All Forum Posts by: Shane H.

Any updates on this? Are people still without their money?

Do you need to base all of your decisions off of first hand experience? Or do you just know that jumping in front of a moving bus is a bad idea?

These individuals have a PROVEN track record for mooching off of the system, have no issues with using something that isn't there's to live in conditions that are well below standards just so they don't have to pay rent... No thanks, i'll take the red flags for what they are and advise that he runs the otherway and get qualified tenants in the unit instead. 

No, what everyone on her is trying to tell you is to get them out regardless of their "positive intent". Would you want to rent to someone is comfortable living in someone elses home/property without permission, ESPECIALLY if that property is in disrepair and without utilities?

Get them out asap.

Ouch, i am so sorry to hear that. But absolutely YES hire a lawyer. This could go from 0-60 really quickly and at the very least i'd recommend running the situation by an eviction attorney to help you get your ducks in a row.

I don't know if you have much of as budget left, but I've found drywall guys are a dime a dozen around here and if you can bring one on to help you finish for 15-20 an hour, you'll breeze through hanging and finishing that stage :-)

One other note if you do decide to keep it, consider a refi to lower your payment. Your current payment was based off the initial purchase and a new mtg payment could give you the the breathing room on cash flow each month.

Would you buy this duplex today for $188k with rents at $1500? If yes then I'd consider keeping it. If no then sell. I'm not a tax advisor, but something else to consider with the loss from purchase date to sale date are your taxes should be in your favor. (No cap gains, loss of investment write off, etc...)

@Bill F. Excellent write up Bill! Question for you though, would you elaborate on what you mean by amortization being a means of making money in real estate? I could see if you meant duration of holding the asset, but then I would attribute that increased value from holding longer to appreciation. If you meant duration of the loan, then I would attribute that to an increase in cash flow.

Thanks in advance!

Wow this is eerily close to my potential scenario, right down to you being in finance and having weekends.

Good for you for sticking it out though, i'm sure the last month has really started to drag on your motivation. But keep it up and I can't wait to hear an update!

HAHA that's hilarious....