All Forum Posts by: P R.

Thanks 
@Jason Wray
- Everything you said was helpful but I dont understand

when you say "cash out re-fi". I dont have a loan on property one. I

cant re-fi that. That is why I was asking about a "home loan".

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Hi and thanks for your time. I understand HELOC's to be different than a Home Loans. HELOC's being more like a CC to be used on smaller things like home improvements etc. And HELOC's have variable rates. Where as Home Equity Loans are a one time fixed rate loan for a single loan amount. What I'm thinking of doing is to borrow against/leverage a paid of property to purchase another with a single loan. I dont think I want to have a 'revolving' line of credit to do this....or? I'm looking to take a lump sum equity from paid off property 1 and buy rental property 2 outright.

Howdy. Straight to my question - Whats the best way to pull out equity from mortgage free (paid off) investment rental (property 1) and take that money and purchase a 2nd, lower value long-term rental (property 2) ?

I'm most interested in learning the conceptual process, not necessarily talking about the actual numbers.

I appreciate your thoughts and assistance.

EDIT: I failed to state that my intent would be to use loan from property 1 to fully pay for property 2.

"A friend of mine drove by 2 weeks ago and took pics. Yard was an over grown mess. Passed info on. PM said they would give tenant 10 day notice and send me invoice....today is day 10. And nothing."

I emailed on day 10 asking for the results. PM said she would send someone over to take pictures on Monday and let me know. Today, (Wed) still no communication about the yard.

"How to Manage the Property Manager" - ahh! crazy.

Hi Nathan. This property was an inherited property from 2015. I wouldn't normally have purchased in this town. But since I have it I thought it a good way to practice and learn. And what I've learned is that the PM companies in Kingman (used 2) are more pretty talk than anything. The first tenants were found by PM 1 and they put in a "nice young mother" who wanted to be close to family. Turned out four people lived there and when asked about it they totally trashed the place, broke everything on the way out. Within hours the PM dropped me without a word. 2nd PM much better but still has problems with follow through. For example, lease says tenant takes care of yard. A friend of mine drove by 2 weeks ago and took pics. Yard was an over grown mess. Passed info on. PM said they would give tenant 10 day notice and send me invoice....today is day 10. And nothing. Last month rent was 10 days late. I inquired. said I will work with them on any financial issues (covid related). According to PM, notice put on door. Rent was paid. Stuff like that. They're not paying attention or managing very well. Big problem is...if they drop me there is no where else to turn. So I try to play nice. Short term I want to keep property to finish paying off Student Loans (almost there). Long term I would like to roll sell price/or euity if I keep it into small apt. building. That's why I'm here. Trying to learn.

Howdy.

I learned of this forum because of spotify and my search for Real Estate Investing podcasts. After almost a year of listening to multiple RE investing podcasts, I decided to delve into this website. My interest in RE is probably 20 years old, plus or minus. I've always thought I'd like to invest in property. But I'm very cautious of the 'scam' factor, always a skeptic and always a critic. However, I've become convinced this is a good place with good people.

I live in San Diego. I work at the beach. I rent. It sucks!

I have 1(one) small property in Kingman AZ. This is giving me those first steps towards RE investment experience.

My goal....sure, Id like extra income. And I'd like to grow my portfolio. This is a given.

But additionally and most importantly, I would like to buy and hold property while creating a quality product - something that I would be proud to attach my reputation to (this is very important to me) and then do that over and over again. I think I would enjoy that creative process.

Thanks for having me here. I know I'll learn much.

Howdy. New here and a newbie to RE with one SFH property. Had property for 4 years - Kingman AZ. I've had mostly negative experience with Property Managers. In four years had 2 PM's and three tenants. The property managers have been pretty bad with communication and bad with follow through for late rents and lease agreements, such as landscaping. I occasionally have to write to remind them that rent is due or yard work should be cared for etc. The problem is that this is such a small town (and everyone knows everyone) it's hard to find professional managers....because there are none.

So the question is - How do you manage the property manager in a small town?