All Forum Posts by: Tim Siocheng

@Jennifer Donley

How long does it take for us to see any form of payment? The reason that i am asking is because it’s my first time to have a section 8 tenants. The tenants moved in last october but up until now I haven’t seen any payment from section 8.

I feel like i am getting the run around.. the first time they’ve said that they haven’t received any HAP contract. Then after it’s been sent... now they’re claiming they can’t open it. (I had to follow up just to find out) But it’s been 2 months.

I tried calling their offices but i get passed on from one person to another and at the end it’s just an answering machine. (I’ve tried calling more than 5x now)

Do you know if there are other ways to verify if they have received the HAP contract?

Also would they send the check asap?

I appreciate the help and tips you might have.

@Angel Ginnett

I appreciate the insight. I currently only have 3 loans, so i have room for loans before i hit the limit. And right now i am at the growth phase of my portfolio.

I am torn between the strategies because of the potential increase in cash flow but it would take me around 10 years just to breakeven on paying off the other 2 loans. Although the extra cash flow will help me save faster to acquire new properties.

The cash that i am cashing out, i plan to invest into more on investment properties.

Hi BP community, i am seeking an advice on what the best course of action to take on my rentals. 

I came across the mortgage company amerisave and they're able to refinance my investment properties debt at 3.125% apr. 

Option A: This includes 3 rental loans with rates from 3.75% to 4.6%. I thought i was getting 1 loan umbrella with 3 properties but instead what i found out what they were going to do was, pay off 2 of my rental properties loans using the equity of 1 rental property with the highest equity. 

the total amount of principal & interest i pay right now between these properties is $1779 per month (rounded up) and if i do this refinancing, my mortgage on 1 rental with alot of equity will be $1457 per month (rounded up) while the other 2 rentals are paid off. This would give me an additional $322 per month of extra cashflow at the end of the day. BUT on my 1 rental where the equity used to pay off the other rental loans will have a -250 cash flow per month. 

Option B. Leave the other 2 rental properties debt alone, pull some money out of the rental property with big equity with the same monthly payments and cashflow (except i'm back to 30 yrs of paying the loan). Use that money to buy more properties. 

what would be the best course of action here? Will there be a big tax difference if the other 2 rentals are paid off while one is negative? 

I would like to thank you in advance for your insight and help.

Is combining 3 properties loans into 1 a smart strategy if you can get the rates lower? would i lose any of my tax advantages?

@Jason Cory thank you for the help

The repairs were done in less than 10 days, since September but the inspector kept rescheduling, delaying and other excuses to delay the approval. This is why i am reaching out for help because he keeps going back and forth and just creating more delays. 

Jason,

I appreciate your reply, i am just relating what my property manager is telling me. But it is definitely affecting me because i am the one paying for the mortgage of an empty house.  I've attached of the inspection sheet that was sent to me by property manager. All issues has been addressed since early september. Now it's october and the inspector still taking so much time to sign off the property. 

i have no proof other than what i am told by the property management company in regards to asking to be hired under the table to expedite the process.

Just to clarify my intention: it is to get the property rented out, and if it needs to meet certain requirement so be it. But i don't want to be the victim of shelling more money out just because of someone abusing their position. 

I invested in a SFH property in birmingham alabama, and the property has a pending lease agreement to be signed by the tenants. The pending case is due to section 8 clearing the house.

it's been 2 months and the information that i have received from the property management was the inspector was trying to get hired with the property management company under the table to expedite the section inspection faster. The property management company declined to hire and bribe the inspector and now my property is being held hostage (and i'm sure there's a bunch more houses in the area he is in charge of that are being delayed) 

anybody else have experienced this? What are our options as the owners?

@Melanie Dupuis

Thank you for the advice melanie, i’ll keep your advice in mind all the time.

@Joe Villeneuve

The potential new taxes i was talking about was if i paid off the rental property, I won’t be able to use the mortgage payment as an expense. Then i’ll be taxed on higher gains, since it’ll be taxed on my current tax rate. (I used 35% since that’s about i’m getting taxed on my w2)