All Forum Posts by: Richard Elvin

It sounds like you are getting a good handle on self management!

 I used to use an online screening app, Cozy.co (Now bought out by apartments.com), to pre-screen tenants. (sold my duplex in 2019) If they didn't match the criteria they usually wouldn't bother paying for the application fee/background/credit check. That's a good way to get unqualified tenants to self select out. 

Another thought, a lot of times someone that is "waiting until x" to get a divorce (or do whatever), is still conflicted about moving forward. It's quite possible she would have moved in, not paid anything after the first payment, then moved back with her "ex", leaving you without payment for several months and looking for a new tenant. 

 Never thought of it like that, but you are 100% correct. Thanks for that tidbit!

 This post should be pinned! 100%!

@Israel Wolterding If this is your first property, look into Down Payment Assistance programs for your state. That can help with getting into a property. 

https://www.hud.gov/states/massachusetts/homeownership/buyin...

I think the $4,900 is from the HML/Bridge loan, I could be wrong. This is how I read it, "Started with 6 month Bridge loan, Oct, 2022. ... After 3 extensions and 7 months time, costing $4900 in points...".

@Larry W Boyd I would check with a different lender for the refi. As far as legal remedies, not likely. You could talk with a lawyer, but it's unlikely that the lender had a legally binding contract to provide you a refi. They very likely over promised and under delivered, which is tough when you were counting on them. I would look at getting it listed asap. 

 Where? lol

@Ricardo Llanos First off, I think it looks really nice! Most of my thoughts are tips on what could be improved, so I apologize in advance if it comes across as negative. It's not intended that way, as I think you have a great place! 

I agree with fixing the moss on the roof and adding captions to the photos, even if it's simple like "Bedroom 1", etc. I would also consider what value the "upstairs looking down" photos add? They made the interior feel really small, to me anyway.

The pond needs some landscaping and/or better pictures. It appears overgrown and swamp-ish in the photos. My wife gets eaten alive by mosquitoes, so she would probably decline to book the place because of the pond. (This also might be why I'm more cognizant of this than other's might be, so there's likely bias in my opinion, take it for what it's worth.) 

If possible, I would add some type of water feature that would keep the water moving, fountain, etc. It would make a nice backyard feature and would remove the swamp-ish look. More backyard seating and a fire ring, if possible, would also be great. (as other's have mentioned) If a fire ring is a no go, add some place to sit and lighting, even a few poles and some string lights around the pond would give a nice feel to the backyard. Then add pictures of people using the space and happy. You want people to see themselves there and having fun!

Just my thoughts. I hope this is helpful! :)

@Eric Wagner "Is this prudent/risky?" Yes and yes. It is risky, but so is getting a mortgage on an investment property. You will most likely have to personally guarantee any investment loan, and your primary home is part of the backing of your personal guarantee. Point being that really anyway you slice it, there's some risk to your primary home if everything goes sideways. (LLC is unlikely to help also, unless it has a significant track record and enough capitalization to not require the personal guarantee).

BTW, I'm in a similar situation. I have a heloc and verbal funding for an investment, when I find one that fits my criteria.
The question I'm asking myself is, "How do I mitigate the risk to my primary home if/when I leverage to purchase an investment property?". 

For me that means being able to cover all payments for the short term, ≤ 6 months, (mortgage, investment property mortgage, heloc, etc) with liquid reserves. (Be cognizant that CC, heloc, LOC, etc, can be frozen at the whim of the bank. If you are significantly leveraged and need to access cash from debt, that can make you look risky to the bank, which can then freeze the funds you might have been counting on. Ask me how I know...)

Long term, that means being able to cover the house and the heloc payments from W2.

That's my thoughts. I hope it's helpful!

@Matthew Paul Your statement, "You "helping " will actually slow them down." is very true. I jokingly asked a sub (plumber) how much his quote would go up if I "helped". lol
I paid him to replace the tub while I was at work. It looks great and I didn't use vacation time to replace a tub, which I probably would have ended up paying him to do after I spent several frustating days burning vacation time