All Forum Posts by: Kurt Traynor

Great story, love the play by play!! Congratulations

Coming on BP is a great start. Soak up the forums and being on the road listen to all the Podcasts... soon you'll be taking detours all over "Driving For Dollars" for yourself!! Good luck and welcome....

Beautiful Reno. Congratulations!

Awesome story and congratulations on the new family!!!!!

wow @John Nachtigall, you HAVE thought about this!!  Thanks for the info and the in depth analysis...    

I did the HARP loan back during the crash and turned my 30 year note to a 15 with plans on living in the house until paid.  Situation changed and purchased a new home and decided to rent out my home in question.   Dilemma I face now is that I am in a negative Cash Flow situation.. but my amortization is double..  here are the numbers.

Loan Balance $181,568

Appraisal $259,000

Payment $2,079.04 (mtg/tax/ins)

Term remaining 10yr/2mos @ 3.625%

most recent payment applied $552 interest / $1,244 Principal / $282 escrow

Rent $1,700

My thinking, before BP, was to take the loss each month and consider it an investment of $500/mo and then when the house is paid off it will clear $1700-$2000 month.  I want to keep the home because I built it in 2003 and its a solid home in great neighborhood.  I've factored CAPX and all that.. 

My question is..  should I refi to a 30yr down so I can CashFlow, or do I keep doing what I'm doing since my investment is turning money, just not in my pocket..   I keep running back and forth in my head on what to do.. would love any input.

Goals are to buy additional properties.  I am 43 and would love the satisfaction of having this home paid by age 52...  or do I refi, build my portfolio and by the time this house would of been paid off.. I may have enough properties to cover the "Principal" amount I'm earning now..   Understanding the tax breaks and utilizing debt as leverage.. 

@Jerry Padilla PM sent

Very Long Story Short.. My home is listed on the MLS and we have a potential buyer but they are having Lending issues.. but that is not my situation. I'm trying to refinance and debt consolidate my home and considering to take it off the market if the numbers work and keep the home. Wells Fargo will not touch me because of my debt ratio..

here are the numbers (roughly)

MTG on home $180k

Unsecured Debt $80k

Appraisal $385k (personally I believe this is low because the potential buyers ordered this appraisal and $385k is what they originally offered for my house, but we agreed to $400k)   they did not consider a comp around the corner that closed in the $500k range for some reason..  either way, I know a correct appraisal will be over $400k

W2 income $110k

++++++++++++++++++++++++++++++++++++

Goal:

Consolidate debt/mtg payoff and pull out $110k or less to payoff mom who is on title/mtg.  She put that in since she's in an ALF and needed to park money somewhere. 

Question:

looking for suggestions on who will do this for me?  I will take my house off the market immediately to make this happen..  like I said WF will not do this until 6 months after it's off the market.

I'd replace it, either with Carpet or a rental friendly hardwood or tile. That carpet is old and I can understand her request. I just replaced carpet in one of the rooms in a rental, it was about 14 years old and was about time. Sounds like the repairs you made were needed and although, she sounds like a high maintenance tenant, if she pays rent then "happy paying tenants" are the reputation you want. Good luck.

Awesome!!! I'm showing my son, who is 15, when he gets home from school. His goal is to be a Real Estate Investor... BP and the community along with the Podcasts have been a HUGE asset to us all. Thx Joshua Dorkin for opening doors for us all!!!