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I have a duplex and would like to make some repairs in order to increase the rent. The home is worth about $130,000 and I owe $85,000. It was bought for $111,000 in 2012. I only need $5,000 to do work. Suggestions?
I hope you don't think my post is impertinent, but can't you simply write a check or charge to a card and pay it off in full when the bill comes? That's a very small amount of money for home repairs.
OMG. Everyone needs to shut up on my personal finance situation. That wasn't the question. Y'all shouldn't be questioning why I don't have a certain amount in my bank account. Ever think it's close to $5000? And FYI, I live in one side and rent out the other. I have a 15 year mortgage and my tenants monthly rent does not cover it entirely. My insurance is built into the mortgage. THATS why I don't have money saved up from my tenants.
Also, I've made $10,000 in repairs since I owned it. THATS why I don't have $5000 in my account.
And I'm a single, 26-year-old who has recently paid thousands for a divorce on top of college loans. THATS also why I don't have $5000 in my account.
It just amazes me at the backlash I'm receiving. Apparently many of you don't realize there are people who live paycheck to paycheck or live off of their credit card. At least I'm not like that.
Just an FYI, my debit card has helped me the last X amount of years to purchase items. You do not need a credit card to make it through life.
As for those who have suggested helpful information, thank you.
Your question is a fair one, and I really don't care about your savings habits. What you do is your business. Have you tried getting a so-called "peer-to-peer" loan at Prosper.com, or elsewhere like the LendingClub.com? Their lending rates will vary depending upon your credit worthiness.
And look at my finances? Most people do not have $5,000 just sitting in their back account for whatever. The repairs are upgrades to the home and do not affect it being rented. Please don't lecture me on having an emergency fund either. I've owned this property for 4 years, it's always been rented, and I've replaced 2 HVAC units on my own. And I'm only 26. Most people couldn't do any of that.
I'm only interested in loans for this project so next suggestion please.
Actually, most people who own property have an emergency fund for just that purpose - and probably would not lightly use THAT money for home improvements because they'd have OTHER money set aside for that.
I commend what you've done at your age - but just because you've obviously stretched yourself to accomplish this doesn't mean you're right in not having money set aside. Maybe NEXT time you won't need to borrow money if you have your own!...that's the point that is being made.
The reason I came to this forum and asked this question was to see what types of loans others have used or would suggest. Again, I don't need some telling me they are better off financially and how to manage my finances. It's actually disturbing some have the audacity to tell a person that.
Now end the discussion with finances. That is NOT what the original post was about.
OMG. Everyone needs to shut up on my personal finance situation. That wasn't the question. Y'all shouldn't be questioning why I don't have a certain amount in my bank account. Ever think it's close to $5000? And FYI, I live in one side and rent out the other. I have a 15 year mortgage and my tenants monthly rent does not cover it entirely. My insurance is built into the mortgage. THATS why I don't have money saved up from my tenants.
Also, I've made $10,000 in repairs since I owned it. THATS why I don't have $5000 in my account.
And I'm a single, 26-year-old who has recently paid thousands for a divorce on top of college loans. THATS also why I don't have $5000 in my account.
It just amazes me at the backlash I'm receiving. Apparently many of you don't realize there are people who live paycheck to paycheck or live off of their credit card. At least I'm not like that.
Just an FYI, my debit card has helped me the last X amount of years to purchase items. You do not need a credit card to make it through life.
As for those who have suggested helpful information, thank you.
Step back and take a breath. You have just become upset by the opinions of complete strangers. What does it matter what I or anyone thinks about your finances? You do not need to defend yourself or give any explanations to any of us.
Is this just a "bee in your bonnet?" Or, does this have to do with cogent issues regarding near term rentability? I'm saying this because you don't have the money right now. But, if it becomes a "got to do, eventually" thing, give it a year. Meantime do a little rice and beans, beans and rice, and put the money away. Anybody could stash a thou or two in a year. Frankly, as a rule of thumb, I've never seen a landlord go out on a limb to improve a place. It just never happens. But, if you know the renter market in that area well, and anticipate a higher rental value for sure, put it up high on your agenda. Spend some time looking into the costs, what's important what's not, what you actually can afford, etc. 6 to 12 months from now things will be clearer and your financial state better.
Congrats. You're a two income family. You should have that in your bank account.
You assume. Yes there are two of us but only one of us has had a steady income. He's just anal, that's all.
ETA: We drive considerably lower priced used vehicles, don't go out much, have no debt besides house note. Our kids are grown. Maybe we just did it right. (for us)
Last edited by hunterseat; 02-14-2016 at 06:10 AM..
Actually you can rent a car without a credit card. I do it twice a year. My credit union debit card has a MasterCard logo and all of the major car rental companies have drawn my deposit off of this without any problems, come to think of it.....I have also rented hotel rooms with this same debit card. Oh and yes, I just bought something from Amazon with my debit card.
Well, a debit card is drawn from your checking account. Your money. When your debit card number gets stolen, your account gets drained and the bank is skeptical about the fraud, freezes your account and starts an investigation, it could take 1 weeks to 3 months to get your money back. Can you survive with no money in your checking account for 3 months?
This is why I use a credit card. Its the banks money. I don't care if the card gets stolen, I can simply refuse to pay the bill.
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Have you tried getting a so-called "peer-to-peer" loan at Prosper.com, or elsewhere like the LendingClub.com? Their lending rates will vary depending upon your credit worthiness.
