All Forum Posts by: Andrew P.

disregard the "I PUT"

Still figuring out the mobile app

Quick backstory-So I purchased my first investment property in January. I got extremely lucky, and had it rented out 9 days after closing. It was a turn key property, so I knew it wasn't going to have a substantial monthly cash flow. I was ok with that. Purchased the property for about $140,000. I put down about 30k. Mortgage is $750 Rent is $1150. Again, not 50% and I didn't come close to the 2% (or even 1% rule). I had to do zero renovations other than change out the gasket on the dishwasher. Now I'm ready for a 2nd property. I'm going to use the "other house hack" route though. My plan is to buy a home, live in it for a year, then convert it to a rental property. I will have about 10k saved up, and I'm looking for a $150k property that is move in ready. (I have a full time job, and have no time for a fixer upper). So using mortgage calculators, it's looking like my mortgage would be in the $900 range. The problem with that, is that once I convert it to a rental, that would be about a $150-$200 positive cash flow a month. Should I save up more for my downpayment to try and get my mortgage down, in preparation for the future investment? Or should I just go for it, and then refinance before I convert it to a rental property? I put

Sharaya

I got lucky, and had renters in 9 days after closing.  Postlets is your friend

Welcome to the forums! I'm also in Augusta, and just getting started in REI. Just purchased my first Buy and hold last month. Good luck to you!

I just purchased my first investment property!  Finally...

Well I actually don't close until this afternoon, but I went ahead and put it on Postlets yesterday and got a bite.  The gentleman emailed me asking if I allow pets.  Initially, I was against dogs AND cats, but I feel I may be losing an opportunity at a potential tenant.  

It's a single family home in the 130-150kish range.  I have a big backyard, but no fence.  

What are your opinions on this?  Am I jumping the gun, since it's only been 1 day on the market?

thanks guys

I think I'll just check it out myself

Closing on my first home a a couple weeks!

So here's the deal...I got the home inspected, and it's in good shape.  A few things came up though

1)  Front Porch was separating (not the foundation)

2)  Rear Left Gutter/down spout disconnected

3)  Hot Water tanks connections have corrosion (they're replacing the whole unit)

4)  Rear back deck is missing a "board"

5)  Inside the crawl space, evidence of water intrusion

6)  Inside the crawl space, under Master Bath a PVC has a slow leak

The seller is covering everything above.  The question is, should I pay another $275 to get the home re-inspected?  I think I can tell for the most part if everything was taken care of properly.  #5 & #6 worry me a little though.  

Lets discuss a little organization. 

I'm actually about to close on my first RI (no big deal...).  I think i'm prepared and ready, but how do you guys organize your finances. 

Do you guys use a specific program?  I was thinking of using a digital spreadsheet, and uploading it to a dropbox account (or something similar) so I can access it anywhere or in case my computer/laptop goes down.  Or do you guys just use a good'ol pad and paper?

I'm talking any and all expenses, and rent coming in/mortgage going out, etc. 

Thanks Steve and Mike

Great info!

Haha, more along the lines of

"Is 50% towards expenses generally "high"? Is rent too low for the price point on the house? Should I go out of my comfort zone, and go into a lower income area (I don't want to do this for my first investment home), or am I doing the math completely wrong (lol)?"