<< Back to all Blogs
Login or Create your own free blog
Home > Category: Main home refinance

Viewing the 'Main home refinance' Category

Got my deed, loan and job update and musings. :)

November 26th, 2014 at 01:11 pm

Hi all

Loan update. Loan IS funding today .. YAY!!!

Got my deed! Cost me $198.. and I now know the process for the other 2 homes that I can pull out early

JOb update.. (this is the 3rd time this has happened).. I was the top candidate but now job on temporary hold. they are going through a re-org.. recruiter says if no news next week I should move on.


Cars.. Carmax was at $20k for the Tahoe.. seems like I can sell it online for $22k. Cashed in the warranty.. $2000.. Genesis worth $18-19k.. (not good resale value).. still figuring out if I should sell the Genesis or the Tahoe or both and get a smaller SUV. Listing Tahoe on Craigs List while I figure that out. Owe $171l1 on the Genesis but if I sell the Genesis I owe actually less because I had a full warranty on it and thzt will be refunded.

Goal-- have no car debt and a car that I can use and will do well in snow. Also feeling I need an SUV for the not for profit but not a higher end one..not for profit can kick in for that in some way if needed. thinking and doing up a excel sheet that I am filling in

I am assuming this job w the LOOONG commute is short term (few weeks/months) but I still have it so need to plan for the commute.. 50 miles each way.. crazy... I currently spend $350 a month in gas for the car.. thinking that will go up to $450 w the Tahoe..

If I am not planning on the car long term I shoudl sell it now because resale value is really dropping. Tahoe is really holding its value in a big way.

Happy Thanksgiving all!!

Main home refinance closed! and 3 unit update

November 21st, 2014 at 06:00 pm

HI all

Talked to 6 homes property manager. He was about to refer someone for my vacant 3 unit (that the current pm says is filled and moving in) for $650 rent.. bodes well for higher rents.

With each at $650 I fully close the negative cash flow gap at the 3 units. that is the goal for next year.

I will switch from the current 3 unit property manager as soon as verify this unit is filled etc..

Main home refinance CLOSED tonight!

I am officially out of my hard money loan! thanks all for the support. it has been a large (curvy) road. Smile

Main home refinance, I close tomorrow, and other stuff

November 20th, 2014 at 05:15 pm

HI all

Got the clear to close. I close tomorrow on the main home refinance. I have to bring $294 which is fine.. rate 5.375%, 5/1 arm. Savings of $1200 a month. This frees me up from the risky high rate hard money loan and buys me 5 years but hoping to refinance to a 15 year conventional in August.

I was not escrowing taxes yet for next year so my 'real reflected savings' over what I was paying is only $261.. that will go to savings

Paying off the roof this weekend.. and other stuff.

Putting $750 more towards savings

Interest in the ellipitical at $75
NO interest in exercise bank or cage bank.I will call animal control and that low cost spay neuter clinic to see if I can get some interest even if I go down in price

Vacuuming my Tahoe this weekend and will get estimates from carmax and this local place

Work is insane.. 90 minute drive home.. and layoffs in 3 weeks.. boss was talking today about losing his job.. VERY high pressure and stress.. but on a high note.. got overtime approval again.. 5 hours. unfortunately they want 3 hours of that TONIGHT.. (tired from long crazy day w work and loan and drive home)

Have not heard on that job I interviewed for .. still hoping for good news soon



Main home refinance update and job update, quick question

November 18th, 2014 at 04:43 pm

HI all

Main home refinance is proceeding as planned.. looking to get a close date in the next 48 hours and they are trying to close Monday so it funds before the end of the month.. 3 day right of rescission on the loan

payoff estimate was slightly off.. I will have to contribute approx $1050.. rate is 5.375 do you suggest I roll that in (I can) or pay it.. I am thinking roll it in as I am trying to conserve cash

Job update.. talked to headhunter. they followed up last week and were told that they should get a positive response shortly.. no word since.. they are wondering if the company is determining where the funding will come from, start date or which supervisor this position will report too or something else happened. Current job cut hours back to 40. Frown

So job NOT in the bag yet.. still hopeful and praying..

Talking to 6 unit property manager more.. feeling satisified and in control..

Not as satisfied w 3 unit lady and may end contract after 3 months.. and switch to 6 homes guy.. she tells these little 'lies' frequently .. saying somethign just to appease me when it is not true and then having to back down from it later.. and lack of complete communication

new tenant moves in Saturday she said but this is delayed from the 17th, delayed from the 18th, unit is STILL not finished (18 days after move out.. all we were doing was touch up paint, clean carpet and clean unit).. not a huge deal but adds up and overpromising under delivering gets old.. more to share here

Feels good to learn more and grow in these rentals and be able to think ahead and be proactive, raise rents, fix up.. proactively control my net cash flow.. really feeling these are good for me long term.. just waiting for time to go by so I can get out from under this high mortgage and cash flow pressure.

I am already running $300 LESS in projected negative cash flow a month across all units then I had in year 1.. w significantly RAISED reserve amounts for vacancy and maintenenance.

Hoping to close the $450 monthly cash flow gap on the 3 units w the new property manager.

6 homes gap will be harder to close (or not as fast) .. as homes have people who have lived there for 8-10 years and if I turn them over I can expect $3-6k?? updating fix up costs each. That is based on the turnover cost of the first two. I do not want to spend that cash right now (and do not have it) so am fine w the lower than market rents and steady income

Obtaining that free and clear deed to one of the homes is in the works!

Quick updates, savings, job, 3 units

November 17th, 2014 at 05:41 am


Quick updates

Called seller on the deed.. no issues.. he wants me to fax him a note and he will call his attorney to get that working.. YAY

no word on job yet.. hoping to hear GOOD NEWS today.

My job now is very political..stressful and w this high profile program risky.. IBM guy said last 2 people who tried to turn it around by resolving highlighting issues were let go. I am already feeling the heat.. not good at all

hope to have a closing date on that loan today

$3200 more to savings (went to real estate emergency fund and will immediately go towards roof)

Boyfriend bought me $900 snowblower this weekend. NICE.. savings and a quality unit.

Saw 3 units today and took pictures.. made a list of long term items (sealcoat parking lot, trim trees back and either siding or repaint current siding).. I will get quotes and budget for next year

FEELS good to get involved and KNOW my worst case and costs

I DID sign up for 6 months w that lady (existing property manager) with a list of concerns I want her to address etc.. I will cut it down to 3 months if possible..caught her again fudging costs and she is simply not set up to turn these units over fast..I saw it on the 15th.. it was vacated on the 1st and NO WORK was done.. her goal is to have someone move in (already approved and waiting) on the 18th

Units were LARGE, well lit, updated, front and rear door first floor units, nice area of town.. rents are only $565-585.. she does not want to raise rents and is conservative in that way but the research I and Matt (other property manager) has done shows those could go for at least $50 more maybe a $100 more each and they are so small (500-600 sq feet) that turnover costs should be low. I have a $500 loss on those every month (on 5 year payoff).. It appears I can close that gap maybe in full in a yearish w raising rents.. lower costs. thatt would be a HUGE WIN.. this means more savings or more breathing room..

Onward to work!

Final loan outcome and interview news-good news

November 13th, 2014 at 05:26 pm

HI all

Final main home refinance outcome.

Conventional was denied for now. Everything approved (income, credit, extenuating circumstances) but the fact that I converted by chapter 13 bankruptcy to a chapter 7 counts as 2 bankruptcies and (even w extenuating circumstances) I need to wait 3 years from the BK discharge so August next year. Broker will keep all info on file and has a diary note to contact me 8/15 to just resubmit income and assets to get the final approval. 3.6 or less rate if rates do not change too much

Meanwhile.. 5/1 arm APPROVED and they are trying to close next week. rate 5.375%, amortization 30 years, 2 points

MY PLAN.. do the 5/1 arm then switch to conventional in August, 2015. Why not stay w the hard money loan until August next year? (1) even w the points/and cost rolled in the loan (balance increase) .. it is $6600 less to do the 5/1 arm for 9 months then keep my current loan (2) my current loan is being called 11/15 no extension. I do not want to get up to September and find out I can not go conventional. This loan gives me some breathing room.

All costs rolled in loan. Payment $368 LESS than what I pay now AND includes taxes and insurance. I will auto save the $368.

That last roof on that house (of the 6) is being done this weekend
Looking to sell the Tahoe next week.. pay off the Genesis and save the rest
Looking to wrap things up for year end and end strong..trying to pull as much savings out of the hat as I can
Finally calling seller to get that first deed. Asked realtor what he would estimate the SELLING price of that house would be so I have a value. he is researching

Goal w rental emergency fund is to finish this last roof and then build fund back up to $15k and leave it there..

Interview went well. I should have news tomorrow or early next week on the new job.Same rate I am at now.. Oakbrook (much closer), can wear JEANS!!, flex time and they are open to some work at home.. and contract to HIRE if I want to be hired... SOLID household name (on every corner company)

Fingers crossed.

Relieved loan decision is DONE for now


Interview today, loan news, and more savings

November 12th, 2014 at 07:57 am

Hi all

Over $2000 in savings this month so far with a forecasted $3500 more (which will go right to the roof on that last house)..trying to tie up things and end the year strong and then set strong goals for next year.. need to get this LOAN STRAIGHTENED out.. hard to plan with that outstanding

Loan news

1. conventional guy sent me a text (a text, what an idiot) ..saying they were not able to get it through the system etc and he is basically giving up. upsetting. I called him immediately and will continue to call until I reach him.. loan was approved manually they were just trying to figure out the new system. I need info on details of loan etc.. any error codes so HE can either keep trying or I can try someone else.. very upsetting like he gave up.also called Fannie Mae directly and they need that info to look into it.. they say this occurs w new programs but hte manual underwrite approval is a good sign. I mean maybe we can show more assets, go for a 30 year not 15, or whatever. I need to know the reason it is not getting through to solve it and if for some reason it does not work not I need to know when it will so I can plan.. VERY upsetting this no call back

2. 5/1 arm still pending

Interview today 2pm.. feeling good..prayers!

getting lots of overtime opportunity at work (at straight rate).. maybe can make up to $4-500 a week extra.. crazy but nice..

First full rent month in what seems like a LONG time (July!).. crazy.. finances are much better w full rent.. with the property manager switchover I had 4 months of not full rent and high costs.

Answering questions from Another Reader made me realize I will only owe $119k across the 6 homes at the end of nexxt year.. why not formulate a plan to gather that $119k (or as much of it as I can) and pay them off early a the end of next year

WHAT A AWESOME thing that would be. Can you imagine? even I only got $75k gathered.. be great to speed up the process considerably. I would rather work really hard, think creatively and just get it done.

$119k is not big in the scheme of things but need to think outside of the box if I am in to get there (and need to get this loan settled)

Main home refinance update

October 31st, 2014 at 05:53 am

HI all

Main home refihance update.

1. 5/1 arm 5.375%.. 2 points. they accepted my old appraisal and are submitting to underwriter now news late next week on approval . if approved should be able to close SUPER FAST

*that is my 2nd choice**

2. 3.625 15 year conventional loan, has been with underwriter a week.. still with underwriter.. they are currently pending for some official documents from the DuPage recorder of deeds that lists the actual date the transfer of the foreclosed homes happened.. when they got out of my name. I assume they need thsi to verify the foreclosure occurred AFTER my BK which it did. Fingers crossed. also shouold have news on this next week. If this goes through I will leap up and down and be done. The loan up top requires me to refinance again in a few years. I want to be done w that. I have a chance of qualifiying for conventional as a new rule came out that if you bankrupted out of homes that were later foreclosed you use the BK date to start your waiting period not the foreclosure date. With extentuating circumstances I fit this.

5/1 arm payment is $2500 w taxes and insurance
15 year arm is $3100 w taxes and insurance

These #s are rounded UP and are a little higher than quoted

I pay now $2970 withOUT taxes and insurance.

Onward. Praying for a loan soon!! (and a closer or work at home job)

SNOW today.

I earned a free and clear deed!

October 29th, 2014 at 02:30 pm

HI all. I finally paid off enough to earn a free and clear deed to one of the homes in the '6 homes agreement'. I am going to choose the one I fixed up 2 months ago that rents for $1435. I will do paperwork next month or December. If I default and can not recover I still keep all deeds I pulled out so this house is MINE (soon).

I can pull my next home out 2/2016

Homes paid off 4/2018.

3 1/2 years left on the 6 homes agreement. I will breather easier once we are half way there.October 2016.. is the half way point.

No loan news yet
Job interview tomorrow in Oakbrook. Fingers crossed!!

Got overtime, job and rental updates

October 26th, 2014 at 10:04 am

HI all

On a 'high' note. I got approval to work 5 extra hours a week for the next 3 weeks. at the 2 week mark I will see if I can get it extended or increased. I think I only get paid straight time for 'overtime' so if I do 15 hours extra over 3 weeks I can expect to NET $653 more than normal.. will see if I can increase that or make it the norm

1.. Interview next week for a closer to Naperville job
2. Still waiting to hear on that work at home interview I had last weeek (interview was harder than I had thought so although I was 'strong' it was not my best interview. had a very bad cold.. speech was worse etc)...waiting to see if I get called back for a 2nd phone interview (only 3 out of 10 do)
3, and still waiting for first interview on that other work at home job I REALLY want

Praying for a work at home job. feeling swamped and stressed and rushed most of the time w a 3 hour commute each day.. crazy..and need to get more fall/winter work clothes if I keep this job much longer.

Expecting to hear on the loans by mid next week. excited.

I GOT the appraisal from the first bank that the 'bad broker' went too.. ( this is good news.. the broker was holding it 'ransom' for his fee) and had to file a criminal compliant for extortion against the broker. he was threatening to disclose personal information unless I paid him his 2 points even though he did not get the loan. Cops called him and apparently he agreed to stop and told them he would file a civil suit. he has no case. I called the bank and they also said the loan was not approved

Need to increase my rental fund back up and take care of these expenses.. fund is going down to approx $10k an still ahve 1 roof and some other stuff pending.

I DID drive out to those 2 homes that are side by side and was THRILLED w the condition of the homes...with the tenants everything. I will take one of those homes as my first fully paid off deed'.. tenant was talking about wanting to plant a garden etc.

November (how the pay checks work out ) I should be able to save or 'use towards the rental emergency fund' almost 2 full checks $3600 so that should go a long way. determined to save SOMETHNG every month towards my general investment fund.. even if only $100 or less

and have some interest in my cage bank.. will send pix to the person.. try to get $2000-2500 for it and have other stuff to sell too just been SO SWAMPED w this job. What a crazy idea it was to take this (they did say I would have more work at home) but STILL

But at least I have a paycheck and these 2 loans look like they can wrap all costs in the loan which considering the lower rate /amortization will pay that extra portion off in very short order

We shall see

Rambling note..onward. Smile

Savings finally

October 20th, 2014 at 05:45 pm

Put $900 is savings today.. finally getting back into savings...should hear on main refinance loans the end of thsi week or early next week. Fingers crossed.. All stuff in so nothing to do but wait..

wish i was not so wipeed out from work.. after work I do essentially nothing.. trying to change my eating to see if that helps me be more energetic.. also trying to restart working out.. even if 30 minutes a day..

Appears both loans can wrap the costs of the loan into the loan. which saves my emergency fund.. conventional loan would pay for itself in I believe 3 months.. other loan less than a year. praying for the conventional loan to go through

AND fannie mae/freddie mac are looking to loosen loan standards more (in the news) so thinking something has to work out soon

Main house refinance, turned 44 the 15th, and other misc

October 18th, 2014 at 10:04 am

HI guys.

Got home from Florida w a cold.

Here are the updates.. diarying for now.. hard to get to a plan until this loan comes through.

Main home refinance. i am pursuing two options simultaneously.

5/1 arm 5.6375, 2 points..
15 year CONVENTIONAL..3.675

News on BOTH next week and then proceed to appraisal. Both gave me the 'ok' on prequalification. now going to underwriting. Conventional has to be manually underwritten.

Old loan broker who wants his fee even though he did NOT secure me a loan is literally threatening me via email, text and phone saying he will send out a mass email to my work and contadcts (on my application) that i am not paying him and are in breach of contract. Talked to several people and we are in the process of reporting him.. seems like this guy came unhinged!! Glad did not go through him. Also notifying hte licensing entity and the bank he was trying to go through. he is forging documents etc trying to make it seem 'I was approved'. Attorney recommending calling bank Monday and we will . CRAZY!

Anyway.. PRAYING for the conventional to turn out.. payment would be approx $3100 with taxes and insurance. I pay $2970 now WITHOUT taxes and insurance. Loan would pay for itself in 2 months!! all the rest is gravy

So looks like I will get A loan (somewhre) by the end of the month.. or have it settled..

Had a phone interview last week .. went ok.. panel interview for a work at home job.. hear on if I get called back (another phone interview)next week... other than that all quiet on the job search front..and entering the job dead zone pretty soon here.

Glad I have a job and figuring switching again in the middle of a loan app is not a good idea to so ok w the fact that I have not found one yet but want one soon.

6 homes, 3 units all filled and feeling like they are in better shape now. more confident from having gone though some rough times.. units and homes rent easily and for a good price... they are small and basic so not super expensive to fix up.. will switch 3 units to 6 homes property manager next month.. they really seem like a good long term monthly income source.

Only have til April 2018 to go on the 6 homes payoff . 3 years 6 months... getting those paid off wil be a HUGE relief (and should start netting me $4k a month once paid for. but was planning to put that towards that 3 units which will get those paid off 5/2019). things are tight and risky w the 5 year contract on the 6 homes and early payoff on the 3 units.... not a lot of room for error in these first 5 years at all and I consider myself blessed and fortunate that I have a high paying job and have had no job breaks.. Thank you God.

Auto saving $250 Monday and will try to put another $1000 in there but need to rebuild the rental fund. can not have any risk w the 6 homes..

Still holding on to that missing mortgage payment for the 6 homes and will send that once the settles.

onward. Smile

Still waiting for motorcycle guys $6k which will go directly to the rental homes emergency fund which is about to be depleted by almost 3k for the fix up work on the last vacant home we turned over. But good to get these homes all up to standard shape

Turned 44 the 15th. 6 homes wil be paid off when I hit 47

Main home refinance, approval and misc updates

October 10th, 2014 at 07:14 am

HI all

Got a loan approval on that 5/1 arm, 2 points, 30 year am

Rate is 5.375 (higher than I thought.I took a hit for some things.. 3 foreclosures vs one etc)

Anyway they say they CAN use my existing appraisal and can close by month end if I can get my stuff in Monday ish next week. Broker is refusing to give me the appraisal at this point.. new lender says he has to by law I(if I paid for it which I did )and will call the bank for me if need be to get the appraisal.

Of course the final approval will happen after stuff is submitted but this is positive news

this will reduce my payment to approx $2550 (INCLUDING taxes and insurance). Now I pay $2970 NOT including tax and insurance) so big savings

However I am waiting to hear on the conventional option and expect news on that today or early next week .If conventional IS an option I likely have to wait til March, 2015 (to have a year of payments on the loan I have now)

If conventional is an option I will wait and do that. if it is not I will take this 5 year arm to get me to the time when conventional IS an option but really thinking I can do it now.


Leaving for Florida this weekend w my boyfriend..see his daughter and grandkids

No job news

6 homes going great.

3 units. looking to transfer property management to the 6 homes guy next month. .still evaluating.

I can officially pull a free and clear home out of the 6 homes deal this month.. I will work on that once the loan gets firmed up

Set up an auto savings of $250 each month. .will expand that once home, and job and rentals calm down. I am trying to save $1300 this month total.

New rules!_Main home refinance and small fun goals

October 8th, 2014 at 06:53 am

Hi all

Main home refinance update

1. JIm (broker #! w 5/1 arm, 6.375% rate, 6.375 points) is still threatening me for his fee.. I have not spoken to him. He again says I am 'approved' but will not send me any paperwork to that effect unless he gets paid
2. other guy with same type of loan. 5/1 arm, TWO points, 4.5ish percent. He says I was approved, and is sending me documentation of exact rates, costs etc today. They say the lender can do 70% loan to value but approval read MAX 58% LTV which is too low. I explained this to the guy and he said they simply echoed the submittal where he said the house was 58% LTV but is confident they will go higher but he will check to make sure they will go higher. NEWS TODAY. This guy can wrap all costs in the loan.
3. NEW POSSIBLE SUPER AWESOME NEWS!! New rule.. fannie mae..'if you have filed for BK Chapter 7 on mortgages that were later foreclosed on (ME!) they start the waiting period from the Bankruptcy dismissal (in my case 8/11) not from the foreclosure date. This means that with extenuating circumstances (which it appears I can prove) I can effectively DO A CONVENTIONAL LOAN NOW!!!

Wow.. lower costs $1300-2000 costs, 4.x rate, 30 years,, 15 year is at 3%. NEWS TOMMORROW. Broker is going through a local bank and apparently they are deciding if the BANK (not fannie mae) wants me to do 12 months loan payments on my hard money loan or they can do this now. I need to 're-establish credit' which I may have already done w the car, and other things.. and they pulled credit and I have a 706 credit score! WOw

So. if hte conventional loan comes through that is what I will pursue and get

In for 4 more jobs. one work at home at $65/hr. I NEED a job now.I have no fall winter work clothes so pretty soon need to get some if a work at home job does not come through.

and I read someone's post about SMALL fun goals. until this loan is figured out I can not put away large lump sums too readily so will think of some small FUN goals money wise today so I still have something to strive for and achieve

More later.

Today I work at home.. so will catch up on 6 homes, 3 units and setting some small goals.. I so much want things to stabilzie and feel w this loan I am almost there.

BIRTHDAY.. 44 years old.. the 15th..

Main home refinance-update

October 2nd, 2014 at 07:47 pm

HI all

Main home refinance update.

1. have not heard from that broker after he emailed me that he was doing no more work on my file unless I paid him his fee up front. He was at 6.75 points, 6.375 rate, 5/1 arm

*I decided not to worry about that.. got too much other stuff w Dad and getting a loan, so i have not contacted him since*

1. FHA loan..Looks like I can prove continuity of obligation (title is currently held in an LLC) to do a refinance. House is in a single member LLC w me as the sole member. Also looks 'good' for meeting extenuating circumstances. I am doing a mini-submmittal to get a real underwriters opinion. IF this loan looks good I may be able to wait for this and go straight from my hard money loan to this (need 90% certainty though to wait t hat long and cut it so close)
2. one day out of foreclosure loan (this is the SAME loan that broker #1 was trying to do and then got crazy).. Anyway new larger broker FIRM (not single guy) I submitted a mini application w credit. He is sending it in tomorrow to see if we get a pre approval (he thinks we will).. news next week Wednesday.. estiamted rate less than 5%, 2 points, 5/1 arm. this broker does VOLUME in this kind of loan. they require 12 months PITI in LIQUID funds.. that is going to be a stretch and they may be able to use the appraisal I just had (but the 1st broker is specifically refusing to help me so not sure I can get it from him.. may contct the actual lender agent he was working with. THoughts??)

No job news.. applying for one more but things REALLY slowed down

6 homes going AWESOME.. got an awesome tenant for that vacant house.. costs being contained I am working so much better w the PM. the break (switching property managers) even though it cost me was a good learning experience!

Meanwhile 3 units.. I am looking to see if 6 homes guy want those too.. we just had a tenant vacate a unit and the current PM inspected it (for $40 extra fee) and says the unit looks PERFECT but yet she wants to spend almost $1500 fixing it up for paint, recaulk tub and hang blinds. Unit is 500 sq feet 1 bedroom.. Costs seems insane. I have her for 1 more month so I got a hold of the estimate and am contacting the contractor.. I need to understand if it is so perfect why do we need to spend $1500.. repainting the whole unit seems crazy.. ceilings too.. but I do not know the exact condition... will get more info tomorrow...and the same contractor painted a whole house for $1500 (3x the size) these rent for only $585 .. but I thikn they can go for more. .just riding it out.. do not have a lot of energy to expend on this right now. will call contractor, find out condition, talk to PM, make a decision and get it filled.

I see Dad over the weekend (stroke).. been stressed and swamped

Prayers for good loan news in the next several days and ENERGY and PEACE!!

Main home refinance-thoughts welcomed

September 30th, 2014 at 05:13 am

HI all.

Bringing some of you up to speed. my house was in foreclosure. i settled w the bank (w a hard money loan Jan 2014 ) to buy my house back from the bank. Loan is at 12% and ends (no extension) 11/2015. I am trying to refinance out of it.

My options are getting a little fluid
1. loan I was approved w is saying it does not fit their program anymore and now want 6.375% and 4.75 points to the bank and 2 points to the broker to do the loan. I have 3 past foreclosures, their program allows one.. 6.75 total points. I submitted info and they are going to see if we get an approval this week. This loan has changed several times and feels less stable but is almost done. Loan is a 5/1 arm. I would break even w points in 23 months. Not impressed or confident w broker.Currently saying I must title in LLC (which if you read down I do not want to do). I have asked them to change this and reduce points.
2. looks like other banks are now offering this loan type (above) but very few in Illinois. Loan type is called 'one day out of foreclosure' and is very new. I have contacted someone else for a similar loan to the above to check points .. just gathering info. they are saying they only charge 2-4 points and appear to be an established brokerage.. my #1 option is just one guy. expect FINAL news if they can do the loan today and their points
3. guy who set me up w the loan i have NOW thinks he can get me a 4 point 8ish% 5/1 arm loan . He is someone I know I can trust and the loan iwll close. i am submitting preliminary info to get an accurate quote. thsi will be in my back pocket. requires LLC titling.
4. FHA guy 'thinks' he can refinance me out (using extenuating circumstances' in a year from the date the bank took over the last rental 8/2014..sale date 5/2014). They need title in my name for 12 months prior to do this. Title currently in LLC. FHA is checking this thoroughly and we will submit extenuating circumstances docs for review NOW to make sure I qualify..

key items (just found out)
1. FHA says they need the house in my name for 12 months to refinance me out at all at any time. So I need to either get a new short term loan in MY name (currently titled in LLC) or ask current hard money lender if I can change title and go right to FHA loan from here

1. contact current lender and ask if I can change title to my name or add my name to the title w the LLC
2. AsK FHA guy if that fits the requirements
3. Proceed w option #1.. see if I get approved and ask if they can reduce the points and let me take title in my name (broker is currently saying has to be in LLC)
4. Proceed w info gathering w option #2 to see if they CAN do the loan. I have 3 foreclosures (most lenders in this programn only do one past foreclosure, which is why option #1 changed all of a sudden)
5. proceed w basic submittal on option 3 so I have something in my back pocket
6.submit all my extenuating circumstances documentation on the FHA option to try to get that more 'certain;

the FHA option is best if it can be certain. I can not be uncertain the loan will go through. I do not have a lot of time after 8/2015 to get another loan if it does not work out.

Otherwise just getting a 5/1 arm w less points is the better option and if I can get 4 points pays for itself in a year. The option #2 has no issues putting it in my name alone which means I can 'cruise' for 5 years or less w that loan and then easily switch to conventional or FHA on my own without a broker.

6.75 points wipes out almost all of my emergency and rental emergency fund. can not really afford it well.

so option 2 is best for a loan now if they can do the 3 foreclosures and loan in Illinois.

News as it comes

My Dad had a stroke last weekend and is not doing super awesome.. lots of stuff going on there.

No job news

6 homes picking up (share later)

need to decide if I renew the current Property manager of the 3 units (that I just removed from the 6 homes) or just switch everything over to the 6 homes guy. Nov 1 is end date of her contract.

Talked to the 6 homes prop mgr and evaluating

News later.

This 'trying to reach my 5 year plan' stuff is pretty exhausting some times!

**Also broker for option 1 (loan I 'was' approved' for) is saying he earned his broker commission already and says loan has been approved for 2 months, it has changed 3 times and we are now resubmitting. I stil ahve no approval letter from the bank. he just sent me a note that he is not working on file unless I pay him his fees> I will do a 3 way call w my accountant and him today but not paying if I do not have something from the bank saying this is approved and we close and have asked him for that several times. All he sends is good faith estimates that have changed 4-5 times etc..will also follow up w the other company offering this type of loan. The loan just substantialy changed late last week.. Crazy! Hope option #2 can do the loan **

work at home job and being grateful

September 21st, 2014 at 07:07 pm


Got a lead on a 100% work at home job. $57/hr (and one position that is higher rate..) 18 months.. I am trying to get in w the recruiter tomorrow. They have 10 + openings but the job was sent to 200 people.I am a good fit.. need to look at what $57 hour would be vs $65 I make now (but minus the gas costs)..My last job was $55/hr./. I woud also have time AND energy if I worked at home to do my consulting. easily $500 a month.

Hoping to hear on at least one job next week and THE LOAN. Geting that nervous feeling in the pit of my stomach w this loan .. really need it to close..

I am off to Florida w that guy I am seeing Friday thru Monday... his daughter ad grandkids are out there. I wil try to work more hours Mon-thursday so I do not take such a paycut.

trying to take note of of things I am grateful for.. and will start that. unfortunately too tired to list or start tonight and have to be up early for this insane drive

I DID get 4 new tires. car rides like on air now.. very nice.

Loan update, property update, job update

September 18th, 2014 at 06:07 pm

Hi all,

Feeling a little discouraged.. probably because I am SO TIRED and waiting for all these things to finalize

1. jobs. submitted for probably 4-5 more. all in town or nearby. got one phone interview. no word yet on 2nd interview. got turned down on that one job. Job cycle is MUCH SLOWER this time of year.. 4 of the jobs I applied for went on hold.. Crazy!
2. Loan.. on pins and needles waiting for the 'clear to close'..I guess i was expecting it in a day or two after the appraisal. broker says it can take up to 2 weeks and they do purchases first. mine is a refinance.
3. 6 homes. I am looking at that vacant house we are fixing up on Saturday. supposed to be done or almost done.. looking to start showing it next week to rent. rent $1050 up from $1000 but may go down to $1000 dependent on reaction. this is a SLOW season
4. foundation guy (on that same house) appears to have found a solution for the lingering water issues... $1800. down from estimated $5k
5. looking to do at least 1 more roof this year on the '6 hommes'
7. 3 units property manager contract is up 11/1 (and it is w the lady who was managing the 6 homes who I jsut switched from) I am thinking of switching that to this other PM who manages my 6 homes now. I am acting different w him, different expectations, less anxiety and it is really working out great.. plus his contacts are thousands lower for the same or better job..also he is creative and has so many homes he has ads out all the time. he has already referred folks for the house we are fixing up so hoping to fill that asap

Basically my two biggest stressers are the job and the loan not being finalized. the loan is a big stresser as I want to settle and relax in the house and I am holding off on all sorts of things pending the exact numbers on that

Onward.. but resting tonight. Smile

October will mark a year on SA and I am going to do a wrap up time capsule of the year. I am hoping it includes closing this loan!!

Appraisal # is good!! 6 homes updates, and jobs updates

September 10th, 2014 at 04:12 pm

HI all

Appraisal is IN.. $510k. This means I will need to pay approx $13k to close the loan.. with $5100 of that being 'starter escrow funds' so this is money will get back on the next loan or house sale since full escrow is being taken every month too

The new payment is $1111 LESS than what I pay now with the mortgage (and self escrow for taxes and insurance)

I will make up the true costs of the loan in 8 months and the full $13k in 12 months with the rest just being savings. I think it is a good deal and I am locked in for 5 years and it is an arm. In 5 years I can get a normal loan. Rate now is 6.125.

Feeling good. Closing to be set very soon.

However this eats up my ENTIRE emergency fund (need to rebuild that). I am owed $6k from that guy (his bike will sell at some point and he calls every week).. and I have the Tahoe to sell. $23k? maybe I will have money left after paying off the genesis. and have a few more things to sell.. $1000? and once things STABILIZE (w the homes) I can save $1500 a month

Got quotes on the vacant house fix up thru the new property manager.. $2500.. much less than the last fiasco.. I feel good w that.. done by next weekend and then rerent ASAP. I need rent!!

Short term insurance lady moves in tomorrow.

And i need to do that French drain system to ensure that both homes are water free.. $3-5k. dependent on how involved I need.. worth it.

JOBS.. getting more and more calls on jobs. got another interview tomorrow for an AWESOME job in Oakbrook.. 2 year contract, $65/hr and 401k with match in 3 months. FINGERS CROSSED.

No news on first interview.

Onward. This appraisal coming through is a BIG weight off my mind. Can not wait to get the closing date.. hoping for next week.

Looks good for new renter

September 8th, 2014 at 05:02 pm

Hi all.

No word on appraisal or jobs today. submitting to yet more jobs at one certain Naperville company that I will share once I get a job there!

Anyway.. short term renter is signing a 6 month lease at $1435 w it converting to month to month after that. We are hoping for 9 months. we shall see. that is a $510 increase over the last rent which will hopefully offset my costs as of late and let me start to rebuild.

Getting quotes on the now vacant house to get it moving.. goal is to have it fixed up by next weekend and ready to rent

This house needs french drains..guy who was going to do it . his voice mail has been full all day. hope he can stil do it

SUPEr swamped at work and stresed w the insane drive.. had to work 'later' today and drive was incredibly bad!

Praying for a new job (local) soon at same pay.

Onward but TIRED and STRESSED.. need a day off..or just work at home or something.


Appraisal was today, 6 homes updates

September 6th, 2014 at 04:20 pm

HI all

Appraisal was today. hope it went well. lady seems a little like that guy who low balled me before. hoping for $525k. there are not alot of ranch comps in Naperville with large lots etc.. I had my property manager pull comps for me and I gave them to her, with a list of improvements, my old BPO (showing $525) etc.. she will review them. PRAYERS!!

If thsi appraisal comes out right we should only need one and can likely close week after next.

Lady who was not paying moved out today (most of her stuff) we take the house over Monday (change locks if not totally out)... I walked through today . no real damage. we will do new carpet, touch up paint, new fixtures and lights..my property manager 'all in one' guy is on vacation this week so I am having some of the folks I know quote. I continue to need to increase my list of maintenance guys, all in one guys, etc for these homes.. will make a list of what I have (and hwat the property manager has) . Good guys get busy so need more than one.

Got an application and likely lookking to finalize w that lady whose house burned down and just needs 9 months.. will hope to finalize that Monday.. $250 premium on rent.. which makes the rent $1435 (up from $925 from the last renter)

I am also going to get it section 8 approved so we have that route for later if need be. section 8 rents went wway up too..

So nice basic house fix up is done.

Will contact the guys w that french drain idea for the 2 homes (they are side by side) to finally fix the water issues .. the house that we are renting and is ALREADY fixed up is dry w the fixes we have done so far.. the house next door (that is being vacated now) is NOT dry in a big rain (which this year seems to be full of) a French drain should solve that

Praying for the appraisal to go well, the short term renter to work out, reasonable cost to fix up the other house and more money and LESS COSTS and a new job (forgot)

I hear on the appraisal MONDAY!!

Main home refinance update, ponderings

September 4th, 2014 at 06:04 pm

HI all

Loan update. They got the paperwork wrong. rate was wrong. they sent me 5.5% but for the program I am . it should be 6.25%.. no change in any other terms. Still very good. Apparently someone at the mortgage company made several errors like this. They fired her and are submitting all new paperwork for me to sign. Makes me nervous. ON a higher note they charged me for the appraisal, $370, which means someone has to call me soon to set that up. Once that is over .(and hopefully turns out well) I am home free. Reminding folks..one of the reasons I need to get out of this loan is the payment is $2970 WITHOUT taxes and insurance (that part adds almost $1000). I can not afford to escrow that without a severe cut in any monthly savings. ANd if I escrow I need to start escrowing this month. W the new payment, I will pay the same amount or less and it will cover taxes and insurance as well. HUGE savings. Anyway, they are looking for $525k for the value to wrap in all the banks costs remaining... 525k would be awesome but a little less is fine too. Also for folks who were not tuned in up front.. part of the reasons things are tight (outside of my crazy 5 year ambitious plan) is because my 'plan' did not include having a mortgage payment AT ALL for probably 2-3 more years out. I got an opportunity to buy my OWN house from the bank (it was in foreclosure) and I did so because of the equity and peace of mind that brought.

Ponderings.. paid all personal bills for this month just now and figured out 6 homes/3 units costs for the month (standard costs) based on estimated rents/expenses. I am basically surviving now.. not putting much into savings. I put $453 in last mont, zero for July, and will try to put $1000 in this month. All my extra funds is going towards the loan costs ($1000 to date, paid out of close) and overages on the 6 homes due to lack of rent.

Trying to think positive. I am doing a good job of squeeezing things to cover my costs without dipping into emergency funds so when the homes stabilize.. I should be doing real well and when I switch jobs (if I do not take time off.. which I likely will) will have an $1800 cushion between jobs.

We shall see.. trying to SEARCH for anything positive.. too much in the air still.


Loan approved!!

August 28th, 2014 at 07:13 pm

Loan approved now we head into the appraisal to be set next week. Mortgage company is trying to wrap their costs into the loan. To totally do that I need an appraisal of $525k.. anything less (if they stick at 60 loan to value) I start contributing in addition to the 2 points to the broker.

Fingers crosssed.

Rate 5.5 % 5 year arm.. 30 year am

Very tired..

I need a NEW job like NOW!!

Main home refinance, jobs, homes updates

August 23rd, 2014 at 08:41 am

Hi all

Just diarying at this point.

Paid the bills for this month (down 2 rents) but paid. I am saving my $3900 for now (the $ required to catch up on the 6 homes loan from last months non payment of principal). I will send it to him once the homes are filled or I know costs.. I did one roof so far this year.. trying to do 1 more.. jsut need things CALMED DOWN.

May put another $500 towards savings or more likely save it for the rental emergency fund. We are a week from the 1st w no renters on tap yet and one renter not paying. Just hanging in . Got some showings thsi weekend but overall response has been slower than normal w kids going back to school. Hoping to get the homes smoothed out soon. still very much believe in them long term and knew this would be an uphill battle upfront.. all in all not so bad.. I am only down $1000+ (rents) across both homes but what was difficult was the HIGH fix up bills etc... most necessary or immprovements (which I want) but think I could have shved a few thousand off maybe? I did not anticipate them taking so long or having another home not paying rent. Really thinking about it, I would not be stressed at all. if we had rent coming in..never had it take so long to turn over a house.. wish I did not have those weeks of playing around w the old PM and nothing getting done w renting the place, the non paying renter and my having to basically run the rehab. New property manager though has done more in this one week then old PM had in weeks so feeling positive but tough right now. I sooth myself by writing up the worst case scenario (short term and long term potential costs, issues etc) and being ok w that and thinking the deal is still good and thinking about the prize. basically 5/2018. I will have $3600 a month coming in and 5/2019 $5900 a month (more if I can raise these rents).. from the rentals.. and w flex jobs (see below) I am confident i can find a work at home job then or even now..

Anyway..onward.. figuring worst case for NOW another tough month and then filling both w good people. and RENT and stabilizing for the winter.

heard on the main home refinance. They are now down to 5.5% WOW!! 30 year term, 5 year arm (not term). which means if need be I can keep the loan long term. first change not until 5 years.Depends on lots of things.. maybe I will just sell this house before then.. not sure. House still in very good shape. No approval yet. hoping for approval next week and then appraisal. they went down to only doing 1 appraisal (good sign) and loan papers were targeting the 10th to close. rthat will be a HUGE weight off my mind. Not approved.. still need prayers.

No movement on cars .. waiting ..

No movement on jobs. got in for one more local one. no news on the first 3 local ones. .and joined FLEXJOBS.com (100% remote jobs and some highpaying)

I applied to one job thru flex jobs and will work this weekend to do more

Commute is still bad but more tolerable as I am used to it and know what to expect and have the bluetooth set up so my phone goes thru the speakers.. (neat feature). gas costs averaging $88 a week!!

Good to read everyone else's post. Keep it up guys.


I may be on the upswing.. main home refinance news

August 20th, 2014 at 05:50 am

HI all

I am TRYING not to get too excited but it really appears my loan is going to be approved for the main home refinance.. which will basically take me out of the this 12% hard money loan and allow me to comfortably live in this house and settle (even if I sell it later).. house is worth $500k+.. maybe at some point I can downsize to have a lesser house (and yard) and get my front porch..I can get a home downtown (older, hardwood floors w front porch for less).. and lesser yard. I like the older homes w charm and lots are in real good shape for $400k.. so shave $100k off the mortgage up front. I will have about $180-200k equity to put down. Of course I am thinking WAY too far ahead but it is neat just to contemplate options.. I really want things to smooth out w the homes and my LIFE

I suddenly feel I have options and HOPE.

HOPE this loan works out and the 6 homes smooth out and I find work nearer to home

Anyway..got more questions (easy ones though) and forms to fill out and docs to send but loan company (per the broker) is already setting up escrow accounts and asked Me for the contact information to get the payoff

Hoping for full approval this week (subject to appraisal)

Prayers please..

Property Manager transition (back)-update

August 16th, 2014 at 06:40 am

HI all

Today I meet w the other property manager.. the one I switched from and now switching back. His name is Matt.

The good thing w the previous switch . I am better organized.. have some goals. knowledge and confidence.

He has ALREADY been out to the non paying renter house and apparenlty found out she is leaving. I will get more details and we can form a plan today.

Also will want him to list the vacant house today..e tc etc.

I feel good positive and looking forward.

So much so I put $453 into savings.

Have not contributed to savings since June! w all the stress.

I HAVE the $3900 principal payment (that I delayed last month on the 6 homes).. I have that now but am going to hold that until I speak w Matt, get a plan and start seeing movement towards filling these homes. I need rent and certainty.

not looking forward to turning over YET another house (non paying renter) but determined to do it right this time..

LOAN UPDATE.. loan was NOT submitted yet.. gets submitted Monday.. apparently it was a larger package than expected so some assistant had to spend a day or two clarifying it etc to type into their computer or forms or whatever

and the job in Naperville.. they are 'making a short list' of folks to call in by Wednesday next week.. so hopeful.. I met a guy at work who used to consult w/ them so as soon as I have the interviewer name or contact. I will ask if he knows anyone and can put in a good word

looking at Camry's 2011 today.. or later.to evaluate costs/features/etc vs the Genesis.. then will see how much Genesis is really worth.

My genesis has blue tooth (phone comes through speakers) which I JUST set up and it makes the drive a lot easier.. and funner.. if I swap cars I want to see if they have this feature too.. Hyundai just came out a w anew Genesis which looks really nice (not looking at it just commenting)

Onward. hoping property manager transition w my new focus and knowledge will go well.

My plan hinges on these homes and I need to get a SYSTEM in place so they run smoothly. I also need to smooth things down so I can stsrt saving again. not saving recently... .just struggling w this insanity..

Old property manager is getting snippy with me (she still runs the 3 units) and it is unclear if she told 'her contractors' who have done work on the 6 homes not to call me or something. I called one yesterday and NO call back. That is so immature if she did that and makes me concerned w leaving her the 3 units.. Maybe she will get over it and the 3 units run fine so far. I will call the guy again today.

Movement! for better or worse, hopefully BETTER

August 14th, 2014 at 05:41 pm

HI guys.

Been really struggling as of late.. but finally getting some progress and movement.

1. Loan submittal IN.. now we wait 72 hours for approval (hopefully).. 6% rate, 30 year am, 5 year term. PERFECT.. any approval will be contingent on the appraisal.. final loan package was over 120 pages long of forms and documents.. insane!!! SO thankful I had my accountant help and he is savvy. Lot of my stress went away w just "sending this off'. Please send prayers..

2. Job.. I am submmitted for 2 jobs in Naperville and going to be in for one in Westchester.. getting lots of clls for jobs downtown and far North burbs (where I am at) .. turning them all down..my current job is crazy.. 85% of the workforce are contractors and they let people go at 2 years (no matter whwat they are in the middle of) ... my boss is a contractor and he is 'outahere' in 3 months... hard to listen to him. Folks talk about this all the time.. 'oh how much time do you have left?" Still looking full force.. gas costs insane and driving WAS better but today was an hour forty comnig home..the head of the program I am on is at the end of her 2 years and leaves next week (in the middle of the program)... it then gets passed to my boss who leaves 3 months after. hey maybe then I will run the program.. (insane)... how do they run things like that.. morale is not super high..

3. 6 homes.. I will write a longer post on this but I switched the 6 homes back to the old Property Manager today. new one was ineffective in renting, slow, ddi not want to go out to the homes and was not able to deal creatively w non paying tenants. This guy is going to make filling that house and getting that non rent payign situation clarified. Old Pm had no showings set for this weekend, nothing in the works and I just found out this week that all the time she said she had ads in the paper/craigs list .. she did not..

very bad

Anyway the rest of my stress went away w the 6 homes transition (back)

It reminds me of Eddie Murphy Raw (I think that is the movie) w that real funny line.. he asked his girlfriend what is up and she says in an angry voice 'Ain't nothing up but the rent.."

That is the truth!! I can fix and work w a lot of things but I can not work with anything without rent coming in

Whether the old pm is my lifelong PM. I do not know. but guaranteed he will get the rent flowing again. he said he just rented another 3 bedroom and had folks left out who wanted to rent..

I will work w him on higher standards for the homes, follow up receipts.. all of which we talked about tday... my involvement in evaluating homes for rehab will help too and my contractors I trust.

these homes need someone who can Be there, has an interest and is down to earth enough to work w tenants or cut your losses and has more tools in their tool box then court (with an attorney she insists). Old PM was and is good w the 2 3 units but those are side by side.. smaller. simpler and take much less time..

Stay tuned

I am SUPER tired lately (all the stress.) but feel good with getting this loan stuff and 6 homes switch (I left her the 3 units) and job stuff in the works

thanks for the support

Car update, 6 homes, job, and main home refinance

August 9th, 2014 at 12:49 pm

Hi all,

Car update. I can get a 2013 Camry Le (30-40k miles) for $15500 OR LESS (plus tax etc) and can get a 2009 (80k miles) for approx 11k. can do a 2007-2008b w near 100 miles for $8-10k

I owe $18k on the Genesis (2011) front wheel drive.. that has $33k miles now..

Next step is to actually drive a Camry. I drove one before and liked it but want to drive again.

expecting 20-25k from Tahoe and genesis should be worth $21k..


Main home refinance. Slogging away.. SO glad I have an accountant friend. I would; not get through these loans without. We hit a possible snag.. lender is wanting all info on 6 homes, 2 3 units.. submitting on Monday then news in 72 hours

I have to assemble all leases, and taxes to submit. Tiring. stressful but this loan is good.

The 8% I saw was the QUALIFYING rate. the loan is still being offered at 6% which would be awesome.

Just hanging in there and trying to stay on task. Will be so happy once it is submitted (though they may have more questions) the bulk w ill be done by Monday.

Stressed by 6 homes transition. not going super well. speaking to new PM and giving her a chance etc but researching others in the meantime. including the last guy I was with.

New property manager has some good points. but 'If I do not get rent, nothing else really matters' and she has been real ineffectual w that and does not like to go out to the homes. which is anohter thing I need.. upsettting. but working through it. I understand that there will be issues w rent from time to time which is fine but they need to be handled.. and they are not being handled..and disappointed w her method to rent out the vacant house out .. sign out front is cheap/home made and her 'Craiglist' add has pulled noone so far.

Still believe in homes but upset and stressed w this insanity..

I want t hings to smooth out so I can be moving forward again.

I have $1800 of the $3913 I need to catch up on the 6 homes from last month.. should; ahve the rest in a week or so.. that means I get a home next month.

I have NEVER had such an issue w these homes and so much stress as w this new PM

talked to my accountant I can NOt raise my exemptions any more than I have.. estimated tax return next year between $5-10k based on his forecast..

main Home refinance

August 6th, 2014 at 04:55 am

HI all

Main home refinance update.

They decided NOT to do the appraisal until they did a FULL underwrite. back to filling out forms again

AND the 'forms packet' I was sent is at 8% NOT hte 6% I was told by my broker. upsetting. calling him in an hour.

Off to work.

PRAYING fr a new job and for all thsi stuff to smooth out and GO WELL

Documenting the Journey, the good, bad and ugly

August 3rd, 2014 at 10:16 am

Hi all,


I ,in general, (although trying very hard) have been doing very bad, crying, hard to sleep, ANGRY, just bad... out of control.

Updates... just the facts..

1. Main house refinance.. no real news... several more back and forth faxing documents episodes.. board did approve the loan and we are waiting for the appraisal to be ordered.. nailbiting times waiting for it.. broker says he has 2 more possibles if this one falls through but both higher rate and higher fees. Until the appraisal comes through I will not know for sure IF they can do the loan and how much my fees/contribution is. Hard to wait. Should hear from the appraiser this week.
2. Job.. Nightmare. New policy. NO WORK AT HOME for 3 months! I cried in the car after that conversation. Job is not hard. In fact I have little to do. How do I find these jobs where I have nothing to do? Days drag. I will ask for more work next week. Speech has taken a MAJOR HIt w the stress I am under. Drive continues to be an hour and half stop and go each way. With my deductions changed and no 401k I am bringing home almost the same making $65/hr as making $55/hr (last job). Thsi is with putting $1100 a month in savings. the amount I was putting w the 401k. Accountant will check deductions this week. Gas costs are SUPER INCREASED. I am actively searching for jobs but none yet locally.. LOTS downtown and out where my current job is.
3. 6 homes/house I am turning over--.. the house I was so excited to see last week? I got there and it felt like nothing was done. I was so upset, stressed and disappointed. and UPSET. Current update. House is commplete (except for fridge, washer/dryer. I will buy if I have to but renter may have his/her own). House for rent at $1250 (old rent under s8 was $925). It just went up YESTERDAY!!!!!!! a month to get it fixed up and on the market. INSANE! Anyway.. 6 calls the first day and showings today. Neighbor next door has a nephew she wants to recommend. This is the 3 bedroom w the MASSIVE garage (3 car w office/workshop). A section 8 person called w a voucher for $1300 who wants to see it. I want it filled iwht someone LONG TERM who is going to treat this and maintain it like their home. I am proud of how it turned out and the response (from neighbors even!)
4. 6 homes/house not paying rent--I am still very frustrated w this and how the new PM is handling this. We had a very clear conversation last week that I do not feel she is handling it and I need to have her get a handle on things. I said I feel I am running things and I do not havve the time to do so. She said she is used to being in control and I need to step OUT. I said I would not feel the need to step IN if there was not such a void of leaving voice mail messages and never actually getting in touch w the tenant. Either she can pay or not.. not 'well I left voice mails'. ANyway...$$ summary .. with this month.. she owes over $2000. I gave new PM until Wednesday and then will either handle it myself or turn this house over to someone else. We got $520 last week and she said she applied for help and is trying to make up the rent (she said that to ME. when I stopped by ) but the new PM has no new updates. I do not want her sitting there while she is trying to find a place not paying rent. Renter seems sincere when I talked to her but I have no money in hand... so words do not really matter. I reclaimed her security deposit already to help w cash flow and can pay it back if she pays. This house (based on the reaction next door) looks like we could fix it up and get rent increase too. currently charging $1000.
5. Other section 8 house. havving s8 adminstrative issues.. new PM says she will straighten out but another thing hanging over me and may make the tenant lose her section8. I can not afford another turn over right now.
6. 3 units continue to flow easily along. nothing to report. These are the ones the new PM has run for years.
7. new Property Manager. Mixed feelings. Higher priced help but things are getting fixed right. But realistically if I was more involved w the homes w the old PM (and I see the need to be upfront to learn the homes etc) wouldn't that be happening anyway? VERY VERY UPSET w lack of urgency, slow turnover of homes, and this passive 'I called, left voice mails' stance and NOT stopping by the house and lack of progress on the s8 issue above and the house not paying rent. Whatever deficiencies the old PM had.. I sincerely doubt I would have this situation going on. New PM is a 'by the book' manager and her solution to the renter not paying is to 'send her a letter, serve her now w a 30 day notice and then wait for court'... NEVER actually speaking to her face to face or dropping by to ' work something out' or get the scoop. I can not do that.

So in general.. very rough and I am stressed. I am coping by doing my treadmill before and after work and trying to tire myself out so I do not think about this stuff (or throw stuff at the wall). I am trying to be clear w new PM and set timelimits, boundaries and investigate other options before moving on. I am trying to give her a fair chance and be reasonable. I need someone though who can go out to the homes as needed and help me w contractors etc and can deal w non paying tenants in creative ways.

For now I am hanging in there money wise but have used up $15k of my rental emergency fund (have $1300 of that $15k left) and that is WITHOUT paying the 6 homes principal payment last month. I need to come up w $3900 to be on track w the loan. Seller is ok if I come up w that in payments next year. I want to come up w it THIS month so I am on track so take full deeded ownership of hte house I fixed up next month.

I need this lack of rent situation resolved, this house filled and this s8 issue figured out ASAP.

I know she does a great job w the 3 units. but those are simpler, smaller etc.. She says she came into alot of issues which is true but this wanting to handle it all via phone just does not work and lack of urgency does not work.

Gave her til Wednesday to update me on the 'lack of rent lady'

Side effect of all this treadmill walking and getting my anger out is I am toning up nicely. This week I am cooking all my food for the week today so I can eat well. I thankfully lose weight easily so if I keep this up I can lose some quick weight and fit into my size 8 clothes easily. They are tight now and I got some new slacks in size 10 at Goodwill so I do not have that added stress (of tight pants) but it would be nice to lose 5-10 lbs and have them fit again. 10 are loose but more comfortable than tight size 8's.. so right between.

About it for now. I need to check in more often.. it helps me to vent too.

So for this month. I am NOT adding to savings. I am instead trying to pay taht $3900 payment from last month to the 6 homes seller (provided I feel secure Wednesday that the s8 issue and the non paying tenants are under control)

Coincidentally the house w the s8 tenant (admin issue) has very low rent too (but has not been updated) do not want to turn it over now.

THANKS to all here on this board who suggested I increase my rental emergency fund and encourage me. I would NOT be surviving without your suggestions and support.


Continuing to believe in these homes and just focusing on 'SURVIVING' right now.. even if it means holding off on savings in the short term. They are small, incredibly easy to rent, solid, and should be good long term and allow me lots of options once paid off (3 years 8 months) to keep/save/invest the cash flow.. or swap the homes out for other/differnt/better ones. I would not be stressed at all. if the non paying renter was 'stabilized or w a plan, move out or pay" and I did not have this vague s8 issue AND I did n ot have this main home refinance where I do not know how much money I need to come up with hanging over me

Thanks for reading

<< Newer EntriesOlder Entries >>