All Forum Posts by: Wendell Torrey

@Stephen DeThample

I am most certainly looking to add properties. And have the resources to do so when I find the next deal.

I just wanted to make some more money in the mean time.

@Wendell Torrey

Other details related to above question.

The property rents for $2000, the current monthly mortgage is $1080 at 3.49%. I do the PM.

My property’s are in Grand Rapids MI area.

I'm 57 yr old with $125k W2 job. I own three rental property's. 2 SFH and a duplex plus my home.

My question is, should I pay off the $65k balance on a SFH rental property.

It would increase cash flow by $600 per month / $7200 per year / $72,000 over 10. Plus eliminate $13,000 interest over the 10 years remaining on mortgage.

The market here is high priced.

I would always have the option to cash out refinance in future if I found property to purchase.

I do also have additional 175k cash.

What would do?

@Garth Kukla

Garth your gold nuggets are fabulous thank you.

Wendell

@Courtney Thomas

We used Summit in August to roof a house and garage, they also put gutters and down spouts on as well as screens on top of gutter. They also added a roof cap where there wasn’t one for 100 years.

They were fast, cleaned up great and were pretty easy to work with.

@Tim Herman

Thanks for your input on my analysis. Where in North Dakota are you at. I spent some time in Grand Forks

View report

*This link comes directly from our calculators, based on information input by the member who posted.

@Erik Whiting

Good perspective.

@Nicholas Aiola

I am interested in doing a “cash out refinance” on an investment property. I spoke to the Big bank that currently carries the note and was told he is too ethical to do such a thing and also eluded to very serious tax implications for doing such a thing.

I’ve owned the property for 19 years. It’s in Michigan where I live.

Property is worth $225k with $70k remaining on the loan. I want to take $100k out (less than 75%.

Is there an ethical problem and what ate tax implications.

@J Scott

I’m 56 years old and married, we own three homes worth $875,000 with about $700000 in equity. I live in one of the homes and rent two that cash flow about $1000 per month together.

I earn over $100k per year and want badly to get out of the work force.

I am considering selling all three homes , purchase a smaller home to live in and would like to reinvest $400000, I believe, preferably back into real estate.

Do you have any advice for a person in this situation.