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Ricky Said:

How can I buy a rental property in another state!?

We Answered:

To buy a property in another area, you should consider finding your Realtor first. If you don't know one licensed in the areas where you are looking, I can refer you to a top-producing, experienced Realtor. Remember, it typically does not cost you anything to work with a Realtor as your buyer's agent. Then, once you have a Realtor, that agent can refer you to the other parties you will need to work with (attorney, home inspector, title company, etc.).

Your fears of working with a property management company you don't know are valid, but should be handled like any other decision to work with a new company. I would first ask your Realtor if he/she has worked with any property management companies where you buy. If not, check with at least two or three different property management companies who are registered with the Better Business Bureau. Then, once you find two or three property management companies that have respectable ratings with the BBB, call them and ask them about their services and costs. Expect for most of them to want to collect a deposit from you, and deduct a commission from your monthly rent payment. With all of this information, you should be able to make a well-informed decision more easily.

Hilda Said:

Amending an existing mortgage?

We Answered:

I seriously doubt that the bank will "amend" your mortgage (which costs them money and manpower to process) in order for you to be able to pay them less. However...

Depending on when you bought, you may be able to roll at least some of the costs into the newly re-financed loan, if the house is worth quite a bit more than what you still owe. Talk to your bank, and also talk to a couple of other banks about refinancing. A good rule of thumb is that if you can recoup the cost of refinancing within 2 years (and you plan to stay in the house longer than that), then it is worth it to refinance.