All Forum Posts by: Irwin Ayala

I hope to read your success story in the near future!  There are a lot of wise and experienced investors in the BP forums so make sure to reach out of you need any advise.  Good luck!

Wow!  Thank you for sharing your experience.

I don't think there's a way around this other than extending your enlistment...  

Lyons Property Management used to be Prudential Property Management. My property manager is Kacey Casey. They charge 10% of gross rent, but that's the price I'm willing to pay for good service. They email you nice statements every month and direct deposit the funds. I've had the same tenant since I hired them and I think my house rented really fast. How's the market in Valdosta? I've heard it hasn't recovered since the crash. My house is still underwater.

Lyons Property Management seems to do okay for me.

Thank you for your replies! My house was built in 2006 so it's fairly new. I've spent about $1,500 in average the last two years (0 this year so far) due to a termite infestation and my A/C unit was malfunctioning. The property manager gives me choices on which contractors I can hire and I just pick the one I want and what materials or equipment are to be installed. Does that count as actively managing?

Thank you for your replies, I've had the same tenant since 2010. The rents in that market are still the same. That market has not recovered since the crash. I'm about to speak with my lender since my rate is 5.0% (which seemed decent back in the day). I really want to keep that house and I think that market will recover sometime in the future. I will use the new money to add a new property to my portfolio.

Thank you so much George, I believe that area will regain value over the years. The $30k will probably get me a property that cash flows well.

Thank you for reading Carrie, I'd like to keep the property if it's worth the investment. I didn't put any money down when I purchased it so I think I will be okay if I consider my 30k "a down payment". How could I get out of that debt scratch free?

Hello! I'm a new investor seeking help with a long term situation. While I was I the service, I was stationed in Valdosta, GA. I purchased my first home in March 2008 through a VA loan (0 down payment) for $159,000 with a 5.0 interest rate. Later that year I received orders to go overseas and I found out my house was only worth $115,000. Needless to say, I became an accidental landlord dealing with negative cash flow month after month. Here's a quick rundown on the monthly cash flow: Rent = $975 Property manager = $98 Mortgage & escrow = $1,060 Repairs = $1,500 a year on average. I've had the same tenant since I rented it out. Now I have a good paying job and I estimate I can save about $30,000 by next summer. I'm trying to figure out if I should put that money towards the mortgage on that house and refinance for a lower rate and payment. Will $30k be a sound investment for $150 positive cash flow? (In reality around $340 extra a month since there's no more negative) Should I just offer someone to take over the mortgage? Currently, the house owes $145,000 and its valued at $125,000 (that market hasn't recovered). The rent for similar houses is 950 to 1,000. Should I just hang on for a few years and see how the market reacts? This payment doesn't make a huge dent in my pocket, but I'd like to have positive cash flow from now on! I feel like I should take care of this issue before investing on new properties.