I’m also looking for funding opportunities to help me take the next steps toward where I want to go. 

Welcome to the world of real estate investing, and congratulations on taking the first steps toward learning about this exciting space!

Mortgage recasting is a great option for homeowners who:Have received a windfall, such as a bonus, inheritance, or proceeds from selling another property.Want to lower their monthly payments without extending their loan term or going through the hassle of refinancing.Are satisfied with their current interest rate and loan terms.How to Get StartedIf you’re considering mortgage recasting, here are the steps to take:Contact Your Lender: Ask if they offer mortgage recasting and confirm your loan’s eligibility.Determine the Lump Sum Amount: Decide how much you can afford to put toward your principal.Calculate Potential Savings: Use an online mortgage calculator or consult with your lender to estimate your new monthly payment and total savings.Submit the Request: Once you’ve made the lump sum payment, your lender will process the recasting and provide a new payment schedule.Final ThoughtsMortgage recasting can be a powerful tool for homeowners looking to reduce their monthly payments and save on interest without the cost and complexity of refinancing.

Ideally, this would be just one step in a larger plan to grow into multiple rental units over time.

If they pay then no need to take next steps but if they don’t then at least you’ve started the (sometimes long) process and are ready to move on to the next step (eviction).

The easiest solution to combine your two Stessa accounts would be for you to add the email address you have associated with BiggerPockets as a collaborator to your already active Stessa account.Then log in with your BiggerPockets credentials (as that collaborator) and it should upgrade your Stessa account.Here are some easy steps to follow: https://support.stessa.com/en/articles/2105533-the-power-of-portfolio-collaboratorsIf this does not work, please message [email protected] and we can work with Stessa directly to get you set up.

They did have an extra step to make sure that you were the owner of the property, but otherwise it was not bad at all. 

You might consider other strategies, like taking a home equity loan or refinancing to fund repairs, but consulting with a tax professional or CPA would be the best next step for your specific situation. 

-Rent collection and financial management is probably not at the top of the list based on some of the challenges that we hear about, mainly because if you are lucky enough to have solid tenants and low vacancy, this is easy peasy, but if you have some challenging tenants that default on payments, or the possibility of an eviction arises, it can be worth paying a management company to help guide next steps. 

@Jacob HavlovickCongrats on purchasing your first duplex and starting your house-hacking journey—this is a huge step toward building wealth!