All Forum Posts by: Chad Althaus

Hi BP community, I was curious on others’ experience with the topic of escrow. Earlier this year, my monthly escrow payment on a $100k house increased $180 (27% increase), which cuts my cash flow a great deal. When I talked with the escrow specialist at the mortgage company, she told me part of that is because the taxes increased and the rest is a buffer predicting the next property tax hike. I know they have a certain amount extra that they can hold, and while they say it is “my money”, I know in reality it is sitting in their bank account and providing them capital to invest with. I have been considering taking my property taxes out of escrow and paying them myself in order to return some cash flow to my pocket. Is this a common thing to do, or is there a way I can decrease my payment in my current situation? Any help is greatly appreciated. Thanks, Chad

Hey Bryan Tasumi , I have a great broker and realtor recommendation as well. You'll definitely want to go local with these, as Texas is very different from California. I'll message you with their info, and feel free to reach out if you have any local questions.

Nice review, David Soest ! I am in agreement that Lifestyles is a great door for so many people and well worth the $500 or $750, however much you pay to get in the door. Del really does know what he's talking about, and I did learn from him, especially when it comes to multi-family. I, too, was impressed that he says on stage not to spend the money for the mentoring programs if you don't need to and to buy a rental property with it instead. Anyway, I highly recommend people at least check out the program - sure to learn a thing or two and certainly meet some neat people!

Liz Chen I agree with most of what Tom Cooper said. I'm investing in the same general area and the rental market is great. $1290 for $129k fits the 1% rule, so without knowing much more that's probably reasonable pretty returns for a turnkey in the area. Like Tom said, there is no way you will be making $750/ month unless you're paying cash. Be sure property taxes and insurance are accounted for, as well as vacancy, expenses, etc. - and especially property management since I'm guessing you won't be managing it yourself. I would guess actual returns would be closer to $400-$500 with financing, maybe a bit lower with management.

I believe it about the B/CS area! That's incredible. Also congratulations on the marriage and the first property! Way to love quickly, and keep it up. Best, Chad

Hey @Christopher Bowie, welcome to BiggerPockets and the world of real estate investing! I am still relatively new myself, but I have learned a lot and am always interested in sharing what I've learned. Having lived in a college town recently, I would definitely consider buying a house to rent out to other people also. That can work so well and be so beneficial. 

So I'd love to meet up sometime if you're ever interested, and I highly recommend getting plugged into the podcast and the forums and the webinars and the books and everything else that BP puts out. It's all super helpful and you can learn a LOT for free. 

Best of luck, 

Chad

Great meetup today, guys. We will definitely be doing another one. And if you were able to attend, be sure to hop over to the event page (https://www.biggerpockets.com/forums/521/topics/42...) and comment so you can connect with everyone else. 

Great meetup indeed. I'd love to have another one sometime soon. 

@Cayce Baierski we'd love to meet you next time for sure! 

I'll be there soon!

Awesome, I look forward to seeing everyone at lunch tomorrow! I mentioned this in a different thread, but I won't be able to make it until probably 11:45, so would the first person to get through the line at Jason's Deli try to grab a table/ tables for all of us? 

@George Gao No problem, I think it should be good. I haven't seen many unpromotional meet-ups around town. 

@Tristan S. Dang, you should organize meetup yourself in the next couple months. I'd be interested in connecting. 

@Justin Jarmon Don't let the time stop you - come whenever you can, and we can always make room for you!

@Christine Heartsill @Brian Hinkel @Shu Zhu I look forward to seeing y'all out tomorrow!

It looks like we'll have ~10 or so people attending some people also from this thread:

https://www.biggerpockets.com/forums/86/topics/426...