All Forum Posts by: Nick Dillaha

@Alberto Furet which bank do you currently use? Bank of America said no. Thank you for your response. 

Hi @Harjeet Bhatti, thank you for your response. I forgot to mention this isn’t my primary residence. It’s currently being rented. 

Hi BP! 

Currently in the process with Bank of American to refinance my investment property. He informed me that because it is a condo this loan does not allow equity to be pulled from the property. Does anyone know of a bank/loan that allows equity to be pulled from condos?? Thanks so much! 

Thank you, @Andrea Weule! 

Hi BP! 

Just looking for a little advice on refinancing. I own a rental townhouse/condo in my area and currently have an ARM with my local credit union and am looking to refinance the property to a 30 year fixed. My question is do I need a commercial loan if I am looking to refinance and pull equity out? If so, any recommendations? And if not, any recommendations on a bank to use for this refinance? Thanks so much.

Hi BP! 

About a week ago my tenant called at 11:30 at night stating the toilet upstairs was overflowing and is seeping through the first floor ceiling. To summarize, all of the upstairs laminate in the master bed, hallway, stairs, and a 25x15' section of drywall had to be removed from the first floor ceiling. 

Due to all the chaos, my tenant has moved (on her own) in to the neighbors place because she is currently working from home due to COVID. The neighbor is charging her $50/day to stay which is equal to her monthly rent. I just gave her July's rent for free due to the situation. She does not have renters insurance which I recently became aware would have covered the expenses of her rent due to the uninhabitable living conditions. 

Just looking for some advice based on whats happened already and some issues that may arise in the near future. We're still in the early stages of the process and want to be prepared for whats to come. 

Good morning! Just wanted to share a situation that will benefit brand new investors and the most seasoned. Know your neighbors!!

I was in the process of purchasing a full-gut property in a great area. Lower income, but close to beaches, A+ schools, shopping, etc. Long story short, the rehab just needed too much to make sense of the deal.

Fast forward one month, we are dispatched to an overdose (full-time fireman) next door to the property and it turns out to be a half-way house. I’m so glad the deal didn’t go through! I should’ve done more research at the time but I’ll never forget that lesson.

Hopefully this helps some of you in the future!!

I'm really surprised that everyone considers $23k a lot for a vehicle. I bought a used Toyota truck with low mileage, they hold their value extremely well, run for several hundred thousand miles, and essentially require zero maintenance. But, apparently I could have done a lot better. Haha. I started shopping around again since reading all of your posts. 

@Anthony Wick Congratulations on those numbers. Insane. If that was the case for me this wouldn't have been a discussion. Mine is just sitting earning 1.78% so saving I'm exploring options. 

@Marcus Auerbach Thank you for your response!! I am definitely a car guy and my truck is the only "fun" expenditure I have. I've been shopping around since your reply. Thanks again. 

@Jordan Williamson Thanks, man. Prices in our area (Lee County) are really high so I'm reluctant to pull the trigger on much these days. Another reason I've been considering paying off this debt. Looking into other vehicles now that are a little less expensive and pay in cash. No deals in my immediate future. 

@Reggie Rearden Love this post, man. Sounds like you made a great choice. Currently looking for a less expensive vehicle now. 

Thanks, @Brad M. for your response! How has it been managing the rentals long distance? Lee County is booming everywhere these days!

Thank you, @Theresa Harris. I feel I made a good choice buying a used Toyota. Maybe I can find an even better used Toyota. :)

Thanks, @Calvin Ozanick. Considering all my options. Thanks for taking the time out to respond. 

Thank you @Greg Scott for your response. I know Ramsey is really conservative and speaks mainly towards the average Joe. I'm making roughly $84 in my Wealthfront account a month just on the money in there so it more than covers my interest on the loan. I just haven't found anything worth buying in my area so I've been toying with my "second" best option with my savings. 

Hi! Trying to set my investing career off right. I always had the opportunity cost mindset and kept low interest debt to save for another rental property. Recently listened to a Dave Ramsey rant and he talks about paying off all small debts prior to saving. I have $55k in my savings and I owe $23k on my truck at 3.5%. $4,200 in interest savings if I pay it off today. Struggling because I’ve been saving for another property. I can probably save that $23k in a little over a year. Should I do it??