All Forum Posts by: Michael Greer

She won the property at sheriff's sale.

She is trying to close and the other title company tells her the foreclosure process is still ongoing. She has about 3 more months to go (could be more or less) before Plaintiff will be in a position to disburse/record.

Is there a typical process on how these go?

Not sure what happens next. 

Thanks in advance,

Hello,

I have a property with a tenant that I inherited when I purchased the property..

She is an older woman with adult children that, at one point, moved in with her without notifying me.

We've got that all cleaned up, but now she is adopting a 2yo child.

It's a noble act, but how does this effect me as the owner?

She handed me papers to sign from the county acknowledging that I am the owner. I took a pic and told her I would review it.

Do I have to accept this?

How do I document a toddler in my property as a tenant now?

Should I be raising rent with the addition of another person on the lease?

Apologies for ignorance, this one is new to me.

Thanks in advance

Mike

Found this one. It worked.

https://www.bankrate.com/personal-finance/debt/debt-payoff-c...

Heres a better one.

https://undebt.it/debt-avalanche-calculator.php#snowball-cal...

https://www.omnicalculator.com/finance/debt-avalanche

This?

Hello everybody, 

 I can use some advice.

2 years ago, I saved up a good chunk of money and decided to move back into real estate. 

I purchased a duplex well under market value and cashed out refied to get my money back.

I purchased a second property and Brrrr'd it,  getting most of my money back.

I purchased a condo in a very nice neighborhood with cash to provide housing for my college student vs paying a school for a dorm. So pretty much all my savings is gone.

I spoke with an older condo owner who wanted to sell and got four more condos well under market value. 

I used my home equity line of credit to finance down payment on each of these 4 additional condos with the intent of just paying it down on my own with the profits from the condos.

I now have 7 rental properties that are cash flowing nicely, but this $60k heloc balance is staring at me.

I'm considering just putting a mortgage on the first condo that I paid cash for and getting back most of my money.

I'm paying about a point higher on my HELOC than I would be paying if I put a mortgage on it. Heloc is about 9% vs a mortgage at 7.25%.

I dont really need the money now. This is just to provide me with cash flow when I retire in about 10-15 years.

I am comfortable using all the profits from my properties to pay down the HELOC and should be able to do so in the next 4 years.

I would be able to use the cash flow to pay down the other condos or purchase another property

This does limit me somewhat in purchasing additional properties in the coming years.

I'm trying to explore and research what my best options would be.

Should I just put a mortgage on the first condo or keep the HELOC and pay it down?

Which way is better? I don't have closing costs involved if I just keep my HELOC but I am paying a little bit more in interest.

I'm trying to figure out if I can use the interest I'm paying on my HELOC as a write-off since I used it to buy additional properties.

Does anybody have an opinion they would like to chime in with? 

Any advice as welcome. 

Thanks in advance.

Hello,

I'm purchasing three 1b / 1b condos in a good area here in Ohio.

I'm financing through a bank and received my final closing disclosures on one of the units.

Purchase price is $40k. 

Loan is $32K.

Closing costs are $3600, not including the $700 appraisal and $450 homeowners insurance I had to pre pay.

$3600 closing costs on a $32k loan?

Is this reasonable? 

Hello,

I'm looking for an Excel template that I can plug my salary, properties revenue/ debt/ equity, savings, pension in to give me an idea of what kind of money I'll be sitting on over time.

I have a great understanding of Excel, just cant find a good template that shows what I want to see. 

If I can find one thats close, I'll amend it myself.

These BP charts really make sense to me, so if they could be in this line template, that would be perfect.

Thanks in advance!

Thanks for the replies everybody.

We are in final stages.

Title company called and is trying to schedule when we can get together and sign final documents.

It sounds like any overpayment would come back to me, which is fine.

It just seemed shady.

Hello everybody,

I am newer, so please be gentle.

I am cash out refinancing an investment property.

The cash-out-refi bank that I'm going with came back with a pay off loan estimate about $5000 higher than what I'm pretty sure I owe.

I contacted the mortgage holder and got my own pay-off letter showing I owe $128k on the property.

This cash-out-refi bank produced closing documents stating the payoff is $133k.

I asked about it and they changed the numbers back to $128k without explanation.

Is this common? I'm no genius, but it seems to me that $5000 would have gone to someone else but me.

Am I wrong?

Thanks in advance!