All Forum Posts by: Michelle G

Hello again,
Does anyone know where I can get a basic income statement for a SFR I am trying to refinance and the bank has requested one.

Thanks for your help,
Michelle

I am blessed, to have a partner/husband that was a GC for many years gave it up to work as a Project Manager for a start up had a great few years and that is now winding down. We purchased our 2nd Buy and Hold and we are in our 3rd month of rehabbing. We knew that he could only work weekends and some nights as he still works full time, we are waiting for the Company to go under and he will be available full time after that. Untill he gets something else. It's slow but keeps costs down even with the extra few months of carrying the mortgage utilities etc and we budgeted for that.

I couldn't agree more with Marcus you can't get a $10 guy it's at least a $20 here on Long Island and thats just a helper.

So doing it yourself has upside and down. Upside end result will be 2 new bathrooms and new kitchen, new windows, new floors updated plumbing and electrical panels, new oil tank outside all for cost of materials gas travel and costs of 3 - 4 months rent etc. Downside is husband MIA on weekends(Except for Giants Games) and 2-4 nights a week.

I do find that I see properties that I think could be perfect for our goals, but we can't do more than one project at a time at this point.

I get tons of valuable info from reading all of your posts, Thanks.

Michelle

Goooooooo Giants!!!!!!!!!!!!!!!!!!!

Anyone have a good one? Purchased 2nd rental in 2011 and a little nervouse about using my usual turbo tax.

Jon,
Thanks for your response.. Citi is 1st and chase will have to agree to remain Subordinate. Ihave been told it is usually not an issue because increasing my cash flow will only help their position. The reason I didn't get rid of it up untill now is that we took the loss and it kind of worked out after taxes.. Now we make too much w2 income and can't take any loss. I would lose about 60k if I sold I was trying to hold on for a few years untill the market came back.. My husband is a former general contractor and can build or replace anything including electric or plumbing so costs for repairs are kept reasonable and the vacancy for the past 5 years has been less than 2 months. So it eeks by. Thanks

Similiar question.. have a sfh (used to be my primary residence) that has a neg cash flow of about 100-200/month.. Have a Good Faith estimate from Citibank and will reduce my payments by 300 month but extend 7 years back to 30year. Cost about 6000. I can't sell at this point as I have a 2nd that has 7 years left making me underwater. here are some numbers current monthly - 1265 plus 400 tax and insurance plus 260 on second. new would reduce 1265 to 960. My rents are at 2000/month there are two separate apts here each $1000. What do you think???

Thank you for all of your great answers... you guys are really great

Super answers Thank you Mark!

I am in NY so I would need that license.

The mortgages are with big companies.. Citimortgage and Primelending I think for sure I will further research the moving them into LLC

The loss I thought only was usable to offset capital gains at time of sale but I will look into that.

Thanks again

Hi my husband and I own 2 rental properties and our personal residence. All mortgages are in both our names. I would like to transfer the rentals into LLCs but I do not think the banks will go for that if I am wrong let me know.

What if we Started a LLC property management company and did all rental property business through that. Would that offer us any protection and would the company require insurance and would it (the insurance) be expensive?

Next question, we currently have earned income that is over $150k so we don't get to take the loss we have after depreciation on the properties, would the llc property managment co. get to take any kind of loss that could pass through to us.
Lots of questions.. Thank you in advance.

Thanks for your advice.
I don't think there is a house on Long Island for 75K or less and definately not in the area we are looking. I am not looking to make a killing. I want expenses covered and would put any additional income back into the monthly mortgage payment and hope to own free and clear by retirement in 20years.

We have one other property that we didn't purchase as an investment and it bareley covers expenses but in 15 years it will be paid off and then when I need the income I will have it.

I have lost money in the stock market but even when the property I own dropped in value. I still made that mortgage payment from the rental income and paid the bills.

I think that I only need to make about 150/month on this property to pay off the mortgage in 20 years.

Please let me know if you think we are crazy. We don't need the income now we want nice neighborhood nice tenants very few headaches etc.