All Forum Posts by: Trishna Rodriguez

Thank you! Just got pitched this course last night at the first AZREIA I've ever been to. Go figure it sounded too good to be true, and it is. Even spent 30 minutes on BP trying to get this straight answer finally! Glad to have folks like you who will tell it like it is :-D.

@Lynn McGeein  and @Adam Johnson ,

Thank you two for your feedback. I am thinking very hard about the pros/cons of selling versus refinancing. I just have to get with a lender and see what my options are. @Lynn McGeein  I'm definitely going to ask about my HARP options, that sounds great!

Again, so much great advice giving me options and ways I never would of thought to think about. Really appreciate you all!

@Lynn McGeein and @Adam Johnson ,

Thank you two for your feedback. I am thinking very hard about the pros/cons of selling versus refinancing. I just have to get with a lender and see what my options are. @Lynn McGeein I'm definitely going to ask about my HARP options, that sounds great!

Again, so much great advice giving me options and ways I never would of thought to think about. Really appreciate you all!

 I can't seem to find the date online, but I believe I've been in about 6 or 7 years.

@Bill Jacobsen I've always wondered on 50% expense ratio, do you just put that into savings "just in case"?

Oh, and I was told by a realtor in June my house is worth 146K, or yesterday by the bank (he looked at Zillow) 143K.

@Charles Marchiondo, @Aaron Junck and @Sarah Rune, Thank you for the advice, It looks like I'll need to wait till August though to get out of the contract with the PM and the current occupants.

My heloc is definitely associated with my home, although I didn't use it for any reno's or towards the home. I just called my heloc bank, and they said they can't refi my heloc separately because it's not owner occupied. He also said that my best bet would be to combine the two, but then warned me since it's not owner occupied my rate probably won't be much better, not sure if that meant 6.3 or the 8.

So I guess you're right that the heloc isn't part of the house unless if I have to sell it.

I just had what I think is a bright idea. What do you all think of me trying to get a new/different loan hopefully under 8% to pay off the heloc, and separate it from my house altogether? Not even sure if I can get an unsecured loan for 25k, but it's an idea i had.

Still not sure if I want to refi my primary either, a little timid thinking it may go up or something cause it's no longer my primary home.

Man... so many ways to skin a cat! LOL

Thanks for the quick response! Yes it does have a pool, I chose to keep my pool service because pools so easily can turn into an expensive nightmare, i.e. algae (my town gives fines for unattended pools), pump issues etc. I didn't trust a tenant would care for it. Also, I live about an hours drive which is why I have a property rental company. I didn't want to have it up to the renters to care for it. Plus we would love to move out of country maybe next year, so not having to think about it for a 100 a month was something we were looking for.

Similar rentals are going for 900-1200 , but my house rented immediately, which makes me think I should have held out and tried for the top.

I've had my loan for a long time, haven't refinanced ever, and the heloc we got back during the boom, they gave us 60k, we used 40, and then they shut off the extra after the crash never refinanced that either, we've paid down the rest. Also, I didn't use to have the credit I do today.

@Sarah Rune and @Aaron Junck It sounds like refinancing should be step 1, any advice there? I've thought of Lending Tree, and should I look to refinance the HELOC too?

I'm concerned to start inquiring and ding my credit multiple times, I want to do it the right way.

Thank you for taking the time to respond, really great to hear from the pros!

Hi All,

I am a newbie to BP, and this is my first post. I am currently renting a property I own. It was my primary home for 10 years, and instead of selling it at a loss, my husband and I figured, lets rent it until it appreciates, that was a year ago. We hired a rental company, and are taking a loss every month, but we thought, at least that's better than losing our property and any future equity. We did not purchase a new home, and are currently renting in a different neighborhood. 

We recently have become interested in buy and hold investment as a retirement strategy. We think the first step should be to get our current rental to produce positive cash flow.

Here's a break down:

Current Mortgage Principal: $106,081.95 @5.875%

HELOC: $25,643.99 @8%

Monthly Mortgage Payments: $936.76

Monthly HELOC Payments: $257.32

Pool Maintenance: approx. 100/mo

Total Monthly Cost= 1294.80

Rental Income after Taxes $20/ Rental Co. Fees $100 = $899.10

So monthly I have a loss of $394.98

Me and my husband have good credit, and good 9/5 jobs.

Does anyone have any advice or thoughts on how we could possibly make this situation profitable?

I kick myself now for taking the rental companies advice and starting the rent so low, I now believe I probably could have gotten 1100 or 1200 a month. But now we have renters, so don't know how to get out of it.

Really enjoying the forums, and appreciate any advice that more wise investors may have.

Thanks all!

Trishna