All Forum Posts by: Steve S.

Bryan- wow what great advice! So many great people on here that have taught me so much already. Knowledge with an infinite return on investment.

Brian - I have 5 years left until I retire and I'm with a non deployable unit under very special circumstances where I am sure I will not be deploying. But I did stress multiple safety nets in my acquisition plan. I take my rental properties very seriously and run it as a business , which I feel is important. I only bite off what I can chew and of course the military always comes first but I work around the clock to do what I can to make progress in both aspects of my life.

David DuCille 10 is just a defined goal to keep me going but point taken on the cash flow goal. I'd love to take a trip to the moon one day , look over at the earth and point "well..there's my portfolio " lol lots of creative ways to earn a fortune in real estate ! Thanks! John Ivicevic - I have searched homepath before and placed bids. I wasn't aware of the 10% down though! That's valuable info! Thanks Michael - thank you and I'll take that advice . Are you in the pan handle by chance?

@Daniel - Agree, it would be safer IMO also. The tradeoff is less equity being built with fewer "roofs" though. Consider other advantaged of having more roofs. Cash flow isn’t the only way you make money with long term investments
1. Tax Benefits
2. Cash Flow
3. Appreciation
4. Tenants paying down the Mortgage

@Larry T - I brought that up to my wife a few days ago. It makes perfect sense, it wasnt the origional plan though. Another thing is, I bought in Florida, where I plan to retire to in 5 years, but Im currently stationed in SC. Doing some rehabs in SC until I can move back to FL is something I've also thought about.

@Nick B, Just purchased this little over a month ago with the intent to hold it. Rental values are based on my knowledge of the market and of course the managers input.

Larry T - Hey I’m originally from the Rochester area, Clifton Springs near Canandaigua. Selling would cost me another 8k in realtor fees and then what ever closing cost might be and taxes unless i do a 1031.

Here’s is what it is right now...
Conserv. Rent $1200
(Probably $1300 though)
PITI $717
Management $120
Maintenance (put aside) $120
Cash F. - $243

My goals are geared toward long term buy and hold for cash flow

Nick B- Will do , and thanks!

Jacob- Do you get moved around a lot? Ive had to move a few times since I started and it is rough when you are trying to invest or even just live in your own home. I had a property in NY, AZ and Florida and now Im in SC (renting for now lol) selling off and getting them all in Fl where I'll retire is part of my goal. So much easier and cheaper in many ways.

Nick B - I sat up last night contemplating that scenario after you brought it up. A great piece of valuable information! Luckily I did buy the house for 122k and it was a HUD Property, did a rehab and the house is looking great. I did a CMA and I think it may appraise around 155k-160k. Does this make sense in this scenario?
122k Purchase Price
24k down payment + 10k rehab and other expenses = total in property was 33k
New Appraisal 160k x .75 = 120k New Mortgage
120k – 97k Current Mortgage = 23k cash out
Looks like it would take about $180 from my cash flow but would still operate effectively. But what about closing costs for the new loan?