All Forum Posts by: Allen Lopez

So I am trying to figure out what I should do. I have a condo that I purchased cash for 71k. It’s been fully rented out no issues. Now it’s worth around 95-98k. I would like to keep the rental property as it’s a good rental. But I also need the money to buy another house.

I don’t know if I can get a home equity loan on it, or if I can refinance. To be honest I don’t know the difference. What can I do to get the money out of the condo (take a loan on the condo, while keeping the condo)?

@Nathan G.

I do agree with getting a property manager. So with this property, I already have a signed lease and was going to get a property manager after the lease ends later this year. I just don’t know if a property manager can take over as of now

@Matthew Paul

Yeah I was thinking about telling the tenant to check it out as he is handy. But I was also thinking about just going over there on the last day before the work is completed. It’s only a 4 hour drive each way but I was mostly curious as to what other people do in this case.

I am sure not everyone has a property manager when dealing with out of state properties

@Matthew Paul

I agree, and I can pay them that’s not an issue. As far as verifying the work and making sure it’s good. Do out of state investor just typically trust the contractor and take that risk?

@Tyler Jahnke

So this has nothing to do with the numbers. The numbers are good but since this is an A listing with A tenants I don’t feel like a property manager is required. I do agree that at one point when I get enough properties I will have to hire property managers, but I am not there yet

So I am not sure what to do here. I have a single family home in st augustine that I manage from out of state. Great tenants, no issues there. My issue is as far as managing repairs. My roof needs to be replaced (just the shingles). I have found a contractor that sounds great. Has great review...so on. My question is how do you guys manage or oversee repairs on your out of state properties?

I don’t have a property manager. I also don’t think I should have to take a week off and travel there to oversee the project. I don’t want to micro manage but at the same time I want to make sure that they do a good job.

Has anyone had to deal with something similar to this is the past?

Lastly, since I have a mortgage on the property, my loan company needs to endorse the insurance check and do an inspection on the roof. This is free for me. So I wait until they do this inspection to pay the contractor? I paid the deposit with a credit card so they have my information and can technically charge the rest as soon as they finished the job.

Any advice?

What are some of the things you guys do to increase the value of your properties?

I’m talking about things that the increase value is greater than the investments

I am curious as to what everyone is doing different than me. It seems like everyone is always finding these amazing deal that are under $xx and after fixing its value was $yy.

Just curious what do you guys use or how do you guys get those? I spend hours a day looking through Zillow and other websites trying to find good deals.

Any advice?

Thank you

@Marcus Auerbach

Great analogy. I appreciate the feedback

Does redoing the roof on a house increases its value?