All Forum Posts by: Mark K.

I apologize-we are looking to max out our 90k line of credit on house and then refi our mortgage at full amount at 3.5 % on 30 yr. It is currently at 2.9 on a 15 yr. Then we would move and rent it out and use the money borrowed from the line of credit to pay off a rental. Thoughts on this being a good move?

We would be then renting out our current house and moving. Thoughts on this being a good move?

We are looking at buying a new house and renting ours out. We have equity lines in form of refinanced mortgages on our rentals from which we could draw for the 20% down payment or could use funds from our line of credit on our current house. The other option is to pay the PMI which would give us an overall lower payment vs paying on 2 loans. We would like to conserve the lines for future rental purchases but do not wish to pay PMI if possible-also heard that the interest on the line on our house would no longer be tax deductible where the interest on the refinanced rental equity would? I understand the 80/20 loans are no longer done?

thanks!

I have contacted the police-they will not tow them-tenants abandoned them but police say they are on private property so they cannot to. If I call the association I risk them fining me and charging me for tow/storage? Cn I tow them somewhere myself? Any suggestions? They are in MN.

Thank you!

My tenant left and left 2 cars-one with no engine-one with expired tabs-can I call the police to have them towed? She shut her phone off so I cannot call her. I believe they are her boyfriends cars but one is in her name-he is not on the lease.

Yes it will be a young couple and their friend-collectively about $50k / yr. Rent is $1400. Main income source is from Boyfriend-has had job for four years. They are moving from their parents house-their friend rents an apt for $600. They all work.

We are looking at possibly new young tenants that have no credit whatsoever. Thoughts on this please?

I have briefly bounced this idea off of Tim but was looking for feedback on which route will yield quickest results. We owe $187K on our house at 3.25 % on 15 yr fixed loan. We have a line of credit of $91500 which we can use at 4.6 % fixed for 3 yrs then goes to 6%. We owe approx. $400K on 5 of our rental properties. The other three are paid off.  All rentals are on 30 yr fixed loans at 4.57-5% interest. Should we pay off the house first and then use the approx. $1300 per month to pay the rentals-one at a time starting with highest rate or start paying on rentals first with highest rate one first? Also would it save more money to pay a chunk at a time on each rental or pay one off at a time to create the "snowball" effect?  Would using the line of credit to start this be smart or not as I have heard the interest on that loan would not be tax deductible any longer unless used to improve your primary residence? I feel we are in a good position but could make a big wrong decision quite easily considering the amount of debt involved.   I believe the interest  on our mortgage is deductible at the same rate as the rentals? Also would it make sense to do a cash out refi on our house instead of using the line of credit as it might make the interest then deductible?  We also have $337K available at 6% from refinancing the mortgages on our 3 paid properties. I feel I am financially smart but all of this makes for alot of possibilities with big consequences if not done smartly. Thanks!