All Forum Posts by: Anthony Wick

@Sarah Porretta

We had the exact same scenario. In our situation, we both applied to the mortgage company for the refinance. Is that what you’re planning? Or still just you on the mortgage? If you’re going to have him on the deed, you really should get him on the mortgage now too. No issues for us doing this refinance.

@Waleep Alvi

Require last two years tax returns, and the last 3 months bank statements. You’ll find your answer in the numbers.

@Adam Azam

Give us real numbers. How far under market rate are you? How hard would it be to rent out your unit if they moved? How much rehab would need to be done to turn the unit? What are your goals (profit or ease?). If fixed up, then how much more rent could you get?

You’ve already lost several years worth of profits. How many more years will you be willing to lose more? $50 a month is $600 per year, $6,000 in 10 years.

The last duplex I bought, the seller was renting each side for $1,100 per month. Now, each side needed about $3-4K worth of upgrades. He didn’t want to do that, or find new tenants. I bought it empty, fixed up both sides within a month, and rented out each side for $1,450 a month. So, I spent $5k on upgrades, and lost one month rent per side. And I now get $8,400 more in rent per year than the seller was getting.

@Daniel Curtin

Post all the real numbers here. Attach a BP calculator in what your estimates are. It will help people to give real opinions based upon real info.

I am chiming in again. I'm sure we've all run into those people that say; "Why would I retire, I wouldn't know what to do". Well, they need to read this thread. An amazing group of people here on BP! So many interesting hobbies. 

And, I don't care how much you love your work, or love real estate, everybody needs to have hobbies. I believe it will simply renew your energy to do your best, at whatever you do. I "gave up" learning to play the bass guitar, due to time spent on real estate. But, it's still there for when I'm ready to pick it up again. 

NEVER!! My exit strategy is death...

@Jennifer S.. Look for local banks that hold their loans in-house. Now, in Cali? I have no idea if those things even exist. All of my commercial loans are fixed interest rates, with 7 year balloons. If you want something like a 20-25 year fixed rate, expect to pay much higher interest rates. Also, go back to the bank with the 4.875% offer. That was 2019? Rates have become much better in 2020. My cash out refi's this year are: 80% LTV, 25 year amorts, 3.6% interest, 7 year balloons, no escrow for property tax or insurance (much lower closing costs with no prepaids). Local bank, local properties.

@Mindy Jensen

Count money, do spreadsheets.....Lol. JK. Sort of. 

Hike, camping (especially this year), ride bike, exercise, sit by the fire in the evenings with a glass (bottle) of wine, cook, go to live concerts, and talk with my significant other about the travel we will do when travel restrictions are lifted. And then....travel, travel, travel. Watch my Minnesota Vikings fail yet again to reach to the SuperBowl. 

Wait.....listen to BP Money podcast with workout in the mornings. I'm serious on this one. And also kissing up just a wee bit...

1. "The renter STILL OWES all rents, they have to be paid at some point"

Lol...C'mon Man!!!! Anybody here have a judgment they've never collected on? Oh ya. Me too. 

Question; How will MTM leases help you today? Still cannot evict. 

I guess we don't have to worry about Biden's idea to raise taxes for those making $400k a year or more.