All Forum Posts by: Melroy D'Souza

@Account Closed

I haven't gone through all the posts here and I don't have the time for it either :-) so forgive me if this was already brought up.

But your first premise is wrong. The Dow index is a price weighted index of the most significant stocks on the NYSE. The stocks that form this index get added and dropped over the years. It is not a total of the price of all companies. 

See link below if interested - https://www.investopedia.com/terms/d/djia.asp

Comparing this index with the hourly wages earned over a time frame is a poor comparison to illustrate that investing in stocks is worse than RE. I think most of us already know the advantages of RE vs stocks, which you illustrate a few posts above. But your initial reasoning is flawed. 

In fact from the graph that you presented, the only thing that can be deduced is that wages have not risen as fast as the stock market. You can actually make a case for real estate as well thanks to inflation.

@Richard Leyba tejada

I attended the OREIA convention last year and for the price I paid, it was definitely worth it. There will be lots of "gurus" that will try to sell their $997 courses, but they also give you lots of free information. They offer an hour and half presentation each and you can choose which ones you want to attend. There is a full day of learning on Thursday, and another half day on Sunday. Check the agenda on their website, it might still be in progress. What I liked was the chance to network and meet vendors. That itself was worth the cost of the conference for me. If you don't want to buy anything, attend sessions you are interested in plus lunch presentations and take lots of notes.

Now, if you decide on getting any of the guru courses, many of them will throw extra bonuses and stuff at the event. But there is no pressure to buy anything. 

BTW, I bought an extra ticket for my wife and she is not able to go this year, so anyone interested just PM me. I think since I bought this last year you get a goodie bag as well :-)

I believe Ed is right. They have until the end of May if you've not posted the notice yet. You have until April 30 if you want them gone by May 31. Assuming the market rate of that unit is 800 like the other one, you are losing 400/month on this one. I know you are actually going to live in it, but if you look at this purely from a numbers perspective. Give the tenant 100 bucks bonus if they can leave by May 15th and 200 if they are willing to leave by May 4th and it is broom clean. Trust me, this is way cheaper in the long run.

Also, I would do both post the notice and send a certified mail.

Thanks Stephen.

Does any one have recommendations for a roofer? I also need a few windows and trim replaced. Any suggestions? Thanks in advance.

@Adam Craig, 

When you take out a HELOC, your cash flow is going to get affected. Some part of the $180 will have to go towards paying off the HELOC. Now, you can choose to only pay interest for a while, but at some point the principal has to be paid up as well. Except for the higher cost to refinance, I'm not seeing any difference with a HELOC. Also, pretty much everyone is expecting the rates to go up now, which means you will have a higher risk with a HELOC as compared to a FIXED rate mortgage.

You and the other friend just lend him money and stay in as "lenders" not "partners". Get a lien on the property that way he isn't going to run away with your money. But you cannot have your name and his on an owner occupant if you do not intend on staying there.

@Marek Mika,

Here's how you will know they are trying to squeeze a Section 8 tenant. First go to gosection8.com and see if your property is on there. Then once they get a tenant in, expect a delay of 45 days before the rent comes in for the first month. That being said, if you are not happy with your PM, start looking around for a new one. Don't wait.

Regarding the city inspector, this is what most likely happened. The inspector issued the citation (or whatever the legal terminology is) for the trash in the backyard. Then either the tenant mentioned about the issues inside OR the inspector took it upon himself to do a check inside with the tenants approval. He then wrote up a new one for the violations inside. 

@Anna Milligan,

I don't know how many points you are being asked to pay but a 4.625% for a 30 year, cash out refi is actually good. Don't compare the rates to the ones advertised on the websites, they are for straight refi or purchase on owner occupied. BTW, did you get your rental rented out?

@John Horner, hey can you PM the bank? This is exactly what I am looking for, one that will do LLC 75% LTV. Are these fixed or variable terms?

Thanks @Steve Babiak