All Forum Posts by: Matt Tallent

@Caroline Gerardo hey yeah this makes sense. I wasn’t going to hold his tools he just left him in the house. I did make efforts for him to pick them up but of course he didn’t show. Yeah I’ll just move on thanks

Hello all,

You may have heard this one before… I hired a contractor to do work. I paid him a deposit 500 out of 1250$ for some work. We ended up tacking on some other work so he said he needed more money I gave him 700$. Now I’m into him for 1200$. He ended up not being able to do the additional work because it would have cost too much. So he is back to doing the original $1250 worth of work previously agreed on. His contractor put a floor in and a little thing but most of the work wasn’t completed. Both checks I gave him were cashiers checks and we had a contract. I told him I’m hiring someone else to do the remaining work because he keeps blowing me off and he has to return the $700 check for the incomplete work . I have his tools and said I would return his tool and he can give me the check.

He said he’s not returning anything because he is sick with covid which I highly doubt.

Should I file a police report? I think a lawyer will be not worth getting the $700 back. It’s not a huge amount but I’d like to prevent others from going through the same thing.

Has anyone had experience getting a line of credit on investment properties? What are the LTVs, requirements?

Thanks!

Matt

What is easier and common place? Is it better to have one bank account for all your rentals or a separate account for each rental?

Thanks!

@Bernadeau C. Probably the mortgage servicer I have now pennymac

@Will Fraser thanks for the advice! That’s fine I’m probably 6 months to a year from buying. I’m under contract on another one right now but always need to figure out a way to get the next one hahah. Thanks again!

Hey all!

Im thinking of tapping into the equity on my first investment property. I’m not going to go over 80% ltv as I know that’s not allowed.

But how easy is it to get a heloc on an investment property?

Is it risky - the property cash flows really well so not worried about paying the loan just don’t know other risks of heloc a if there are any?

I’m newly full time self employed I just went full time as a realtor in February. Would this disqualify me? Thanks

Hey all,

I may have an opportunity to purchase some property from a friend in Scranton. I don’t know the market though. I have been there, I own a rental right now on Philadelphia, and am a realtor. I would love to talk with someone who invests there to get a feel for the market. Thank you!

@Justin Tahilramani @Brian Beck thanks guy i guess new cement board it is

Can I lay new tile over old thinset? I took up the tile in my kitchen and want to replace it with new tile. There is a lot of thinset stuck to the cement board. Will the thinset I put down create a level surface and a good floor? Is this common? Or should I put down new mason board and lay over that. It would be a lot more work but if it’s really bad to go over old thinset I’ll do it. Thanks!