All Forum Posts by: Eric M.

I'm looking at purchasing a 16 unit apartment which is on the national registry of historic buildings. It needs a substantial amount of rehab and I'm curious if people have had success using the 20% credit from the Federal Historic Preservation Tax Incentive program.

Was it difficult to apply for or is it painless? Any idea how the new tax laws affect it? Any other input?

 I cannot wait until I have so many properties that I get to the point of almost forgetting about properties I own! 

By the lack of responses on here, maybe there aren't any good real estate lawyers near us

How much lower rate do you think you can get on a 15 year loan? Going rates near me are 4.1%. After factoring in closing costs it is unlikely to be to your Beirut to refinance. Just keep paying extra Principal and you will be fine.

@Gregory Washington,

Any updates to your journey? Can you describe your experience with Oceanpointe (they closed down, right?)

This method is pushed heavily by Clayton Morris. He even wrote a book about it. 

The advantages are that HELOCs often have an introductory rate that will likely be lower than your mortgage rate and also you likely will put more into paying off your loan since every expense is now following through the HELOC.

He makes a big deal out of the difference between amortized debt and simple interest but I don't see the difference. Extra payments to your mortgage are all going to principle either way. 

It seems like a complicated way of putting extra money towards your principle, but even knowing all that I'm still somewhat tempted to try it to see if I actually do end up putting more towards my debt.

You missed an opportunity to title this "From soccer pro to BP pro!"

@Thomas S. "And that is because as a tenant you want to be in control of the property for a extended term."

Yes. I absolutely hate moving. I would never go through all of that work knowing that they could legitimately kick me out 30 or 60 days later and I would have to start all over. Or they could raise the rent every month and I would be held hostage to my loathing of moving. I would never know if they were planning on selling or moving back in and that is why I would only move somewhere with a year term.

It seemed to me that you were saying "Good tenants have no problems being on M2M leases" That is clearly not true.

I'm not saying you are wrong to only use M2M leases, I am just pointing out that you are limiting your potential renters.

@Thomas S. - I disagree that good tenants will not have a problem with a month to month lease. I would never rent a place with a month to month lease unless I had no other choice.

Nope. Just keep paying your mortgage. Your insurance company will care but not your mortgage company.