All Forum Posts by: Trevor Smith

Thanks Kelvin K.! It has taken me almost two years to become debt free (minus the mortgage) and I feel like this rental is holding me back from doing what I really want to do. You gave me some good alternatives that I will definitely consider.

Brandon Eleazer, If I could trade my Condo for Cashflow, absolutely! haha..

Hey Brandon Eleazer. Yes, that's with all the expenses. I know it's a waste of money but, I've worked hard on building my credit and would hate for a short sale to ruin that. I want to cut my losses and thought about a short sale, but if I can afford it and still save money through my full-time job and part-time real estate, why not ride it out until the market picks back up and I can sell it?! I'm trying to justify it. I appreciate your advice but I was leaving that to my last resort. The partner I had in mind wants everything to be in my name and he would be the money. I'm leaning towards this before I would do a short sale.

Jerry Kisasonak, Lynn M., Peggy L., Andy Mallos

Thank you all for your advice and comments! As far as a refi, I missed the cut off date for the HARP program. I've talked to a few different lenders, including the lender for my mortgage, and they all say there is nothing they can do. I'm stuck paying the PMI and if I were to refi (according to one lender) my PMI with more than double, which would defeat the purpose. Unfortunately, I can't sell it because I owe way more than its worth. Although prices have gone up a little, I'm still no where close to where the market is right now. At this point I'm looking at it as a $350 bill every month. I'm still able to save a good amount of money each month, but I just wish there was a way I could at least break even and move on to something with positive cashflow!

I will ask around, Thanks! And yes, thats after expenses.

Thanks for the response Ali Boone! My next question is once I run the numbers, where is the best place to get financing? I was told the smaller "mom and pop" banks, as opposed to the bigger banks.

The property I'm interested in needs some minor cosmetic work. Nothing I couldn't handle myself.

What I meant by good rental potential is that its located in a sought out area for people who want to rent. Taxes are low and its listed for under 100k. Cash flow could possibly be 400-500 a month.

I'm a real estate agent in Pennsylvania right outside of Philadelphia. I work full-time and do real estate on the side. I currently have one rental property which was my primary residence initially (I now live with my girlfriend). I'm looking to build my portfolio with more rental properties and hopefully quit my job and focus on real estate primarily. My current rental is underwater and I'm not breaking even on it. It's not a big deal because I do have a pretty good job and can afford to pay the difference. It sucks, but I don't really have a choice. While leasing my property I was able to pay off some debts (car, credit cards, etc...) and save 20k. I also have another 20-25k in credit cards free. Where do I start? Can I get financing to purchase a rental property? I live in an area with a lot of rental potential. Please help!

I did some more research and the property has already been converted to city water. Next question is what do I do with the well. I potentially want to section 8 the property. Would I have to have the well filled? I'm in the suburbs of Philadelphia, Pa.

Thanks Gene for your response!

Thanks Dan and Steve for the response...I'm going to call the township and listing agent tomorrow to get more information. I'm sure I will have more questions after I get some more information. From talking to friends who are in the business as well, say either way its a good deal.