All Forum Posts by: Robert Carney

I'm trying to kickstart my RE investing and have been non stop in books, podcasts, youtube videos, etc but still have reservations on my next move - curious what successful investors would do.

I have a condo that I bought and lived in with goals of being a rental, which has now has been rented since 2017. I paid $165k for it, put 20% down at the time. This is in a VERY desirable area of Tampa and has appreciated to the current value of around $350-375k. I currently owe around $100k on it. After property management, mortgage and everything else it's cash flowing a few hundred a month.

With the state of Tampa real estate these days, I have a hard time letting this one go but I'm focused on growing my portfolio. The problem is I can't seem to find anything that makes sense financially on MLS and work a full time job that won't allow me to do a full BRRR - i would be open to a cosmetic update but not complete overhaul.

I also have a young family so the fear of becoming over leveraged worries me. Over the years I've gone back and forth with the idea of 5-10 completely paid for rentals being my goal vs 20+ leveraged. I know most of this group would say that's the wrong strategy and I think I would probably be best suited doing something between the two strategies.

Do you keep the condo and just look towards the next property or do you 1039 it into a 3-4 unit mulitfamily which are also very difficult to find these days? Or something else?

I understand that the first thing everyone will say is "Don't pay it off and leverage more properties" but I'm curious how to correctly establish ROI on an investment property. If I pay it off, I'm at least saving the interest rate less tax savings but unsure how to establish an accurate ROI which factors in cash flow and appreciation.

Details are below:

Bought: $165k

Currently Owe: $110k

Current value: $315k

Current Rent: $2k

My end goal is to exit the corporate environment before normal retirement age, so I’m trying to make as close to my w2 income in passive income as soon as possible.

What are your Thoughts about paying this off, then snowballing income into the next property and continuing that until my exit makes sense. My peers’ COVID experience has me more interested in the ability to exit from a w2 job that I enjoy when I want, versus a massive leveraged portfolio.

Thanks for your input!

Still available? Please call me at 6147382203 to [email protected] if so. thank you! 

This would be out of my range right now but I'm interested in S. Tampa duplex/triplexes if anyone hears of anything coming down the wire.

I'll do my best to keep this short, but I'm looking for some advice on analyzing properties. I'm relatively new to REI but have been consumed with learning the business over the past few months, BP has been an incredible resource for me so far. I want to make my first real move, but I'm not sure if I'm looking past good opportunities because of "Analysis Paralysis". Every deal I've looked at comes back as a poor decision and I'm wondering if it's truly the case or I'm missing something in my analysis. I just looked at a pre market duplex tonight that doesn't even come close to a good deal based on my evaluation but I know for a fact other investors are also running the numbers on it.

My Evaluation: 

I've attached an analysis for my current place, which I bought a couple of years ago (at these numbers). By all indicators it looks like a bad deal from a buy and hold perspective, but it's appreciated by at least $60k between the time of purchase and today. I know this is a rare case so I want to make sure I'm evaluating based on no or little appreciation and that I consider any appreciation a bonus. I'm in a very desirable area with the obvious red flags in my HOA dues, but it's a resort style community in a prime area so that's why it's so much - its also a very sound HOA financially. When I bought the place my goal was to live in it for a few years before renting while I make the money for my next move.

Any thoughts and feedback would be very much appreciated. Thank you.

Thanks John!

Hello everyone,

I'm looking at purchasing my first rental property and while I've done quite a bit of research on analysis, etc - I thought it would be great to get some outsider opinion on this particular property. 

I know these are estimated (for the benefit of the seller) numbers but overall I think it looks fairly solid, WC Equity seems to have some solid reviews both on BP and outside. 

Any insight that you can provide would be greatly appreciated.

Thank you!

http://www.wcequitygroup.com/properties/4577620045

Cost Analysis Performed as Rental Property
In:
Rent - $11,100.00

Out:
(Annual) Estimated Taxes - $500.00
(Annual) Estimated Insurance - $850.00
(Annual) Property Management (Optional) - $888.00
(Annual) Estimated Utilities/Lawn/Misc - $555.00
Total Costs - $2,793.00

Net: $8,307.00

Earn:
Total yearly net equates to - $8,307.00
Total monthly gross equates to - $925.00

I currently own and live in my only property and I'm looking for my first multi-family investment property (2-4 units). At this point I don't have plans to move into the new property, though that could change depending on the property that I find. After some research, it seems that I should be able to find a loan for less than 20-25% down but I'm struggling in finding those loan opportunities. I've been advised to try with credit unions and local, smaller banks but the lowest I've come across is 20%. If I'm not planning on moving into the property, is there any loan options that I may not be considering?

New to the site and the real estate investing world, starting to learn and completely consumed by the learning process - thrilled to have found this site. Currently looking to purchase my first multi-family rental property, for now it would be supplementing my 9-5...thank you for the insight and knowledge!

Bob, Tampa FL