All Forum Posts by: Account Closed

With no cash reserves, that will be the end the business, once surprises pop up, and 100% they will.

Bought a SFH in Dallas Georgia for $107,000 in 2016, and now that property is worth $270,000.

Hard to do that now.

You will need a lot of money up front to get started.

Atlanta and Birmingham have been good to me. 

Low property taxes, good PMs, low vacancy, steady growth in the rent to balance the rising costs of insurance and taxes.

My goals have changed in the last couple of years. 

I'm not going for the 10 properties anymore and I stopped at 7, but then sold 2 for 1 for a big profit (double what I paid for it!) and now have 5 properties, 1 for residential, 3 for long term rentals, 1 for short term rental, and I've started buying mortgage notes which I have bought two so far where I am the bank and not dealing with property taxes, insurance, or repairs as these notes are for land lots with owner owned mobile homes. 

I'm making good money as is without having to buy more properties, which I don't want to do anymore, I've reached my tolerance level, and want to avoid more cost to me in terms of, insurance, repairs, taxes, dealing with tenants, etc.

No, I have not paid off any of my properties, so to answer your question I was not paying them off before I bought another one. I don't pay it off because I want the tenants to pay off my mortgage with their rent. I get to write off the mortgage interest on my taxes.

My residential will be paid off in 2023 :) 

After the penalty and taxes, how much would you have left from the $45K? 

Enough for a cheap property that will need a ton of repairs, that will for sure kill what little cash reserves you will have left over.

Not if you are close to having your mortgage paid off.

I’ve been there for over a year currently at $999 rent, rented first week on the market, tenant renewing for another year at $1,049 , never late on the rent. It’s near the country club and golf course and good school. I’m happy.

Living here in Texas, I've done deals in Alabama, Georgia, and Ohio 6 SFHs in total since 2016, with the exception of my residential house (and a couple of deals that fell through) here in the Austin market I've never done a deal in my local area. 

No cash flow here, only appreciation (which can be good), so I looked elsewhere.

Pinson, Fultondale, and Grayson Valley are also good areas of Birmingham.

This is a good tool, maybe a little dated.

https://www.biggerpockets.com/...