All Forum Posts by: Chad Rupp

How can you find out which houses are being rented on a block and which ones have owners living in the houses?

@Jim Armitage No I have not found a solution yet. I am going to hold onto the property knowing I am going to have some capital expenditures coming soon and continue renting it. Realistically, my only expense will either be vacancy and capex

Thanks for your feedback guys!! It really helps out, we are going to invest just enough and what the market warrants for remodels. This happens to be in Austin TX. 

Thanks again!!!

I’m about to receive a large sum of money, enough to possibly lay down 20% on a rental property, but my wife and I would like to remodel our current home since we just bought it.

Any advice or strategies for how to do analysis of the right move? Remodel or buy a rental property?

Thanks!

Hello, I am looking to understand what are all the steps, documents, and due diligence that should be taken when the owner is selling directly to a buyer.

@BJ Everson current rate is at 4.125 for the first loan and 5 for the second.

Wow, thank you guys for all of your advice and help!!!! Seriously extremely helpful! I am going to reply to each one of you and provide more info on the questions you have. Also, below are the exact details of the loans and its history.

Details --------

Initial Purchase Price = $265K

1st loan = $177,830.00 @ 4.125%

2nd loan = $33,380.00 @ 5%

Current comps in area =  $185k - $195k

Total Monthly Costs = $1803.84

Current Rent = $1700.00

No money saved up to cover Cap Ex nor smaller repairs

History --------

2006

• Purchased for 265K
• Two loans: 1st for 235k @ 6.5%, 2nd for 30k @ 8.5%

2013

• Refinanced the first loan using HARP brought the rate down to 4.125%

2014

• Tried to short sell property due to a hardship (lost a job)
• Short Sale got denied, but the second loan lowered rate to 5%
• Credit took a hit

2015 

• Started renting property 

@Joseph ODonovan, my apologies I do not have equity in the house because it is underwater. @Leon F. is correct  I have paid it down by 40K but its only worth 180k - 190k.

I would love your advice. Should I keep this rental property or should I short sell it?

I have a condo in Algonquin Illinois (3 bed, 2 bath, 1890 sq/ft) that I had bought for $265k in 2006. 
I have about 40k in equity in the property

The current comps for this property are around 185k - 195k.
Ten years later the property is still 70k - 80k underwater.
This property used to be be my main residence, but I have moved and I am now renting it.

Total expenses = $1835.84

Rent = $1700.00

I'm losing $135.84/month

With this property still underwater 70k - 80k and I am paying an extra $135.84/month. Would you keep this place or short sell it? Its been ten years since the crash and the location is still creeping back. Im not sure how to run numbers to see when, and IF, I will ever break even on this property. 

Thanks for your advice!!

I would love your advice. Should I keep this property or dump it?

I have a condo in Algonquin Illinois (3 bed, 2 bath, 1890 sq/ft) that I had bought for $265k in 2006. 
The current comps for this property are around 185k - 195k.
Ten years later the property is still 70k - 80k underwater.
This property used to be be my main residence, but I have moved and I am now renting it. 

Total expenses = $1835.84

Rent = $1700.00

I losing $135.84/month

With this property still underwater 70k - 80k and I am paying an extra $135.84/month. Would you keep this place or would you dump it?

Thanks for your advice!!