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All Forum Posts by: Brian Knox

Brian Knox has started 8 posts and replied 22 times.

Post: Would you risk it?

Brian KnoxPosted
  • Saint Cloud, MN
  • Posts 23
  • Votes 0

Really good stuff, guys. This was my first post on BiggerPockets and you showed me just how helpful it can be. Thanks to you all!

Bill, I am too new/dense to understand a little bit of your post:
Can you say more on: "Might consider selling, if you can on an installment/wrap/sub 2 getting some cushion up front and again, lower payments." ?

Post: Would you risk it?

Brian KnoxPosted
  • Saint Cloud, MN
  • Posts 23
  • Votes 0

Would you risk:
Living in SC while having 2 rental properties in MN (one of which was previously your residence)?

Vacancy being my main fear: PITI on 1st = $375, PITI on 2nd = $825

1st Rental cash flows nicely and seems to have a permanent renter (HRA assistance, 1+ year of tenancy with very few issues)
2nd Rental would cash flow when rented at a market rate.

Both would be property managed by a competent manager I am using presently.

My primary fear is a vacancy on the second as I could not cover the mortgage for numerous months based on our family's modest income.

I want to go for this as I am a risk taker, yet I don't want to be stupid...