All Forum Posts by: Cory Lucas

@Mike Kirby good points. My only problem there is I don’t think my actual tenant could potentially do that. He’s an inherited tenant living on a month to month lease. It was my first purchase in the rental arena and I didn’t screen them (like I should have). Hindsight of course, lesson learned

He’s been “ok” as a tenant, consistently late on payment, causing me to post notice multiple times, but eventually does pay. He doesn’t keep the place very well, just dirty, but overall he doesn’t give me any trouble other than those items. I’m on the fence as to get him out of there or keep tolerating it

I have a tenant that clearly has a girlfriend residing with him. She paid his rent this month and my property’s address is listed on her check, she’s not on the lease.

Boot them out or try and rectify the situation? Newbie to this, so thank you in advance for your patience on this and feedback

@Nathan G. Always appreciate your insight! That’s pretty well what I’m doing at this point, but just thought if I did put extra money towards one or the other, which one might be best was all. Thanks for the feedback

@David M. I definitely don’t disagree and I appreciate the feedback. That’s pretty well my mentality at the moment, stockpile the cash.

It was more a question to see what others might do and/or if one made more sense to pay down than the other really

@David M. Both have the same interest rate, duplex is further along than the SFH

Paying it down faster to of course eliminate the debt and payment, but main goal yes would be to do a HELOC.

I’m just toying with the idea at the moment, been searching the last few months for another property and keep coming up short, so I was thinking on something else I could be doing to help my situation was all while the search continues.

Hadn’t really considered tax implications at the moment.

Extra wise, I could feasibly do an extra $1,000/month, but was thinking $500

Thanks for weighing in

Currently own investment wise a duplex and a SFH, thinking about paying extra on one of the loans to pay it down faster. Curious which others would go after first? I'm thinking the SFH as that would likely appreciate faster correct? Which would in turn help out with getting things like a line of credit on it for further investing quicker

Thanks in advance for any and all help

@Matt Lyons great stuff! Kudos to your success, did I read that right in another comment, did you not start until you were 45?

Congrats! Sounds like a great first deal 

Sounds like a good find! I'm not a guru by any means, but I'm pretty sure you can put up to 4 units under a personal loan. Personally I've done my deals under an LLC, so I haven't even ventured into the personal loan territory, but I'm sure other seasoned investors can steer you correctly with that matter.

Best advice I could say is call your local banks and ask if they do portfolio loans and see what they say about your situation, it's amazing what can transpire information wise when you make those calls 

Best of luck, happy investing

Great info on this thread, I too have an inherited tenant that is chronically late, but pays. I just send him a reminder now on the 1st if I don't see anything come through, I've tried to get him setup on auto payments to no avail at this time. So I'll send him a reminder then if he continues to not pay I post notices accordingly. He typically pays, but drags it out at times to the last possible day. Nice kid, but he keeps pushing the envelope to where he's likely going to get kicked out. Not sure if that's helpful info or not, but that's what I've done to this point. Maybe I shouldn't be putting myself through that hassle, but if he pays I'm ok with taking the time it takes to post notice, it's an inconvenience but the extra late fee is an incentive to deal with it. You've definitely got more seasoned investors than myself weighing in and some very helpful info.