All Forum Posts by: Michael W.

the neighborhood itself is a b minus but with the renovations that are being made and the fact that it is right beside the historic district it could go up or down I would clear profit but it would be a small profit each month maybe two to $300 and that's not putting anything aside for repairs

yes I had to refinance but I honestly not because of an issue on my own long story short I did take a home equity line out and had a second mortgage on it the company that I went through was actually bought by my primary mortgage company and in the transfer they somehow messed up the loan and their solution to fix it was to have me refinance it was from the consolidation of Wells Fargo and another smaller brokerage they said that was the only way they can fix it and with the lower interest rate it was worth it

that's the thing the market is sort of iffy right now if I was to sell it at best I would break even it does appraised for considerably more almost forty thousand more than what I paid for it but with the current market situation the way it is here I don't see myself getting much more than what I owe

OK Everyone I'm in a little bit of a conundrum and I think personal feeling may be outweighing the business side so I need some help from a outside opinion

I have 4 rental properties all showing a good return in less than ten years they will be payed off and showing much better,

the wife and I are tinkering with the idea of moving out of state, and we have a great property manager available that would be extremely cost effective. we currently use him-on one property to " try him out "

We currently have a FHA loan on a 30 year 27 left 3.5%

currently payout 950a month that includes taxes and insurance and a pmi that will falloff in two years lowering the note but about 150.

although once we don't live there we will loose homeowners exemption thous increasing the note by roughly what the pmi drops.

insurance will however be lower because we would drop it to the commercial policy that we have the other rentals in instead of a personal dwelling policy.

its in a b- area up the street from the high school and 1 block from the historic district.

two bedroom duplex's next door get $750 a month.

rent in that area isn't extremely high so I am figuring a rent of $1250 after property management fees thus netting a 300 return before any repairs.

recently upgraded the inside so hopefully that wouldn't be a issue for a few years but you never know.

my question is would it be worth keeping? its profit.. but a small one for 30 years barring any huge issues.

I am somewhat of the mindset of if we have to have a property manager anyway why not keep it? but i also don't like the idea of a 30year note but I realize that there would be NO profit if I refinance to a shorter length note.

we have lived there for over ten years and it was our first home,so I don't know if that is personal feelings overwhelming business seance

OK Everyone I'm in a little bit of a conundrum and I think personal feeling may be outweighing the business side so I need some help from a outside opinion

I have 4 rental properties all showing a good return in less than ten years they will be payed off and showing much better,

the wife and I are tinkering with the idea of moving out of state, and we have a great property manager available that would be extremely cost effective. we currently use him-on one property to " try him out "

We currently have a FHA loan on a 30 year 27 left 3.5%

currently payout 950a month that includes taxes and insurance and a pmi that will falloff in two years lowering the note but about 150.

although once we don't live there we will loose homeowners exemption thous increasing the note by roughly what the pmi drops.

insurance will however be lower because we would drop it to the commercial policy that we have the other rentals in instead of a personal dwelling policy.

its in a b- area up the street from the high school and 1 block from the historic district.

two bedroom duplex's next door get $750 a month.

rent in that area isn't extremely high so I am figuring a rent of $1250 after property management fees thus netting a 300 return before any repairs. 

recently upgraded the inside so hopefully that wouldn't be a issue for a few years but you never know.

my question is would it be worth keeping? its profit.. but a small one for 30 years barring any huge issues.

I am somewhat of the mindset of if we have to have a property manager anyway why not keep it? but i also don't like the idea of a 30year note but I realize that there would be NO profit if I refinance to a shorter length note.

we have lived there for over ten years and it was our first home,so I don't know if that is personal feelings overwhelming business seance

and some of that IS my fault I referred to him as a tenant as in the normal tenant landlord situation. but I am unsure how to refer to him as in the owner financing situation.

originally my attorney said I should "rent him the home" for 10 years at a set amount and then transfer the title for $1.00 because of the owner financing laws at the time. only later did he write up a traditional owner finance contract that stipulated the same exact payment and term length but instead it listed it as a sale.

we tried to do it with no interest but he said legally we couldn't so we manipulated the purchase price down and included his taxes and insurance for the same amount that the original lease contract had his monthly payment

I seem to be hearing the word tenant and him paying you rent a lot and I don't think I made it clear I didn't increase my portfolio I didn't purchase this house for me I purchased this house for him with the expectation that he was buying the home From me I was simply financing it for him because he had no ability to do it on his own and him being a family member he said while I'm down here if you need help let me know and I'll be glad to help you I did originally created him a rental lease but that was because he only needed it for his social security the entire home from day one until now has been a purchase I had my attorney create the purchase agreement he just never find it but he kept paying the same amount of his mortgage payment every month that we agreed on from day one it was never referred to as rent I just want to make that clear in case that changes any misconceptions he wasn't a property manager I handle all tenant I handled all issues he was merely available if I needed help or I couldn't make it for something small like flipping a breaker.  anything larger than that he was paid for separately

Ill admit mentally I do have my opinion and I was hoping someone would say something like he has no legal way of claiming payment for work you never agreed on or asked him to do. And honestly a lot of it is based on the fact that I was helping someone out.

He is a convicted felon with no job or credit at all. there is no way he could ever buy a house for what I was charging him even with excellent credit. 

and were it would be easier to throw money at him to make him go away, I just cant rationalize being taken advantage of any further.

that's the sad art I'm not evicting him. he just wants to move out.all on his own with no reason

I also looked into the original lease we had setup and it has a comment about improvements." improvements made by the tenant shall become property of the owner at the conclusion of the agreement.

it also has a stipulation about repairs stating that any repair that cost more than the discount must be approved by the owner or the tenant will be responsible for the entire cost of the repair