All Forum Posts by: Stone Jin

Hi,

There is a happy median between a formal report and no inspection.  I used to pay my inspector $100 to do a consultation.  He'd go through the whole inspection and just write down what the issues were without the formal report.  If there was something serious that I wanted the seller to fix, then he would write up a small report highlighting those items.  

Can anyone discuss what the market conditions for rentals in the suburbs?  Sylvania/Maumee/Holland/Perrysburg.  I grew up in Toledo and am now pondering if investing there would be a good idea.

Thanks in advance.

Currently in the Phoenix market, we can buy a house for 160-180K and rent for 1100-1300.  Just to provide a bench mark

 Thanks for the feedback.  The one benefit of paying off the smaller loans first would be to get my total mortgages to 6, at which point I can do a cash out refi on the higher rates and then use that money to pay off some other things.  Right now I can't do a cash out on anything other than my primary which we are not keen on doing that.  

 Hi Joe,

Without getting too much into my financial situation, my wife and I are both capped by the number of conventional mortgages we can get, paying off some our existing loans will free up some space if a really good opportunity arises, but we are not actively looking to buy more.  The second reason is that we have some excess cash sitting in a checking account earning virtually zero and we already invest significantly into the market.  We are of the mindset that paying off a mortgage will at least yield returns of the interest rate each year.  So in the next 2 years we will likely be able to payoff all the little loans or the 2 bigger loans. I realize this is just a math problem at the end of the day, but I was just curious to see what the investor community thinks and the verdict seems split.

I'm off the mindset of paying off the little loans first to increase my cashflow sooner.  Also there is some comfort in owning something outright.

 We are done buying for this cycle

Here is the situation,

My wife and I are at a point where we cannot buy/manage any additional properties.  We are starting to look into paying off mortgages.  The question is should we payoff the ones with the highest interest rates first or the lowest balance first?  Is it better to payoff the 4 smaller loans and get the cashflow sooner, or to payoff the higher rates to save on interest.  Thanks in advance.

Scenario

Property 1 100K owed 5.5%

Property 2 70K owed 5.5%

Property 3 40K owed 4.375-4.75%

Property 5 40K owed 4.375-4.75%

Property 6 40K owed 4.375-4.75%

Property 7 40K owed 4.375-4.75%

Thanks in advance.

We recently won a judgment to evict the tenant out.  It's been 5 days and I went to check on the unit and found that all their furniture is gone, however there are many boxes of "stuff" left in the house and garage.  I have 2 questions.

1) is this considered abandoned, can I assume they have moved?

2) can I change the locks without getting a writ of restitution?

I can probably store everything in the garage for the 21 days, but I'm unsure if I need to do that with abandoned items.

Thanks Larry.  Quit Claimed them to my wife with ease.

We're looking at buying a condo for short term rentals.  Is there a way to view the CC&R without having to pay for it via the association management company?  Not sure if these document are filed with the state and are public domain.  The association is in AZ.

Thanks