Real estate Help

[law87]

Hi Law87,
Congratulations on the baby!! Just kiddin...
As you know, Burro is very talented in special ways and can always be counted on to correlate every topic to sex or scandal! :toung: It is his goal since childhood to put one in the oven, so it all goes back to that.

Sadly, I did not know where Cameroon was. It's very nice of you to help her...but bottom line...you can't support her (without worthwhile compensation) when it's cutting into your livelihood. So as there is no relation now, you need to let the management company take action to evict. If she is a nurse (RN) she should be making enough money to care for self and kids. RNs get paid well. If she is an LVN, she needs to move into an inexpensive apartment. Tell management company to release her from lease as she is not making full payments and is now in breach of contract, and sell the house.

As for appraisal, the real estate management company should be able to give you a good informal estimate soo you can figure out how much you'll make on sale. I would not refinance.

I'm afraid its not that simple. Maryland Law dictate that the renter have 3 strikes. Basically my property manager have to go to court 3 times filing for unpaid payment, well she been late for every month. Every time we set to go to court, she would pay right as we file (it takes a week for court date, another week for them to send out the notices) she currently have 1 strike on her.

I want to be a nice guy, greed is not in my interest as I believe karma will F*** you over in the long run. I'm OK with the amount she pay because I know she has a big family to feed but she NEVER does it on time.

 

[RealMoneyIssues]

I'm afraid its not that simple. Maryland Law dictate that the renter have 3 strikes. Basically my property manager have to go to court 3 times filing for unpaid payment, well she been late for every month. Every time we set to go to court, she would pay right as we file (it takes a week for court date, another week for them to send out the notices) she currently have 1 strike on her.

I want to be a nice guy, greed is not in my interest as I believe karma will F*** you over in the long run. I'm OK with the amount she pay because I know she has a big family to feed but she NEVER does it on time.

Another good reason to not rent property in the Socialist Republic of Maryland. I am not sure why past late payments are made good when she pays one time on time... Sounds like you are getting screwed by Wells Fargo (like many of us have over the decades).

Sorry to hear about your troubles. Something that makes military life more difficult, you can't take of stuff like this personally.

Good luck!!

 

[law87]

Another good reason to not rent property in the Socialist Republic of Maryland. I am not sure why past late payments are made good when she pays one time on time... Sounds like you are getting screwed by Wells Fargo (like many of us have over the decades).

Sorry to hear about your troubles. Something that makes military life more difficult, you can't take of stuff like this personally.

Good luck!!

actually Wells Fargo is pretty good, I was reccomended by an Army chief warrant officer. He has 13 houses and he say they are all manage by Wells Fargo. The 10% fee is pretty average from what I been researching and the guy that manage my place is good with keeping in contact and knowing what to do.

Yea I was in deep trouble in October, Hawaii commands are really messed up about reimbursement and filing for BAH. I was paying for Rent, mortgage and 2 car payments with just my E-5 pay, no BAH. I was going out of my mind.

 

[GUCHI]

law87
sounds like your gonna give your current renter the boot when lease agreement is up? i also have a couple rentals and found that a good rentee is a must. i had a rentee who had a couple break-ins and wanted a security system installed at my exspense. i was willing to split it with her , but she did not want to split and was willing to move out. i decided to get and pay it all since the yearly monitoring fee of $450 was less than half a months mortgage. i had adt install and she is there still 3 months later. that issue made her feel safe and sound and that matters to both of us. but when i get a new tenant the security will be included in the monthly. just wanted to warn you to look at the big picture. i did not want to loose a goood tenant and possibly have to pay a month or two mortgage payment just to find a good new tenant. FYI i also kick in a little extra to cover the mortgage but will also up the rent when i do have to get another tenant. i dont want to scare her off.

ahah its not like what you think at all. Shes from Cameroon, have 2-3 kids and her occupation is nursing that is the reason why I want to help her out by lowering the rent. When we live together she was always on time with rent but now she is constantly late, I cant wait for July till her contract is over.

I cant move back because I am now station in Hawaii, my house is in Maryland. the house is being manage by wells fargo property management.

 

[LTInvestor]

Hi Law87, you can always talk to a broker, and say you're considering your options to sell. They'll give you an opinion of value for free and it will be closer to fair value than an appraisal (though likely an optimistic value, whereas an appraisal is usually the pessimistic valuation). You're property value has probably increased a lot in the interim, so that's great.

Generally you don't want negative cash flow in your rental assets, because it's tougher to fund the big repairs. Once rates are lower, I'd recommend switching to a longer term mortgage, say 30 years instead of 15, or using the higher value to swap the property into a duplex or triplex with higher cash flow.

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