All Forum Posts by: Mark S.

@Account Closed makes a good point about a co-signer that will help you be creative,However, if really want to qualify on your own then look at a couple things:

Are filing your schedule C with the IRS?

Are you keeping accurate records?

Do you have a sizable down payment?

Do you have a good or great credit score?

Do you have a relationship with a banker?

I don't know any of the 'other' numbers so I can't speak about numbers but if you can answer those questions affirmatively then u may have a slight chance at a refi. If not, then partner would one of the only ways to refi. 

@Larry Turowski so its about six months later and i have been follow the wonderful advice and motivation in this thread and from it i have built an relation ship with a long time successful investor that owns 60 properties free and clear. He started to talk to me about managing the units for him(as he is about 78 and still self manages). well i have a full time job and i manage my own stuff so time is limited. so after he asked me i said i'll think about it. i make about as much cash-flow on my property as i will managing all his property@10% rents. So why even think about taking on the hassle? Well i had this 'epiphany'!! while i can't work for him full time and he is not ready to completely give up control, i offered to work for him for free to help him with his maintenance and doing a 'health check' on all his units. he was excited about this and said thats exactly what he is looking for. (except he won't let me do it for free, of course) but can you imagine the education I'm about to get??

All from meeting with him from time to time and talking about what I'm doing and running all my deals by him. he's a great mentor and knows the business inside and out! 

I know I'm a little late to the conversation however let me chime in. ( hopefully, this issue is resolved by now and maybe you can update us as to how it turned out for you and what worked or didn't work) i have a similar situation. Honestly almost all the land lording nightmares i've heard of have come from 'inherited' tenants. in my case a property manager was telling the owner ( long distance ) that there were no tenants and yet he was renting the place to some folks through a federal program. we found that out later. but the program had ended and rent was due and they had none to pay. plus they were rowdy!!

needless to say we just decided to evict them. no cash for keys but an eviction. it cost more money and time but it sent a message which i think is important.  they ended up trying to move before the city marshall came to kick them out.

hope it all worked out well for you. 

the site and its community has made me much more than money. But as you are asking about dollars specifically I would have to say ZERO. but if you ask me again on Friday, then I will tell over $100k (in equity) as I close on 4 duplexes on Thursday!! Thanks BP!! 

Wow! This is just what needed to hear. I was thinking about doing this but you gave a great idea. And I love the podcasts!!! Thank you so much. I like how you will find great information that is local to your market. I appreciate your post.