Investment needs to pay attention to the quality and potential of the real estate.

The staff may become anxious about their future when they learn about the potential sale.

You need to think about not just the potential income but also the potential problems such as city ordinances, state law, insurance, potential eviction issues, etc.

@Devon Shives,Your situation has a lot of potential, but here’s a thought: A cash-out refi could work if you’re confident you can use the $30-35k effectively for your next property, but the higher rate and payment might indeed limit your borrowing power for another mortgage.Consider these alternatives:1.

If the seller misrepresented tenant conditions, consult a real estate attorney about potential legal action.

As you pay expenses for the month, the HELOC balance gradually increases until you effectively have the same principal balance on this HELOC combined with the Mortgage as you would have with the mortgage with an accelerated payment.The picture attached shows the comparison and how the HELOC method averages out a lower average debt level resulting in lower interest.That said, the total savings and ability to pay off the mortgage faster is minor compared to potential HELOC fees and risks, so I don't see it being worth it.I am also new to this, and would love for a critique to show me where this might be wrong.I would share the excel model, but I am not sure how to do that.Thanks!

A really nice home with some extra touches (a little granite, better flooring, nicer paint job, nicer cabinets, etc.) compared to the area will make potential tenants fall in love with the place.  2) Tenants that bring or can swing their own appliances are more financially stable (or just stable in general, ha!)

I do not believe converting to condos would decontrol the building.I own a 4-unit multifamily in Union City and am considering condo converting it at some point in the future, though I do not think rent decontrol would be among the potential benefits of the conversion.

Great advice; with that said, the notice I gave her did allow for a 30 day period before a new lease would potentially take affect with a price increase.

The rate will be higher (typically 1% to 1-1/2% higher) but you will be able to sell, refinance, or payoff the loan without  having to worry about paying what could potentially be thousands of dollars in a pre-payment penalty.