All Forum Posts by: Casey Cuppy

Congrats!!!

I agree with @Brandon Bohland subdivide the lot and sell the other property and keep yours if you and your family are all happy with the home. 

I actually prefer to buy properties that have tenants in them. It saves you from any vaccines right away. As long as you do your due diligence and make sure they are good tenants and pay onetime it is usually a very headache free situation. Make sure to get a copy of the lease and that all rent are pro rated and deposits transferred at close. Your agent should be able to make sure that is done for you if they are specialized in working with investments properties. 

If I had to use it for just RE I would invest enough in cash flow properties so that I can live comfortably off of just that cash-flow. Then I would do fix and flips with the rest of the money. 

Good point by @Mike Nuss  One thing to look at also is what it rents at. If it is a good cash flowing property then that is going to be the main thing an investor looks at and it should sell. 

That sounds like a great start. You could get a nice portfolio setup if you leverage everything correctly. One of my past investors had 300k to spend and we got him set up with a  package (a few different multi families) that he was bringing in over 70k a year cash-flow, and that is after expenses. I am personally not a big fan of the 55+ properties and I would recommend you go with regular multifamily units. 

I agree with everyone who says you need a new property manager. Also how were the utilities $270 and $930 for an unoccupied house. That is ridiculous. It looks like someone is trying to take advantage of you from my perspective. 

Looks like a pretty good deal form just the numbers. I agree with @Account Closed  those taxes and insurance look very high for a property that cost 220k. 

Asbestos isn't actually as dangerous as everyone seems. The big uproar came way 1960's and 1970's and all of the people who got really sick form it were factory workers who were using it as a flame retardant on what ever it might be they were manufacturing. They were exposed to it daily for over long periods of time. I was reading somewhere that inhaling asbestos that might come from say a popcorn ceiling would do about as much damage as smoking a cigarette. They actually compared the two as in if you smoke cigarettes everyday obviously that will lead to issues same with asbestos if you are around it everyday. 

Most houses are going to have it that were built before the 1980's. Now even with everything I said it is always best to take precautions and be safe withe everything.

******* I am not a doctor or lawyer or advising anyone to go start eating popcorn ceilings or huffing asbestos******

Those are both looking tough. The high taxes on both are eating up your cash flow and the HOA on the condo is killer. It better cover almost everything to be $300/mo. The taxes out here in Arizona will barely be over $500 for the whole year!!!