All Forum Posts by: Teresia Sayler

Hi Bikash,

You should shop around potential lenders, but have your properties "lendable".  In other words, have them in tip top shape (at least reasonably habitable) so your lender appraisals come in as high as possible.  As you already own them, I'd get the rehab work done before going to the lender. Then you need to simultaneously be prepared to know how much cash you would want to take out (via the new loan), as you need to be able to cover the payments in addition to your normal operating costs.  I go super conservatively and run "what-if" scenarios for vacancy.  If the $ has to come from your pocket or reserves, will that cause a hardship?  Thoroughly research your rental market to help here with income, which I'm assuming you may already have done.

Lenders can be credit unions, traditional banks, etc.  Just interview several to check out closing costs and rates. It's all in the numbers and your cash flow.  Be totally comfortable with your decision before pulling the trigger. Pretty great rates right now, so great thought to pull that $ out and take advantage of the potential bargains that may come from the pandemic.

Don't get so excited you over leverage.  One of my favorite sayings... Pigs get fed, Hogs get slaughtered!  Enjoy the ride!

100% were in by the first - 5 doors.  Can't say the same for my vacation condo on Maui... hoping to get a traveling medical professional in soon.

All four of mine have paid May and the folks that rent my barn/pasture have too!  

Great info!  Thanks!  

Thanks all!

Ashish - If I understand you correctly, I could fund a Roth the normal way in yr 1, a non-deductible Traditional IRA in yr 1 and then convert the non-deductible to a Roth in yr 2, correct?

Can a person contribute to both a Roth and a non-deductible Traditional IRA (then convert to a Roth soon after funding) in the same year? I know the back door is a way to fund a Roth if your income limits are too high to fund a Roth normally. Curious if when you don't have that issue, can you do both?

Thanks guys!  Great point about the spray height!  Carpet is out, most all of the tacks are out.  Will make sure there are none left.   I just want this to be one-and-done!

Tim, is BIN better than their Odor primer? 

I have a new rental acquisition that has a walk-in closet with an odor of cat pee. I've forgotten what the best product would be to seal over the subfloor. Suggestions?