All Forum Posts by: Michael C.

Looking for good contractors to do a backsplash in a kitchen , put up vanities and do some paint, 

Best answer so far, Thanks

I looked into it a while back, it wouldn't be worth for me!

 This is a very hard decision, I keep going back and fourth, I have a couple of rentals, one which cashflows pretty good 800 a month, that's with under market value rents, if I up it , I'm looking at 1,100 to 1,200 a month, easy to rent, literally there's people always trying to see if somebody moving out,  not much maintenance at all, the tenants tend to fix stuff before even calling me, Also these are long term tenants!  

 I lived in it 2 out of 5 years, so this is the last year to avoid capital gains,  my goal is to expand my rental business, if I sell I would walk away with 150 plus after everything, bought it for 180, if you include the downpayment and upgrades I did total would be 50gs invested!

Now I'm trying to figure out my next step,  yes I do have a plan with the money, going to reinvest it all into real estate and a little bit in crypto.. before crypto haters start to hate... I have been in crypto for years and made great money!

I'm curious on people opinions, Thanks

@Joe S.

This makes sense, I probably should have a lawyer look over to be safe, I figured there has to be a way for someone to take over the house I’m buying with a mortgage, I’m using my own money for the down payment I got saved , already pre approved, the new person who would take it over wants to give me a down payment and pay monthly to pay it off, wait owner finance ?or I can’t because it has a mortgage on it,

I’m just trying be creative and find ways to add value to people who asking me to help them own a house and they have the reserves for it, I see a market for it!

I have people coming up left and right to me now days wanting to rent and own,  they have bad credit, a stable job and they also have a down payment for a house, I get approach many times from tenants or people willing to give me 20percent to 30perecent want to rent to own from me, (I have a good reputation with peoples money, so a lot of people trust me) How would I structure this? Can I use this as a down payment for a house?  I see an oppturniy, I might as well take it and it would be nice putting families in homes, helping them achieve the American Dream! 

Looking for someone who is handy to do basic work, if interested please let me know thanks and the work will be continuous, there’s always something to do!!!

@Brian Gerlach

this is a smart move!

Again, Thanks for the help from everybody, really appreciate it, I feel like this Duplex is one of my Ace cards and I don't want to mess this up!!!

Haven't signed anything yet, have a couple more days until closing!

Ran the numbers myself and it really really seem like a bad move!

FYI MY DEBT TO INCOME RATIO isn't good right now because I took a break from OVERTIME after working 70 to 80 hours for a couple years 

He said well I get two months off my mortgage and an escrow check worth 2,000 , which still don't seem worth it, 

I'm already profiting off this place, so extra money I would get 2,230( 2months) after my regular profit +2,000 escrow -680 appraisal = 3,550

Payment was 1,[email protected]%135,000 and the refinance  would be 988 at 3.25% 150,000

he told me he can give me a deal and knock total loan amount to 148,000 which sound like no deal

From my prespective , I would be best to work on my credit and work to make debt ratio better then refinance!  FYI I already have saved money so refinancing for a lousy 3,500 from having two months off seem like a rip off