All Forum Posts by: Anjoli Elizabeth Rowe

@David Robinson This is what happened to me! Deactivated my Facebook account and removed the app, so BP and reading area my go-tos. My scrolling is now not quite as mindless. 🙃

Hello! I need a great company for owner financing servicing. Home is in Idaho (but it looks like many companies are certified nationwide). Please let me know if you have any recommendations. Thank you!

@Guifre Mora

I should have mentioned in my previous reply that cash flow has improved over past few months. Last year, I had friends of friends staying in the place much of the time, and I was newer to renting out, so the price was lower for them, but they were also there for a longer term, so income was more consistent at the start of the year. It's been in the 2400-2600 the past few months since I started renting by room. But they are still short-term tenants, I do get a good bit of gap time, and I expect the income to continue fluctuating month to month because of that. Even though it's been great for a few months, I just looked now and kind of projected out, and it looked like next month I'm only projected around 2000. So cash flow is not consistent and probably not fantastic.

Also for reference: I haven't included money coming out for expenses (CapEx) in my cash flow reports. I'm still learning, and so those are changes that I made for this year. But to give you an idea, last year, I profited $3,332 after all expenses. And I already have to replace a fence this year, which will cost around $1000.

@Guifre Mora 

Thank you! I wasn't sure how much information to provide initially. I appreciate you taking the time to assist and to provide this list of information to include.

Purchase price: 249,900

Down payment: 7,500

Additional closing costs: 4,887

Additional cash for improvements: ~1,000

Current market value: 298,000 (this is Zillow estimate, haven't discussed with my realtor yet)

Current loan balance: 235,227

Current loan interest rate: 5.0%

Monthly mortgage payment: 1,574

Monthly average total costs (with utilities included as it is a furnished short-term rental): ~1900

Monthly average rental income: 2241 (averaged over past six months, has ranged from 1423 to 2646)

Monthly long-term rental potential (assuming no utilities or furniture): 1500-1600 (pretty much just the mortgage)

Hi, all! Hoping to get some input from people who are wiser than I am! I currently own one investment property, which was just a home where I used to live that turned into a furnished rental when I got married and moved to another state. Not a BRRRR property. Cash flow is good for now and it's in a growing area where property values have grown exponentially the past few years, but I don't plan on returning to that area and have not had good, consistent property management in place since it's furnished, so it's been a little hard to manage from a distance (though not terrible, still definitely doable).

I am trying to decide what is better worth my investment. Keep the property since I already have it, cash flow is decent, and property value is rising well? Or sell it and place the returned money (roughly 40k right now after realtor commission, etc. is paid - and that is a 25k profit from what I put into the house) into a BRRRR to get that started now?

It doesn't sound like refinancing would be my best option since I've only had the house for 1.5 years. After closing costs and only getting 70-80% on the refinance, I just don't think it would further my goals at this point. I am open to this option or another option if it would potentially be worth it. If this were the case, though, I would probably convert my house to more of a standard long-term rental and go through the process of getting rid of furniture, etc. (note: this would reduce cash flow).

I very much want to start BRRRRing. It sounds like if I sell this property, I would have a good amount to invest in my first BRRRR property (with less need for other financing), which would ultimately turn into more properties and...well, you guys know the rest.

But what are your thoughts? Get rid of that house and put the money into BRRRR so I can get that movement started now instead of waiting until I get more funds or can find financing? Or do you have other opinions?

Thank you in advance!!

Sorry for the long post!