All Forum Posts by: Andrew Fredrickson

@Lazaro D Masot welcome to the BP community! You've found the BEST (IMHO) online for REI in existence!

Keep learning and engaging on the forums. There is so much information available!

All the best!

@Brandon Turner and @David Greene what a great episode! Talk about awesome energy and drive from Rock!! 

Always great to hear from those in the GoBundance community!

@Jeff Engebretsen

Sounds like a plan. That's the path I'm currently on as well. 

Feel free to reach out if you're ever coming through Chicago.

All the best,

@Thomas Miller welcome to the BP community! 

All I can say is, keep reading and interacting on the forums with others. You will not be disappointed. 

All the best!

@Jeff Engebretsen

I agree REI is certainly one of the best ways to achieve early retirement!

And even if that rental isn't cashflowing, you're still building equity (if you're paying down the mortgage) and may be able to benefit from appreciation someday (not that it should be counted on to appreciate). 

Are you wanting to focus on SFR or multi?

Also, you can tag people with the @ sign so they are notified when you reply :) 

Best!

@Jeff Engebretsen welcome to the BiggerPockets community!

Not exactly sure where you're at in your journey, but some things I would recommend are:

All the best!

@Ethan Aycock ahh yes, I see. Read it wrong.

Yeah with those numbers, the only way I see there being enough cashflow to make it worthwhile would be to buy it for less (doesn't hurt to offer), self-manage, add value and raise rents, or lowing the mortgage payment by putting more down.

@Ethan Aycock

What is the question? It sounds like it is rent ($2500) - expenses ($2208) = monthly cashflow of $292 which is still decent (depending on how much you put down).

A few things that jump out to me though are: 

• $1200 HOA fees! That really hurts.
• $100 for management? That is only a 4% fee (100/2500 = .04). That seems very low for property management.
• $500 mortgage payment - how much are you planning to put down? Assuming a 30 year fixed at 5%, in order to achieve a $500 monthly payment, you would have to put down $141,860 (or 60% down). 

Again, not exactly sure what you're asking. Just my thoughts.

Best,

@Rafael Salinas II welcome to the BiggerPockets community! 

Sounds like you are building good momentum for a great life and setting some good goals! 

Some resources I would suggest:

All the best,

@Bob Manning hello and welcome to BiggerPockets!

Congratulations, you've found one of the best online communities and REI resources in existence!

All the best!