All Forum Posts by: Alberto De jesus

@Joe Pham There a ton of good reias in the Massachusetts area. I go a North Shore one called Mass Real Estate. You can check it out at http://www.meetup.com/Successful-Mass-Real-Estate-Investors-and-Landlords/ It's pretty good.

If land to build on is becoming rare and the job market is growing, your original house might appreciate more. Just another reason to consider holding.

To do a 1031, you would have to sell it. The big benefit is that you would put the profits into the new property without paying taxes. The downside is it's time sensitive.

Here are some articles:

http://www.biggerpockets.com/renewsblog/2014/08/21...

http://www.biggerpockets.com/renewsblog/2009/09/07...

You definitely want to allocate money to vacancies.  You will have the units unoccupied either because someone moved or you kicked them out.  Also, you need to budget for both short and long term repairs. Roofs don't last forever and some tenants don't respect properties. If you plan on doing this as a business, you should pay yourself for property management every month. 

This article will help you out immensely.

https://www.biggerpockets.com/renewsblog/2014/06/14/how-to-calculate-cash-flow-rental/

1. It depends. Do you expect the property you are moving out cash flow? What phase is the city you live in the real estate cycle? Do you feel comfortable managing the property? If it cash flows and you are comfortable with renting, i would say rent it. If you are in a seller's market, maybe cash out and hold the cash for other investments or buy discounted properties when it becomes a buyer cycle. You might consider doing a 1031 real estate exchange and roll the profits from first home into next one tax free.

2. Ethically, whoever buys the house has to live there. Also, beware that some banks are particular about what property you buy next if you already own one. For example, if you own a single family and want to buy a four plex with FHA, some banks would no allow that. Going from let's say a single to another single is probably ok. I ran into this problem this year.

3. I recommend asking the bank whether this would be cause for concern. Some banks are ok with it.

This is such a good idea! I'm going to take advantage of this.

I would recommend engaging with a lawyer to see your liability if you bought it. 

If there is no liability, maybe negotiate for a lower price and buy the building. Choose not to renew the lease for the offender. This will make your investment more valuable since your increasing the quality of the tenants.

For those that share your lists, thank you for sharing. You've helped me greatly. This thread is a great resource that I am going to bookmark.

Whoa. I misread the debt amount. I thought it was 37k. How much of her monthly salary is going to be eaten by those loans? I'm guessing the payment is over 3k. If so, that's half their monthly salary.

Sounds like a decent idea. Great income and credit. Assuming they have good references and no criminal history, it might be a good idea. 

Only thing I would worry about is that they are a lawyer. I would be worried that they could sue me for free. I'm not implying that lawyers make awful tenants. Just one thing to consider.

Thanks @Brandon Hall, I'll do that.