All Forum Posts by: Joe Hermanson

Landlording is fun!! One of my garage renters didn't pay me rent for 11 months, because he was in jail and I couldn't get in touch with him. He left a jet ski/trailer in the unit, so I couldn't move it out and get a new tenant in there. His friend is managing his affairs while he's in jail, and has been very slow responding to me. The tenant finally decided to give me the jet ski as payment of back rent and sent me a bill of sale and a copy of the title. The problem is that he never finished transferring the title fully over to his name when he originally bought it, so the copy of the title he sent me is signed by him and the former owner. My question is what do I do with this Jet ski? I can't use it, insure it or sell it because the title is not in my name, and I can't give it away because I don't technically own it. I have moved it out of the unit and re-rented it, since he gave me "ownership" of the jet ski with the bill of sale. An additional issue is that the title is from Michigan and I'm in Illinois. Any help would be appreciated. Please be kind in the comments : )

Landlording is fun!!  One of my garage renters didn't pay me rent for 11 months, because he was in jail and I couldn't get in touch with him.  He left a jet ski/trailer in the unit, so I couldn't move it out and get a new tenant in there.  His friend is managing his affairs while he's in jail, and has been very slow responding to me.  The tenant finally decided to give me the jet ski as payment of back rent and sent me a bill of sale and a copy of the title.  The problem is that he never finished transferring the title fully over to his name when he originally bought it, so the copy of the title he sent me is signed by him and the former owner.  My question is what do I do with this Jet ski?  I can't use it, insure it or sell it because the title is not in my name, and I can't give it away because I don't technically own it.  I have moved it out of the unit and re-rented it, since he gave me "ownership" of the jet ski with the bill of sale.  An additional issue is that the title is from Michigan and I'm in Illinois.  Any help would be appreciated.  Please be kind in the comments : )

Khurram, the difference between simple interest and continuous compounding for short term loans lean much better towards simple interest being cheaper. Especially when you take the refinance fees into account. You'll need to run the numbers but I think HELOC is a better deal. Anyone out there run the numbers already?

HELOC interest is tax deductible as well. Double check with your CPA though because deductions might not matter to you now that the tax laws changed this last year.

Are the HELOC rates generally higher for an investment property, as opposed to a HELOC on your primary residence? Similar to a regular mortgage.

What is your current interest rate? Is it worth the cost of refinancing? In the first 4 years of a typical mortgage payments, you pay the majority of the interest, so you need to make sure it's worth the expense of refinancing. I would really look into a HELOC since it's only a few hundred dollars to get into place and it is simple interest instead of continuously compounded interest. Over all it's much cheaper and you can pay it down/off and use it again, each time it's needed.

I like to spend a little extra time and money to make sure it looks like you Paid attention to the details.  small stuff like replacing all the switches and electrical outlets with new ones.  Putting in outdoor motion lights for safety, etc. This usually gets me the more qualified  renters in the neighborhood, so I have fewer problems with them, and it rents much quicker.   

I’m curious as well. 

I’m very curious as well to see how to use the site and buy properties. 

I'm interested in finding someone out here as well since I'm looking into a property in Aurora.