All Forum Posts by: Paul Bloomfield

@Chris Romany

Chris, Thank you for your response and your invaluable insights. I appreciate your acknowledgment of the complexity of the situation and your encouragement.

Your recommendation to sell the Orlando investment property aligns with my current considerations. Your expertise in the Orlando market, especially your insight on maximizing value by vacating the property before selling, is incredibly helpful. Knowing that the tenant have 6mths left , how would you navigate that to get top dollars for the property as if it was empty.

Once again, I appreciate your thoughtful response and offer of assistance. It's people like you in the real estate community that make navigating these decisions a bit more manageable.

@Shawn McCormick

Thank you so much for your thoughtful response and understanding. Your insights into the credit card debt and the challenges of overcoming high-interest rates resonate with my current predicament. I appreciate your concern and the time you took to share your perspective.

Regarding the Orlando property, it is indeed located in an area with high appreciation potential. Its in Hunters Creek Orlando, a community called heritage place.  median rent here is 2700, tenents are paying 2200. Hence, there is room for growth. However, The tenants have 6mths left on their lease, so what can i do in the meatime if i dont sell. Your offer to evaluate the property and provide an opinion on its value and market dynamics is incredibly generous, and I would gladly welcome your expertise.

Once again, thank you for your perspective 

what advise woud you give me on the following senario.

1. I’m in a mountain of debt, 2 credit cards max out totaling $38K and owing financial institute. My wife Credit card is also max out. The reason I have these depts was to help finish the duplex, where we currently live on one side but need more funds to finish the other side. When that one is finished, I can get at least $3K for rent, which would pay 60% of the $5Kmth mortgage. However, I need approximately $35K to finish the remodeling on this one.
2. For me to pay off these depts and finish the other side of the duplex, I was thinking of selling a single-family property in Orlando Florida. Due to the recent insurance rate hike, this property monthly payment is $2200 rent is $2250. I owe $278K and it can be slod for $430K.
3. I also owned a 4plex, which I can do a cost segregation, which could give me approximately 40K. This could finish the other side of the duplex but i will still be in debt.
4. Is there another way to get out of debt and finish the duplex? or i should just sell this, clear my debt, finish the duplex, and still have some to do a down payment on another 1-4 units. But I would be selling a property that has given me all that I own.
5. My goal is to own 30 doors (1-4 units) by the time I’m 60, I’m currently 52years old. We owned 8 doors including the one we are currently house hacking and the one I’m looking to sell.

what advise woud you give me on the following senario.

1. I’m in a mountain of debt, 2 credit cards max out totaling $38K and owing financial institute. My wife Credit card is also max out. The reason I have these depts was to help finish the duplex, where we currently live on one side but need more funds to finish the other side. When that one is finished, I can get at least $3K for rent, which would pay 60% of the $5Kmth mortgage. However, I need approximately $35K to finish the remodeling on this one.
2. For me to pay off these depts and finish the other side of the duplex, I was thinking of selling a single-family property in Orlando Florida. Due to the recent insurance rate hike, this property monthly payment is $2200 rent is $2250. I owe $278K and it can be slod for $430K.
3. I also owned a 4plex, which I can do a cost segregation, which could give me approximately 40K. This could finish the other side of the duplex but i will still be in debt.
4. Is there another way to get out of debt and finish the duplex? or i should just sell this, clear my debt, finish the duplex, and still have some to do a down payment on another 1-4 units. But I would be selling a property that has given me all that I own.
5. My goal is to own 30 doors (1-4 units) by the time I’m 60, I’m currently 52years old. We owned 8 doors including the one we are currently house hacking and the one I’m looking to sell.

Hi Guys , I'm not very smart, so I'm turning to the smart people for some clarification. Can some one tell me what the below means. I got it off the FHFA website. 

is it saying, If I owe 6 payments via forbearance, does it mean the mortgage servicer pays the first 4 months and I pay the last 2? 


"When a mortgage loan is in a Mortgage-Backed Security (MBS), Fannie Mae servicers with a scheduled payment remittance are responsible for advancing the principal and interest payment regardless of borrower payments. Freddie Mac servicers, who are generally responsible for advancing scheduled interest, are only obligated to advance four months of missed borrower interest payments. Today's instruction establishes a four-month advance obligation limit for Fannie Mae scheduled servicing for loans and servicers which is consistent with the current policy at Freddie Mac."

Thanks guys

@Justine Hoggatt , about the Payrange, can it used on any brand washer/ dryer ? I didn't see that on their website, but I like what it does. Also what's your take on having a laundry room and giving access to the tenant via adding $50 to the rent. vs having coin machines? 

@Seth Williams, what size and type you eventually end up using at the tri-plex? was it Speed Queen. Research showing that's one of the industries  best. But its pricey . 

@Chris Herrera, that price for the Speed Queen, was "per machine" a stack of both or you talking for each

@Lynnette E. I think that's a brilliant Idea. it might be more affordable with regular washer and dryer as well.

I owned a 4plex in Atlanta, but none of the units have washer and dryer hook ups. at this stage it would cost me too much to add to each unit , plus I  paid for water. Nevertheless , this could create another income stream. I would like to add coin or card washer and dryer on the property. I was wondering if anyone can advise me on the type of washer/dryer and its affordability. 

@Jingru Sui, thank you for thoes pointers. My tenants have not come forward with any forms but my lawyer wanted me to be aware of this new law. He wanted me to sign an affidavit to say they have not bright me this form before he can file evictions.

My dilemma is that I have 4 tenants that refuse to leave and they have not paid since March. Also their leases have been up since March all but one tenant have received letters early March to vacate . But, pandemic hit and tenants are waiting on the Fulton courts to open and tell them to leave. The Lawyer is basically saying he have to wait on the courts.

I know it’s a bad situation for all of us. But you think tenants would at least try to pay... maybe Mitchum was right just cut my loses sell .. I have two other property in Orlando and had no issues with tenants.

I'm trying to get a feel of how landlord feeling about the CDC mandate . It says that no evictions can take place until December 31st. If you try to evict you can be fine up to 100k and 3mths in jail.. nothing about landlords loosing their homes because they cant pay their mortgages..

I question myself why I went ahead and invest in NW Atlanta.