All Forum Posts by: Wendy S.

@Tim Herman thanks for your reply and yes with regards to the handbook. However, it doesn't quite definitively explain how to count the day hence my question. One could argue $10 or $20 because it's late after a certain time it could be interpreted that $10 is automatically owed. However, because of the 24 hours requirements Tenant could still owe $10 or $20.

Hi All

If your rent is due by 3pm on the first with a daily late fee of say $10, how exactly is this calculated?

Would $10 be due on the 1st after 3pm, $20 on the second or $10 on the 2nd assuming 24 hours?

@David Jones not aware of any studies. However, in a fixed lease there is usually language for early termination so there is at least some guarantee the tenant will stay for the duration or at least provide adequate notice so you can prepare to rerent the property as well as possibly be compensated for early termination.

In Georgia a month to month requires a 60 days notice to the tenant while they can give you 30 days or simply leave.

@Estefania Navas

You have lived in the property for more than 1 year, so you have fulfilled your legal FHA owner occupied loan requirement.

To rent, all you have to do is move out and rent as you wish. You can browse the forums how to self manage or get a property management company. Either way, please speak with your insurance company or shop around to get a Landlord's policy rental as the one you have now is for you occupying the property. This might affect your monthly payment a bit as the rate may be slightly higher and of course if you claimed homestead exemption you would lose this as well, because it would now be a rental property.

No need to refinace into a conventional loan unless of course your new rate would lower your current mortgage, but with these higher rates we are seeing I highly suspect you already have a low FHA rate, plus refinancing also. has fees and costs associated with it.

@Dylan Speer, true. I would have gotten a Heloc that only required interest when used but now I'll be challenged to put this money to use as I'm losing money having it sit.

@Eliott Elias thanks. I netted $140K. This will challenge me to put this money to use.

@Rick Albert too late.

But I am looking at possibilities to use some of the funds to exceed previous cash flow, depreciation, mortgage paydown, tax reduction etc.

@Jonathan Schwartz thanks Jonathan.

Yes with the Investment Heloc, I know there are not common now. Only reason I'm considering is to remove FM from loan. Worst case scenario I'll refinance at these current rates ugh.

With DTI, only have Investment mortgages to consider with pretty good cash flow. High credit score as well. Rental income reported over 2 years and have helped us to acquire properties.

Yes, it would be good to keep 2 but FM doesn't want any loans. Not assumable, but hoping being on title and showing payments might help. Will speak to Lenders on Monday.

One would have thought with the equity gain I showed FM they would have gotten the RE bug by now, but nope. So at this point I'm over trying to convince even after said FM has gained over $100K equity in another property bought 2020 which will also go on the selling block. Smh.

@Bill Brandt. Ok that's good news. Started second guessing as I trash somewhere you had to hold the property until 5 years and I was 2 months short of this.

@Don Konipol thank you. I did. He sold.