All Forum Posts by: Westin Hudnall

I have a buy and hold portfolio of 8 properties with 1 partner (my mother in law)

The good : 

-2 incomes to pay for properties creating leverage to buy additional properties

-We were each able to get a $100,000+ line of credit

-Twice the income to factor in our debt to income ratio to help qualify for a higher number of permanent fixed rate loans

-2 people to split the workload ; pick each other up when the other is down etc

The Bad : 

- Arguments

- Easy to fall into an "all business relationship" hurting our personal relationship (can bring you closer as well depending on how things are going)

Overall -- I would recommend always having a partner. Define rolls early on ; clearly define an out clause that will not let one partner take advantage in any way if they leave the partnership; and only pick a partner that has the same end goals as you and things will be good.

My story : I'm 30. Fully vested with $55,000 in my 401 K . My primary mortgage has a balance of $35,000 left of my original $182,000 loan I got 5 years ago.I made a lot the past few years during the down economy and was able to pay off my house debt rapidly. I now have a baby ; my wife cut her workload by 75% and I no longer make strong enough income to save enough to pay down my debt any further. 

My goal is to have as much monthly savings as possible to build my buy and hold portfolio.

Does it make sense to pay off my home (P&I $950/month) or to leave it in retirement ?

Why or why not ?

Thanks in advance :)

@Kurt F. 

To call posting a thread with over 1500 views pointless makes you sound ; quite frankly; delusional.

I had no clue what I wanted to do until hearing the thoughts of my bigger pockets community. Thanks for the education everyone and I hope many of you got an education as well.

thank you for all the advice everyone

@Will F. Rent is pretty high ; neighborhood is fantastic but slightly on the out skirts so not really.

Rent is $1399 with market value closer to $1250 but it's only 7 years old with great amenities so its worth it 

don't pay him a penny. That's a joke.

My day job is managing a rental car vendor and if I rent to a customer once a month for 6 months ; then make a reservation for him for month 7 but he cancels due to a screaming good deal he gets from another vendor I don't deserve compensation for that month.

Sounds ridiculous huh ? That's how ridiculous it sounds for

1. The agent to ask for anything

2. You to consider anything

Every city has an abundance of agents so saying it will be hard for you to find someone else who will look for properties for you simply isn't true. Tell the agent not only will you not compensate him but just for treating you this way ; your deducting 1 % from your next transaction with him and will find another agent if he doesn't change his stance .

@J Scott 

I love your answer. I would vote for it 10 times if I could :)

Maybe I'll just offer all the neighbors addresses of my upcoming available rentals if they want to move and won't sell for cheap ;)

in that case @Ariel O.  even though your real reason may be the sex offense I would find another reason to disqualify them for something not disputable such as don't meet income requirements.

@Roy N. 

Do you have a tenant written policy that you can share ?

thanks everyone :)