with my cleaner--she is a neat freak!

Post: How not to get ripped off for repairs

Meg K.Posted
  • Investor
  • Rochester, NY
  • Posts 130
  • Votes 36

@Chris Donathan I had the same experience recently and a few people suggested finding a different PM. the issue is the PM hires the maintenance people. So they up charge. I am looking to find a local handyman and just manage myself long distance. I am in Upstate NY and the SFH is in Kansas city, KS> I self manage a duplex that is 2 hours away and do fine without driving out there. Consider finding a local handy man but you will have to make calls to tenants to make arrangements, etc.

Post: Client/tenant with service dogs question

Meg K.Posted
  • Investor
  • Rochester, NY
  • Posts 130
  • Votes 36

Check with your lawyer...

@Deisy P if i can self-manage a duplex in a C neighborhood for 17 years (through tears,blood and sweat), as a single, Black, deaf woman.  You can do anything you set your mind to.  I too was conned but not for such an amount. I am so sorry that degenerate took advantage of you and i believe in KARMA. My advice, always get 3-5 quotes and follow your gut instinct.  If you feel uneasy or too good to be true, just tell the person you will get back to them.  Some will be upset.  Too bad.  I've taken risks, like driving to the property of someone who cashed my check then ceased communication.  They weren't too smart since they gave me their address :) But i threatened to call the cops and got my money back.  The other person i went ahead and filed a small claims even though i knew they were not going to show up in court and it cost me like $30 to file :)  Just to teach them a lesson.  It took me years to finally find a go to handy-man.  I don't deal with GCs. I have read too many horror stories and i don't have bail money :)...anyway, I benefit from reading a lot in FB groups to see other people's experiences to know what to expect, how to approach people in this business (speak the language), etc...bottom line, never even depend on referrals from friends.  I've read too many cases where even friends of friends ripped someone off.  I actually prefer a business that i have vetted and do not pay cash.  I write checks and sometimes you have  window to cancel it. If CC even the better. I dispute the charges with the credit company.  Join more women groups on FB...hang in there...do not give up.  Deduct that loss during tax time. You got this!

Post: Below market rents in the age of covid-19: NO SECURITY DEPOSIT

Meg K.Posted
  • Investor
  • Rochester, NY
  • Posts 130
  • Votes 36
Originally posted by @Kris L.:

@Meg K.

Just be careful with estoppel. Owner can say there is no security deposit, then renter says there is $750 deposit, you could find yourself on the hook if the tenant has something in writing.

You mean I need to request estoppel? It's $600...

Post: Below market rents in the age of covid-19: NO SECURITY DEPOSIT

Meg K.Posted
  • Investor
  • Rochester, NY
  • Posts 130
  • Votes 36

@Stephen Keheo....thanks...

Post: Below market rents in the age of covid-19: NO SECURITY DEPOSIT

Meg K.Posted
  • Investor
  • Rochester, NY
  • Posts 130
  • Votes 36
Originally posted by @Mark H. Porter:

I’ve had this happen and well, it depends.  If you like the tenants and the way they take care of the place, raise it to $750 then catch up the 2nd year.   if you don’t like them raise it right to $925 and let them leave.  As to the security deposit, tel them to give you an extra $50 per month until caught up.  There’s no negotiating on this - we’ve all been caught being nice and feeing like an a$$ at the end of the lease.

Thank you.  This sounds like a great approach :) 

Post: Below market rents in the age of covid-19: NO SECURITY DEPOSIT

Meg K.Posted
  • Investor
  • Rochester, NY
  • Posts 130
  • Votes 36

Hello,

I made an offer on a duplex: asking $67777. Offered $60K. They countered with 65K. I am ok with that.  However, the tenant who is currently in the 3/1 is paying $600 and is on M2M. This could rent for $925/mo! There is also no security deposit per owner.  Upstairs is 2/1 and is currently empty.  Could rent for $775/mo.  I would estimate (before inspection) cosmetic upgrades $10k. Should i proceed? How do you handle the long term month to month below market paying tenant? What about lack of security deposit?

THANK YOU!