All Forum Posts by: Rhett Miller

Thanks for all the info.. ended up having a large interest from tenants for my property and ended up getting more than I expected. Currently in the process of cleaning and getting my tenants in.

I already had my property on Cozy and added it to Zillow which added it to some others sites. I put it out there as early as I knew my old tenants were moving out because I was afraid of not getting any interest, boy was I wrong. I even had applications and offered to pay deposit and rent even before seeing the property. I had my pick and will need to turn down the others tomorrow when I get a holding fee and the deposit. I even had a few angry people as I ended canceling future showings due to such interest.

Thanks again

I obviously don't know how people are able to do a cash-out refi on a rental property. I have a mortgage for about $99,000 and the house appraised from $160K, but with only a cashout LTV of 75% after fees, its like $13k. How are BRRRRR people doing it?

I've rented a house out to my wife's coworker. They are now purchasing a home and are moving out, so I am in search of a new tenant. I've never looked for a tenant outside of word of mouth, so I'm, looking for ways to find tenants. I've created a profile on Zillow for a rental, but so far I only get property management companies calling. Is there a way to have a potential tenent answer a pre-screening questionaire before they get my contact info so I'm not bombarded by PM and tenants that don't meet certain requirements?

By pre-screening, I mean simply, a certain amount of income, credit score, max amount of members living in the unit etc.

Also, since I've never had to look for a tenant I've never had to prepare a house for a new tenant. Are there certain 'tasks' you do to prepare the home prior to showing / or renting once an old tenant moves out?

@Alex Kreeger I see what your saying about net worth. My goal is to increase net worth. To keep it in a similar amortization cycle I was thinking about adding $100 to principle, which would put me in about the same amortization rate I'm currently in. Also the interest would be $100 less after refi then the currant rate I'm in. That's why I'm considering refi. 

@Alex Kreeger My Current APR is 5% and I can get refi at 3.75%. You Wouldn't refi? I am wanting to get into real estate and I guess using my old house is my first step into doing this as I see a positive cash flow.

Thanks all. A lot of information I hadn’t thought about. Definitely something to keep in mind.

@Greg M. Thanks for your thoughts. As they say cash is king, so cash-flow is important, but maybe not a wealth builder for a single unit. I have looked into what interest payments are vs what they would be and I come off paying about$100 less a month but I also pay $100 less towards principle from the start. Currently 5% APR, refi is 3.75%, it'll take two years to pay off refi charges, and if I'd keep the refi loan for another 30 years I'd save $10k over the loan less. So if I pay an extra $100 / mo towards principle I would be back about where I am now. Of course a free and clear property to rent out as income in retirement (or anytime) would be nice.

I'm planning on keeping it as a rental, but it being my first and only rental, I figured I'd see what other more experienced owners would say. I'm comfortable being a landlord and always look long term financially. I don't have time or experience to BRRRR as @Jaron Walling said, but maybe one day. @Michael Craig: Thanks for the break down and your thoughts. It does seem to be in the postive either way and looking long term I don't need the money now, but since I've recently lived in that house, knowing it would be tax free (ish). But also, I don't like the idea of having to pay for a realtor, fee's possibly putting money into the house just to sell it. 

I have a house that I lived in for 10 years. Over the past year we built a house, moved and started renting out the old house. Currently cash flow is $200/ mo. I’m currently looking into a refinance that would increase cash-flow to $400. The refi would be a 60% loan to value, or I could potentially sell with $50-60k in equity.

What are y’all’s thoughts on keeping or selling ?