All Forum Posts by: Ash Lynn

Hello do we register online or at the event? Also what is the fee? 

@Account Closed thank u for your advice!!

Hello, 

I have been offered a deal on a 2 bed/2 bath condo less than a mile from a university (desireable location). The owner is selling it for $50,000. The HOA fee of $175.00 includes the home ownner's insurance and it is tenant occupied currently renting for $700. Ideally I am looking to get a 12% cash on cash ROI. According to the rental analysis that I did, this property will generate a 9.8% ROI. Is that still a good deal worth jumping on ($128.79 monthly cashflow)? Also, what are your thoughts on the overall numbers that are presented in this analysis? I could most likely increase the rent in the future, but would like to keep the current tenant in place (at $700/month) if possible. The purchase price is a undermarket value so that is a definite plus for me.

https://www.biggerpockets.com/calculators/shared/5...

Thank You!

AshLyn

@Jerry Padilla I didn't know about renovation loans, thanks for ur advice!!

@james 

@Jim D. I am definitely leaning toward that route it will be a sacrifice for both of us but ultimately this can be the start that I need! Thanks for ur advice!

@james Marshall I am definitely leaning toward that route it will be a sacrifice for both of us but ultimately this can be the start that I need! Thanks for ur advice!

@jerry I didn't know about renovation loans, thanks for ur advice!!

Hello BP!! I am looking for my first buy and hold deal. I'm having some trouble finding a solid deal and am feeling a little overwhelmed. But that is ok because I know that I keep hustling things will pay off. In the meantime, I am strongly considering moving out of the 3 bedroom/ 2.5 town house that I own (pay mortgage) and moving in with my mom. If I move in with my mom, I could cashflow about $300-$400 per month from the property and the savings that I would have by splitting the bills with my mother. I do have a few questions, that are important to answer in order to make sure this strategy makes sense. 1) If I rent out my primary residence, is this still considered a "rental property," in regards to tax deductions/tax savings (ex: depreciation, income, repairs, etc)? 2) I would use the money I've saved for a down payment and repairs on property instead to renovate my house and make it rent ready. I have equity in my  house, so I can do a cash out refi to fund the down payment and repairs for property #2 when I find it.  The house hacking strategy is a way for me to get into the real estate game, and start cash flowing asap. My goal has been to buy 1 rental property before the end of the year, I've been looking for about 6 months and haven't closed on one yet. I want to meet my deadline, however I don't want to rush and buy a bad deal. Financial freedom is my ultimate goal and I am I willing to move back in with mother If it makes financial sense!! Thanks for your feedback! 

Hello BP!!

I am looking for my first buy and hold deal. I'm having some trouble finding a solid deal and am feeling a little overwhelmed. But that is ok because I know that I keep hustling things will pay off. In the meantime, I am strongly considering moving out of the 3 bedroom/ 2.5 town house that I own (pay mortgage) and moving in with my mom. If I move in with my mom, I could cashflow about $300-$400 per month from the property and the savings that I would have by splitting the bills with my mother. I do have a few questions, that are important to answer in order to make sure this strategy makes sense. 1) If I rent out my primary residence, is this still considered a "rental property," in regards to tax deductions/tax savings (ex: depreciation, income, repairs, etc)?

2) I would use the money I've saved for a down payment and repairs on property instead to renovate my house and make it rent ready. I have equity in my  house, so I can do a cash out refi to fund the down payment and repairs for property #2 when I find it. 

The house hacking strategy is a way for me to get into the real estate game, and start cash flowing asap. My goal has been to buy 1 rental property before the end of the year, I've been looking for about 6 months and haven't closed on one yet. I want to meet my deadline, however I don't want to rush and buy a bad deal. Financial freedom is my ultimate goal and I am I willing to move back in with mother If it makes financial sense!! Thanks for your feedback! 

@Marvin S. I like the upfront model. I am actually having difficulty finding a realtor that is dependable/reliable. I do plan to discuss my goals, and be more upfront with the next realtor that I choose to work with. Thank you for advice!!!!

Mike Cumbie awesome awesome advice and helpful tips! Thanks for your perspective as well!!