All Forum Posts by: Christine Mwai

Did you have a financing contigency in your contract? Were your LLC partners going to help /invest in this property? If so, show they pulled out of the LLC.If they were to help or partner in financing this property, then that seems to me like a case of financing fell through, and you should therefore get your EM back, and call it a $700 loss.

It's not complex at all with just a few rentals. Been doing it for years, and even on a gas station business that is way more complex than rental properties. Do what you are comfortable with.CPAs are great though. Do this, Use premier Turbo tax, but don't file or pay at the end. Then, go to a CPA and give them the same info you used. See if there are significant differences in your taxes  owed or refund.That will tell you if Turbo tax is for you or not. Best wishes.

I guess it depends on one's market, where I am property values seem to have gradually recovered from the downturn period you mentioned. No big leaps in home values. While there is definitely a shift from a buyer's market to a seller's, I don't think property values here are overinflated.Those that got caught in the crash were over-leveraged, and the properties' prices were over inflated.Law of supply and demand..In the period before the crash, even your dog could get a mortgage if you talked to the right person....less supply, more demand= increased home prices. Evaluate what you can and cannot afford. I was rushing in when the "sky started falling:.If you are prepared, a crash ( hopefully not) will be an opprtunity for buy and hold investors. The rent you charge does not go down even if the home value decreases.

@Alexander Zurn thanks for your response. Yes, I did try that route ( cash out), but that did not pun out. I feel terrible about teling the tenants this, but I will have to. They've only been there 3 months and I'm sure they would renew.I'll try and help them with the move. I usually have an emergency fund/ savings ( not trying to sound financially irresponsible here :):) . This is a case of multiple things that have happened at the same time. I guess when it rains it pours.:) Oh well. Tomorrow will be a better day.

Consult an immigration attorney. Great questions and best wishes.

This is the dillemma I am in. There was an unknown water leak in a pipe between walls at my primary residence ( betw master bathroom and a bedroom. I only got aware something was wrong when the adjacent bedroom wall in my child's room started to "have bubbles"..Called a plumber immediately. They fixed the pipe. Insurance came out, refused the claim " it had been an ongoing problem based on the mold pattern in the crawl space". Sorry for long post..  I called 2 mold specialists to get quotes. Lower one was 5k. I don't have that available at this time....single mom raising 3 kids.

I do however have a paid off property that I have would like to sell to mediate the above situation. The tenants in this particular property have 3 months left on their lease. I met an agent and I would  like to list.( ran out of options) ... Don't want my kids sick. How do I approach the tenants about my listing this property, showings? I hate to have to do it, but I see no other choice at this point... 

Sorry for the long writing above. 

Why are you worried about it? The owners took care of the problem and they pay your salary? "Don't bite the hand that feeds you".

@Keenan Freker, If you can qualify for 30k in credit cards with who knows what sky high interest rate, I would think you would qualify for a mortgage at a fixed lower rate. Whoever told you this must live in a land I don't know of.... financial suicide.

Best wishes..... please let us know how that works out.:):)

Your thoughts please on this being a bad or good scenario.2 br /2ba Townhomes currently owned individually with both owners interested in selling for individual reasons.. at about 70k each. Rent is 875- 925 and one TH has good tenant. Insurance per property is about $600 annually, taxes are $1000 each. Any thoughts? Good buy, or not?

2 next to each other, is that good, bad, or doesn't make a difference? Thanks.