All Forum Posts by: Aaron Nannini

I agree with some of the other posts that say to live in it, and rent out or Airbnb out the other room. I'm assuming you're paying PMI as well with 5% down, can you refinance to a conventional loan? That would greatly help out cash flow.

PB has historically experienced above average appreciation, I’d make as much effort as possible to keep it.

I would start with analyzing whether you should keep the new car or sell it. If your goal is just to have a reliable car, you can probably sell the new car and get a used one for significantly less. Maybe even get an inexpensive warranty to protect against potential big repairs. If you can sell it, that will put you ahead several months to a year vs just paying down. Either way, get rid of the car debt first by paying off aggressively.

Regarding the student loans, I think it just depends on the interest rate and monthly payments. If the student loans are easily manageable, I would start investing. Build up a reserve of $10,000-$15,000 then save for the down payment and buy. Read real estate books, listen to podcasts, join a real estate meet up, read the forums, etc in the meantime so you’re as prepared as possible. Good luck!

In these unchartered waters, tenant has a legitimate point not to want people in her house. Not sure what your local government is doing, but local guidelines relating to the Coronavirus are probably going to supersede your right to show the property under the lease anyway. I would guess showing property is also classified as a non-essential activity in your state. I don’t think it’s worth the fight or effort just to gain a few weeks.

I would advertise the property as coming soon and note that showings are unavailable until tenant vacates due to the virus. This will also show prospective tenants that you are a courteous landlord and someone they’ll want to do business with. You can still take calls, begin screening tenants, and maybe do virtual showings if your tenant will take a video or FaceTime.

I bought a single family house in Saginaw a couple years back. Solid cash flowing property in a good neighborhood with a quality tenant. The biggest issue I’ve had is the property taxes rise every year. Overall I’ve been happy with the house and neighborhood.

You're off to a great start investing so early in your career! To get started, I would buy a 3 bedroom house with enough sq footage to add a 4th bedroom. For example, convert an office or open area in the home to a bedroom. I'd also look for a house on a lot over 6,000 sq ft so that you could potentially add an ADU. There are plenty of properties like that in east county in the low $500,000's.

Get roommates and have them cover your P&I, use the remaining money from your job to further invest.

There are many other creative possibilities in SD county but I think this is the simplest way to start. As you gain experience, you can implement new strategies.

I agree, keep it and rent it out. The Midway area is in the path of progress and I anticipate rents increasing over the next several years. That area will also attract a consistent pool of high quality tenants, keeping your vacancies way down. 

@Jason Graves

Hey Jason, can you post details for the meetup please, I’d like to attend.

-Millionaire Real Estate Investor

-Any of Brandon Turner’s books

-Rich Dad, Poor Dad

-Not real estate specific books but everyone should read The Compound Effect, How to Win Friends, and any of Stephen Covey’s books

It’s more about being intentional with your time, which means creating a structure for yourself to get things done. You don’t necessarily have to get up early in the morning to be intentional and hold yourself accountable, but getting up early is probably the most efficient way to do it.

Waking up early allows you to get important wins before others are even out of bed. Whether it be to exercise, work on your book for an hour, or focus on a big project without distractions. Having the important things done first gives you the early victories and an increased confidence the remainder of the day. The rest of the day almost seems easy because you already did the hard stuff. It also allows you to relax guilt free in the evening knowing everything is done and it was a productive day.

“Never mistake activity for achievement.”

-John Wooden