All Forum Posts by: Ryan H.

Hello,

I closed on a rental property in October 2019.   I established a Landlord Agreement with a utility company that same month, which established that I would be responsible for payments due during the period that the property was unoccupied.  It included my billing address for any bills generated during that time.  I brought in a new tenant within 10 days of closing, and never received a bill from that utility company during that time.  The tenants assumed responsibility for payment of that utility thereafter.

I am now applying for refinancing and see a "derogatory public record or collection filed" remark that is connected to this utility company.  I called them and they say that they sent a bill to me that October and that it was charged off in December after non-payment.  They sent this to my property address even though the Landlord Agreement specified that my billing address was elsewhere.

How do you suggest I proceed?

Hi all, I'm considering refinancing and am having some trouble clarifying what terms to pursue.  I'd be interested to hear your feedback regarding my circumstances:

Background:

- I'm a new real estate investor with one rental (SFH). It cash flows about $350 per month. I'd like to buy a second rental.
- I'm self-employed, but I'm generally not able to meet my personal and business expenses via my self-employment income alone.
- I also have a debt obligation to the IRS totaling $10k and at an interest rate higher than what I imagine I could obtain through a cash-out refinance.
- I have enough cash in an Inherited IRA to put towards a down payment for a next rental property. However, that money is taxed once distributed.
- Equity in my primary is 63%.  Equity in my rental is 30%.
- Interest rate on existing loan for the primary is 4.375%.  Interest rate on existing loan for the rental is 4.124%
- Great credit.

Questions that are up for me:

- Should I refinance one or both loans?
- Should I be considering a rate-and-term or cash-out?  If cash-out, how much?

My sense is that I should do a cash-out refinance on the existing loan for the primary to pay off my debt obligation and put the remaining amount towards a down payment on another rental.  And maybe a rate-and-term refinance on the existing loan for the rental.

Thoughts?

Hi all, I purchased a primary about 18 months ago.  With mortgage interest rates so low, I'm considering refinancing.  When I run the numbers it seems like a no-brainer.  I plan to remain in the property well beyond the break even point (about 3.5 years), the refinance saves me $75 per month. What else should I be considering?

Is this a recurring event?   If so, can you share with me the usual meeting time?

Hm, I took the mortgage assistance / forbearance because I wasn't clear that it would be discoverable by lenders and could impact my ability to get a loan.  Should I wait to apply for financing until I am out of forbearance?

Hi @Michael Scott, we are in the process of forming a beginner's mastermind in another thread, and voting on a first meeting date here.  Maybe you'd be interested?

Thanks, @Joel Owens.

@Ronald Rohde - this is my sixth year.

Hello, I'm a mental health counselor in private practice, and my office rent is my biggest expense category across all personal and business expenses.  Given that I plan to be doing this work for another 25 years or so, I wonder if it might make sense to look at purchasing an office space?  What are your favorite books or resources for learning more about commercial real estate investing, and for assessing to whether it makes sense to jump in?

Thanks,@Tyler Rasmussen and @Joseph Firmin.  So even if the full income doesn't hit my bank account (since it's been held to cover expenses and other fees), it can still countable for the purposes of a future loan based on the PM reports and my own accounting?

Hello,

I recently closed on my first rental and am working with a property management company.  The company subtracts expenses for work (on the property) that I've already approved before disbursing rental income.  While this minimizes the number of transactions that need to take place between us, it seems like a bad idea from an accounting perspective on my side.  They provide detailed statements, but I won't be able to verify via bank statements income and expenses related to my business.  Would you agree?