All Forum Posts by: Emily Powell

I had checked on rates in September and was quoted 4.375% and today am being quoted 5.25%.  Has anyone else had similar rates quoted of late?  Or found better ones I should look into?  I have a signed contract.  

I think as long as the numbers make sense and you're in the black on a monthly basis, nobody will fault you for buying something in your comfort zone.  I used to own 2 condos in LA (a city not known for its cashflow but well known for appreciation).  I made a bunch on the sale, but was in the red every month I owned them.  I got tired of shelling out $ every month, even if I did make a decent profit on the flipside.  Since selling those off, I've invested in areas that give me positive cash flow monthly and will have significantly less appreciation in the long term.  You have to figure out what's right for you.  Some people prefer to sacrifice on cash flow now because their goals are more long term, and others want higher cash flow now and long term appreciation is less important.  Ideally, we'll get both, but it's a constant balancing act.  You just want to make sure you run all numbers to make sure that market rents will cover all expenses (mortgage, insurance, taxes, repairs, vacancy, management).  But anyone who faults you for investing in something you're comfortable with (assuming the numbers make sense) is not someone you want in your life.  Just my two cents.

Stick with BP.  Podcasts, blogs, forums, books, webinars, calculators... Everything you need is right here.  I started with podcasts and then found the forums.  I was thrilled to find a community of people who had been doing what I wanted to do for decades, had the knowledge and experience that I hoped to gain, and were there for me when I needed advice and guidance through various investments.  So much to gain and nothing to lose.  Nobody asking you for thousands of $ with nothing in return.  A great place to network for both newbies and experienced investors alike.  And no, I don't get paid to say these things.  You're in the right place, @Isai Turcios.  :)

Thank for the 411, @Account Closed

I'd vote for the refi route.  Even though you'll need to refinance as an investment property now, you'll still be getting a lower rate than when you locked it in 10 years ago (assuming you got a 30 year fixed then and haven't refinanced since).  You have a lot of equity so you should be able to refi to a place where you're positive on a monthly basis so you're not throwing so much $ into negative cash flow.  Just my two cents.

@Account Closed

I did not give my PM authority to sign anything on my behalf, no (if that's what you're asking).  I get deposits every month, a portion from the housing authority and a portion from the tenant.  No extra fees, no.  Inspection was done, yes.  And repairs were made following the inspection.  Glad you think it's weird too.  It's not the only issue I've had with the PM, but one of the more frustrating ones for sure.  

On the subject of Section 8...  As an owner who has a PM manage my properties, does it sound strange to anyone else that my PM would put a Section 8 tenant in my house without asking me?  That's weird, right?  Just making sure I'm not crazy.

Great to hear.  Thanks, @Kevin Byrne.  

@Roman S. - has the unit rented in the 25 days since your last post?

@David Hutson, @Jeff McIntyre and @Kevin Byrne - How did your appraisals compare to @Roman S.'s appraisal?