All Forum Posts by: Chris Davis

@Jonathan Small Nice job on this find and completion. Now on to the hunt for the next one. Rinse and repeat. Congrats.

@Elton John

@George red

Congrats on your off market purchase and getting in the game. I agree with what George Red said.

House hack is a great way to get started and continue to do if you can. I wish I started out like this. Looking at the deal, looks like you did good. With the rent you will be receiving from the other side, $1,800, you are reducing your living expenses by $800, which you can start to save for your next down payment. Good job.

I have followed Dion Talk on youtube which uses the house hack method and has good systems. I would definitely look him up and listen to him.

Congrats again and enjoy the Holidays.

Chris

@Jonathan Chu

We bought a 4 plex and it has been great. Good cashflow. 4 doors instead of one.

@John Dersoe

Here are a few different senerios for you.

Mtg $160k 530 savings after refi w/ 165k down

40k Car - 475 savings, just guessing based on monthly payment..

220k cash

700k invest

7800 income

6125 expenses

1725 savings

Child support 1300mth

Payoff early, don't know how many years...

8yrPayoff cost 124.5k save 1300 a month

Situation:

100k cash

700k invest

7800 income

4825 expenses

2975 savings

Sounds like you would like a larger buffer between income and expenses, with that being the peace of mind. Saving 3k a month with still 100k to decide what you want to do and also have 700k in investments, you are doing and did a fine job getting to where you are at.

Best of luck..

Chris

@Adam Ailion

I called PENFED on April 8th for a HELOC on our rental, and the agent said, "I just received an email as of this morning that states, as of April 8th, no more HELOCs on rental properties going forward." He said that to call back in a month or so to check.

Chris

@Jacek Blaszczyk

Hi Jacek, Sounds like you have a great opportunity to walk into some instant equity, providing that it is in the neighborhood/city you want to live in. If that is the case, my Bride and I would rent our current home, move into the new one with about 200k in equity, fix it up, add a few bedrooms, with 2500sqft you should be able to. Then we would use the equity, either a HELOC, or refinance, to pull money out to buy more rentals. This looks like a blessing if the area is right.

Cheers

@Robert Washington

Congrats Robert. On to the next one. Keep building that portfolio.

Chris

@Nate Elting

With you experience, I would choose option 1 for a few reasons.

1) Owning a 4 plex myself, allows for multiple tenets paying instead of 1, allowing for vacancies and still being able to cash flow.

2) Once completed, you could house hack allowing you to live with a lower housing cost and too boot receive a lower interest rate due to owner occupied.

3) By you being the GC, and doing some of the work, you are saving money that I would have to pay, if I were to build either for the GC or completing the finishes yourself. Allowing more equity in the property once finished possibly allowing for you to get a HELOC on it.

Hope this helps.

@Steve Morris

On his profile it says EXP.

@Kate Andreeva

You will actually have to sell within the 3 years to avoid that. Once the 4th year starts then you have to pay the capital gains. There are other taxes you may have to consider such as depreciation recapture once you sell, but every situation is a little different, consult your tax accountant to verify.