All Forum Posts by: Mike Brown

2 of the 3 should duplexes should the third one unit according to the pm needs major repairs. I will be getting more information today as to get a better understanding or I might have to flyout and put eye's on it myself. Just not looking to take a lost in this market. Thank you for responding 

Thank you for your response. I'm in a slight negative because of the one vacant unit. So able to pay Property management then I'll have to make up on mortgage slightly. The second duplexe needs more work to be rentable. I was thinking of a heloc. I'll clarify more of this info with my property manager.

I have 3 duplexes in Wichita Kansas. 1 is fully rented the other one side is occupied the other vacant. The third duplexes requires repairs. Property manager is telling me that duplexe is in need of over 20k in repairs. But he still haven't gotten me a solid number. By June I'll be matured in my mortgage grace period to do a refi cash out. Solo investor so my funds are fully stretched. Got an offer to purchase today for 185k for all 3 based on the math. I'll be pocketing 30k which is for less than my 20 percent deposits at time of purchase on each. I'm thinking of riding  and do my cash refinance on all 3 since interest rates or supposed to be taking a dip this year. Any advice is greatly appreciated 

Angel I think you sold yourself and family short by taking 10k Chris put it best stay in the apartment unfortunately it sounds like that 10k will become the money you'll have to use to find a new place. The way money works if you've never have a good amount of it before it will find away for you to spend it. You should have been taking courses to get your license do your research while you was paying $600 for rent. At that time you was one of those lucky new yorker paying below market valve rent which is like walking in the park and finding a gold bar with your name of it. But now your gonna be paying above market value rent on one income. But good luck going forward just plan different.