All Forum Posts by: Abhijeet Gavli

Hi All,

Can anyone recommend a good attorney in Charlotte for RE? I was thinking to buy an investment property

Thanks in advance!

I have a slightly different take on this, sorry @Jeff B. :)

I would include any additional amount invested in the denominator (for eg., additional principal payments). This is because the money is being invested and we would want some return on it. Excluding it would overstate the returns.

Normally only initial downpayment is considered since that's the only known factor.

I agree with @Jaysen Medhurst, always pay-off the debt! 

Since you plan to buy house in June, it'll be a little late....I had opened multiple credit cards and never used those, this resulted in better utilization since the approved credit limit was high. 

These are some great points! I agree that the property isn't an ideal rental. 

When I bought it last year, the purpose was to use it as primary residence since its located in district with great school ratings, low crime and a good neighborhood. The property has appreciated about 8-10% since then, hence the willingness to hold this property even if it just breaks even (@Dave Hurt and @Mark S.) Wish I knew about BP a year ago! 

In my calculations, the rental amount is post vacancy adjustment. I assumed 8% vacancy, but not sure if this is a correct estimate (@Jeff Bridges)

Since it has been more than a year buying this property, I was planning to rent this property out and buy another SFH as new primary residence (to get better rates, stay for a year and repeat the cycle). But this time, look for properties with better rental ratios! (@Khaled Helmi)

Thanks @Curtis Waters, I completely agree with you regarding lower value property. When I bought the property, I had no intentions of renting it out. Things kind of turned out well for me to start thinking about REI

Sorry for asking a dumb question, but I didn't get the last part; can you plz expain how I'll be lagging 2 years due to 1 month vacancy. 

Thanks @Holly Brittner!

I had bought a SFH for $325K last year as a primary residence (to get better rates) in Charlotte NC. Now I plan to rent it out for market rate of $2200. The mortgage including taxes/insurance comes to around $1500. After staying for a year, my estimate for monthly upkeep costs is about $600 which includes $250 for unforeseen expenses.

Since I would just be making about $100 a month, do these numbers make sense? I have a full time job but plan to manage this rental on my own to get some experience.

This would be my first deal, so wanted to get Experts' opinion before the leap!

Thanks in advance :)

Hi All, thanks for all your suggestions....really appreciate it :)

Hi All,

Does anyone know a good CPA in Charlotte NC area? 

I am planning to start with REI so new to this forum :)

Thanks!

Abhi