All Forum Posts by: Mike McConnell

in 15 years it will be paid off, and then  I'll clear over a $1,000 a month or can sell it and clear 100k

I lived in the house 2 years before moving out.

Yes I was stuck in FHA and had like another 8 years of pmi till I could build any real interest. That is why I switched to 15 year mortgage.

Had my house for 2 years, just switched over to a 15 year mortgage.  My house I rent out is on year 1 of a 15 year mortgage.  $107,000 left on mortgage, house is worth $150,000.  I use a service to find renters and take care of everything.  With that said, after service fees, I clear $850 a year.  Would you stick with $850 a year, hoping nothing breaks, or sell.  The 15 year has no pmi so building decent equity in a few years.  What are your thoughts? 

Thank you all for your input.   I use a property management company.   So I guess the bigger question is how often do you get sued by a tenant?

#BrandonTurner mentioned he has a separate LLC for each of his rentals. Have you setup an LLC for your rentals, if not one for each? If so what is the benefit?