All Forum Posts by: Melissa Gunther

Lease is up 7/31/19. Not going to renew tenant’s lease. I sent certified letter stating that. What do I do now? Just wait until the 31st or do I need to do anything else in the meantime?

I am having trouble with tenants that do not get along in a duplex. The upstairs tenants complain about anything and everything that the downstairs tenant does. From noise to parking her car too close to their stairs. The list goes on and on. I notify the downstairs tenant of any complaints and advise the upstairs tenants to call the police if they think a noise ordinance has been violated. The police have come out and nothing came of that. Now the upstairs tenants are threatening to sue us for not doing enough. We do not have a property manager and live in another city so we cannot monitor things 24/7. We are not sure what to do. We have never had tenants threaten to sue is before. We offered to let them out of their lease but they want their deposit back + one months rent so they can find another place. What would you do in this situation? Thanks for your help.

@Scott Jensen thank you

@Melissa Gunther

Property #1 we owe $110000, value $380000

Property #2 we owe $183000, value $300000

Total mortgage per $2583 for both

If we cash out equity on #1 we could pay off #2 and pay $1960 for both but we would have to pay about $5000 in closing costs and bring $10000 to the table because we can only cash out 75%.

Help me decide if this makes sense to do. We own three rental properties, one is paid in full. We want to do a cash out refinance to pay off another one. We owe 294,000 on both and pay $2583 per month for the payments. If we refinance both into one loan- our new payment would be $1960 per month. It would cost about $15000 to do but would save us about $700 per month. Our ultimate goal is to pay off all of our rentals so we think it would be easier to do that by having less mortgages. Not sure if this makes financial sense or not. Thanks in advice for your help.

HELOC vs refinance I own three income properties and would like to purchase more but the area where I live is very competitive and you need cash on hand to even think about buying a house. Should I refinance one of my rental properties or get a HELOC to have cash on hand should an awesome deal come my way? Thanks for your help.

I own a corner lot property that is 0.4 acre in size on a busy intersection. The house is a up/down duplex(converted) which brings in about $700 a month in positive cash flow. I was approached by a commercial developer who wants to buy the land and tear down the house and turn it into a fast food drive thru restaurant. How do I price my property to sell to a commercial developer?