All Forum Posts by: Anthony Covington

@Chris Jones Welcome to BP. Again. I have a similar story of falling back but staying educated. I'm in PA now but am a Jersey guy as well. Went to college in Trenton in fact. Good luck with investing! 

@Christian Cramer thank you. Yes I lived in it for two years before we moved.  Selling is a great option, but I'm hesitant because it continues to appreciate... and if I'm honest @Joe Villeneuve has me dead to rights, it was my first home, and we wanted to keep it.

@Mike Smith Thanks, you are correct. The rent is covering the mortgage and not costing me anything out of pocket without budgeting for Capex, repair, and vacancy etc, but once I add those in correctly, I see the cash flow loss. I can manage it now, but don't like the idea.

@Daren Card Thank you. That is a smart idea. Offloading repairs and capex on the tenant would be ideal because it would then cashflow. Much appreciated. 

@Michael Nyszczot Thanks for the idea. I hadn't thought about short term rentals but I'll look into it... I'm about 90 days out from my lease expiration.

Hi guys. Tony here. 

So before BP when i knew less than nothing about REI, I bought my first SFH outside Jacksonville, FL where we lived for a few years. Work brought us to PA, so we rented it out to cover the mortgage.

Now that I know more, I ran the numbers through the calculator(vacancy, capX etc.) and found out I am -$150 cash flow/month. I believe the rent to be near the top of the market(1,500) but I do have good equity (60k). I also got ahead of myself and opened a HELOC on the property for capital on new projects, so I can't sell for a few years.

I think the problem is I didn't buy it as an investment. Any creative ideas on turning it around or mitigating the -CF? 

-Thanks

@Judy Parker @Ozzy Sirimsi

Thanky you! 

Welcome @Andrew Albert. Good luck and Best wishes!

@Account Closed Thank you. Where area you investing in? Getting together would be great. There is an REI meetup here in York tomorrow evening I plan on attending. Message me for details if you want to link up there.

@Kyle McCorkel Exactly. Are you using hard money to fund your BRRRR purchases? I've got a rental property in FL I may HELOC for cash, but may not be able to fund purchase +rehab without additional funds... I've yet to look into turnkey companies but may now to get the ball rolling. Thanks!

@James Wise thank you! I'm listening to your guest spot on the podcast. Some real good stuff ! Hoping to make some partnering connections at my first REI meeting next week.

@Kyle McCorkel nice work. congrats! 10 properties is my goal. Inspiring to see it can happen in just 2 years! What's your strategy and criteria? I want to invest in small multifamily properties, but haven't seen many around, and find them hard to estimate ARV on. I'm open to SFH as well, but have no rehab experience. how were your margins on the turkeys? did you use a company?

@Dmitriy Fomichenko thanks!