All Forum Posts by: Peter S.

I say add a bathroom.  I have ten 2/1 units and everyone always wishes they had another bathroom. 

I use LandlordMax for my ten units across two buildings.  It should have everything one would need. Tons of report features. 

This is not a debt reduction plan. It is a debt transfer plan. When you use borrowed money (HELOC) to pay off other borrowed money (mortgage), you are simply transferring debt. That's why when you borrow money from your Mastercard to pay off your Home Depot card, it is called a balance transfer. It's not called a "Velocity Banking Home Depot Elimination."

And taking your entire paycheck and paying down the HELOC, only to use the HELOC to pay food, utilities, gas, groceries is not debt reduction, its debt transfer. And if you send your $1,500 paycheck to your HELOC and then subsequently spend $1,600 from your HELOC that month, you've actually gone further into debt.

What it really comes down to is that if you owe a 200k mortgage, you need to pay 200k to pay it off. Whether that is 190k to the mortgage and 10k to a HELOC. Or, 150k to the mortgage and 50k to your Uncle Joe, its the same 200k.

Pretty much a nonsense plan. Sold by gurus and HELOC lenders.

Taking out a loan to pay off another loan is not a payoff plan.

Home depot has a line of hampton bay cabinets that are an upgrade from the standard off the shelf ones. You have to special order them from the cabinet department. They are good quality and my GC liked them alot. I originally had my doubts, but they are good quality for a rental. No pressboard or mdf.  We did our galley style kitchen for about 2500 bucks. 

You have to somehow believe in alternative math to think that taking out a 18% loan to pay off a 4% loan is going to save you money. This hocus pocus theory is pushed by refinance companies or gurus that promise to eliminate your loan in seven years. Paying additional principal each month is a legit interest reduction strategy, just like biweekly payments or lump sum payments. But taking out one loan to pay off another loan is only debt transfer, not debt reduction. Anyone who says otherwise doesnt own a calculator.

 I'd love to see that list of lenders that would lend on 10% down. I could certainly expand my portfolio. 

I just picked up six bundles for about 2k each. About 700 for the refrigerator, 550 for the oven, 300 for the microwave, 300 for the dishwasher. Plus all the miscellaneous cords, accessories and tax. Mostly big box retailers like HD, Lowes, Best Buy. 

Im a lawyer, so maybe I'm biased, but dont do it yourself. 

I have a very strong lease that I give clients for about 300 dollars, which includes tweaking it for thier individual situations. It is updated yearly or as the law develops. And as I hear other lawyers' war stories about landlord tenant lawsuits, I strengthen it even more. Never had a client come back yet with a situation that wasnt protected against in the lease. You dont get that with some lease you download from google or the lease from office depot. 

Trust me, go hire a lawyer and get it done right.