All Forum Posts by: Jeff Stansberry

@Brian Pleshek 

I refinanced to get out of my ARM rate (assumed values would go up, not down in 2007) and now I have a higher rate but locked in for 20 years. After thinking about it, I should have gone for 30 years to keep the payments lower.

You are correct, if I invested in a kitchen I can only raise rates so high in that neighborhood and it would take years to pay itself off from that remodel alone. Money is an issue especially having to replace one AC unit already this year. 

My thought it raising rents slowly, only $20 or so for now when leases are up and working my way up. Thanks for the input!

@Jonah Schwartz It was automatically reappraised 2 years ago when values started going back up, but I will definitely look into the value. Thanks! 

Hey Guys and Gals,

My name is Jeff Stansberry and I'm excited / eager to join BiggerPockets. I graduated Point Loma with a degree in IT and Business and have been working the past 10 years in the IT industry. I'm a rookie and veteran in real estate and I'm excited to learn and grow within this community.

I’m a rookie because I only own 1 duplex since 2007 in Barstow, CA, but a veteran because I have weathered and experienced many problems and my property is currently loosing me money and have been plenty of headaches.

My goal is to connect with others to find out how to turn my property into positive cash flow, and restart my dream of owning multiple income properties.

If my property is under water because I bought at the high time and I don’t have a lot of money on hand to remodel and raise rents, are there other ideas I am missing?

Looking forward to connecting with you guys and contributing any way possible

Thanks!

Jeff

Hello,

My first and only rental property I purchased in 2007. It is a 2b/1b 2 Unit Duplex and was purchased for 240k and now worth 130k (for obvious reasons). Due to the recession I had to lower rents to stay competitive which gave me a negative NOI and I refinanced to secure a lower interest rate which raised my monthly payments a bit.

I have a negative of around $250 a month. I can't lower my rate anymore because of the value of the property. Nor do I have money to pay the loan down. 

Would it be worth it to to small kitchen rehabs and try to raise the rents? Both units are occupied. 

I'm looking for a little advice on how to change things to possibly create a positive cash flow.

Thanks