All Forum Posts by: Anthony Reyes

I have a property that I have been renting out for about 6 years. The mortgage is $830 a month and I rent it our for $1850 per month. There is about 250k in equity. I am having to evict the current tenant for non payments for the past 3 months and my property management company is merging with a different one because of health reasons of my current one. Do you all think it would be wise to keep renting with the healthy profit or sell and wait to see what the real estate market does? Im leaning towards keeping it rented because of the low mortgage. Just wanted any other insight. 

I did this with my first property four years ago and it is working nicely. If you have the 20% down for your next home I would do it. I use a PM which charges 10%, but I find it completely worth it (have kids and own a business) they take care of everything so I don't have to put too much time or mental capacity towards it. They do all background checks, credit checks, walk though every 6 months, handles the covid issues, late payment fees and evictions if needed.I guess it depends on how much time and effort you want to put into managing it. They also got me $250 more per month than I was going to rent it out for doing it myself so that more than made up for the 10%.  I am currently looking for another house so I can now rent out the one we live in. This way the down payment is still 20% they want at least 25% if it is going to be a rental) and the interest rates are lower because I will be living in it. Also, my insurance is lower on the rental because they only insure the house not what is inside.

If I am not able to sell the flip, I will try and refinance then rent it out. I am trying to build a rental portfolio, but I don't want the HELOC loan eating away at the monthly profit. This is why I would like to flip and try to get money out to pay off the HELOC and have some money for a done payment on a buy and hold without a HELOC and mortgage to pay on it.

I am somewhat new to this and wanted to get some of the pro's input. I have a rental property that I am able to get a HELOC on for $43,850. The APR they are offering is 7.75%, which I think is somewhat high but I'm new so not too sure. Houses around my area average around $150-$180k so I would need a conventional mortgage as well. I do not want to have to pay the HELOC an conventional mortgage together so I am thinking of flipping a house, hopefully done in 6 months and pay them both off and then use the profit to roll into a long term rental. Is this the best rout to take? Any input on this strategy would be greatly appreciated.

Back in January I jumped into the rental market with renting out my old house. The house is worth $190,000 and I owe $116000 and is currently rented netting $420 a month. I would like to buy another rental property and try out this BRRRR method that I am hearing about. Should I get a HELOC or is there another route I could use to leverage my current rental, I have hear about a cash out as well. Since I'm new at this I just wanted a professional advice.

Thank you!

Thank you all for your responses. The way that I got the numbers are the mortgage is $850 a month and the house will rent for $1250 a month, with the 10% property manager fees at $125 a month that brings it down to $275. The main reason that I was thinking of keeping the property is it is in a great area with houses being built all around it starting in the mid $300k's. Also the interest rate on the house is in the low 3% and it would a great and easy way to get into real estate investing. On the other side I own a business and have saved $50k from that for investing in real estate and wonder if there is another deal I could invest in to make better profit, but I'm afraid I will have a hard time finding another deal, or I will get distracted for another couple of years with family and business. Once again my house is worth about $195k, and I owe $118k and owe a "gift" of $15k (parents loaned it to me for the house) back when I sell the property. 

I have been wanting to get into real estate investing for some time now. I bought a foreclosure back in 08 and have been living In It since then while building a business and family. We have outgrown the house and are moving and I am torn on whether  to keep and rent my house or just sell it. I have the down payment for the new house($52k from my business) that I can put down or sell my house and use the equity as the down payment. The house I currently live in is worth about $195k and I owe $118k. Would you all recommend keeping the house and renting it out for a income of about $250 a month (after property manager fees) and keep saving to buy a house outright for more cash flow or sell it and use the equity as a down payment.