All Forum Posts by: Annabel Valencia

@Paul Choate Yes I plan to stay in Lawton for a few more years.  I can't make it to the meet up this month but hope to meet everyone next month.

@Thomas S. yes thanks for the advice. I had a credit score in the 7s before a recent divorce and I'm digging my way out of a dive in my credit score as a result of getting behind in bills. I now live in property owned by my mother - it also has an HOA ironically - where I have a home photography studio that makes a small amount of money, so I don't know that I'll be house hacking especially with my 3 kids but hey, maybe!

@Courtney Fricke thanks for your time and advice.  

I'll start from podcast 1.  There is a meet up in OKC soon also that I found here on the forum.  

As for the condo, I just recently started looking closely at the numbers.  On a year with 0 expenses it will bring about +$170 per month taking into account vacancy, maintenance, and future property management fees.  In a year when there are any repairs (the repairs are around $4k for 2016 and 2017) it loses a lot. It probably needs to be sold.  It was purchased by my Mom in 1995 for about $40,000.  I think now it's worth about $88,000 (according to my USAA app)  I think she's emotionally attached to it since initially it was purchased as a primary residence for me and I lived in it.  It's in my name now but I hesitate to sell it out of respect for all the money she's put into it.  I'm in such a financial hole right now from a divorce that left me with debt I can't pay.  I feel like I need to prove to her that I can be financially responsible before she takes me seriously about selling.  But if I can come at her with some numbers that make sense to her that could change.   btw According to her the market rate for those condos is $750.  And I've learned now to stay away from properties with HOAs

Thanks for all your advice!

Thanks Braden. LOVE New Orleans, miss the Louisiana food so much; grew up in Baton Rouge! : )  I'm hoping to finance against the rental property. I guess I forgot to mention that it is paid in full, if that makes any difference

Hello newbie here looking to buy my 2nd rental prop.  I own an out of state condo in Louisiana; estimating it's value at around $75K conservatively.  It has been bringing in $800/mo rent for some years now.  I've been hands off with that property (mom manages it currently) My credit score is horrible, under 600 and I have no savings at the moment : /    Wondering what my finance options might be, as in what type of loan ???  My head is spinning with all the new terminology I'm trying to learn. I've not read the book about No or Low $  Investing yet, but I will if that's where I should start.  I'm wanting to get started soon with the goal of investing in 1 property per month or as close as I can get to that #. Thanks and glad to be here!