If you have enough equity in it, it will pay it's own expenses.You can now hold this new property and do it again with 2 others, or you can wait a year and sell the new one and roll all that equity into another one.

They should do what they do best: list and sell properties.Most SS lenders don't require a listing agreement (unless they're paying REA commission) but they do require an EB waiting in the wings with funds to close or a pre-approval letter.

We are waiting 4 weeks now for the owners bank and lawyer to work-out the deal and what othr payments the owner has to make to the bank.

And lay off the beer Lito!!

OR should I wait till an agent is assigned to it?

The lender simply puts it to the back of the loan and it gets stacked on top of you loan balance.Your balance is = $300,000.00regualr interest payment = $1000.00You pay = $500.00New Balance is = $300,500.00You get the picture of doing this every month and remember since you balance goes up then you payment will increase as well.But wait the lender isn't all that bad they will only let you go to 110% of the LTV (Loan to Value of your property) and then they will take a recourse and have you make principle and interest payments to pay it down again.

All 3 of these loans were subjected to waiting almost 3 weeks in the que, just waiting to get to underwriting.

If you have the discipline to learn the business and wait for (work for) deals that can be bought at a HUGE discount, you have a much better chance of success.So, if your personality will allow, the rental property business is a great business.Good Luck,Mike

I can wait up to a year for the refi.

and i am laying bets that the housing market will take a turn for the better soon after the election this year..