All Forum Posts by: Chris Stonestreet

You're putting yourself in such a good situation by building a strong financial base like you have so far! That's awesome.

Now is absolutely a great time to buy, but so will 6 months from now and most likely 12 months from now. You may feel comfortable waiting until you pay off your car loan but it all comes down to personal preference and risk tolerance with that.

Since you're most likely searching your market constantly, if you see something interesting that has been listed for awhile (if that's even a thing in Phoenix area), then submit a low offer and see what happens. Worst thing they do is say no!

Best of luck and I'm excited to follow more of your journey!

Every time I have sold a primary residence I have wished that I held on to it. Not saying that's always the best option just my experience. In my opinion it's better to keep it because you always have options later to sell it or cash out refinance if/when rates go back down. 

There are so many calculations to run to see what is the best option, most importantly is probably your ROE (return on equity), to see if that equity would be working hard enough for you. However, there is something to be said for holding the property and accruing more equity and having even more options down the road. Like many have said, it all depends on your personal finance goals. 

Good Luck!!

 This is one of my favorite discussions because it truly is a personal discussion that has multiple rights and not a lot of wrongs. The simple fact that you have the money saved to pay off your mortgage and you're considering this option means that you have put yourself in a tremendous financial position, so CONGRATULATIONS!

The math says not to pay it off, 3.375% mortgage seems like a fantasy world now that we have seen rates more than double. Also, the fact that you're so young puts time on your side to let investments appreciate. It also appears that you could weather a lot of storms because of the cash position you have established and you're obviously making significantly more than you spend. But man it would feel good to live in a property that is free and clear!!! 

That being said, my advice would be to invest that money. Anything above a 6-12 month emergency fund I would be putting into (potentially) higher returning assets like real estate or index funds. You're so young that even if we hit a big recession, you can see it through to reap the rewards of your investement.

It's ultimately going to come down to your skill set. Are you looking for a side hustle specific to real estate? Or just something to make extra money to invest in real estate? 

I am a coach/trainer so on the side, I coach private lessons and charge a high hourly rate because I consider my time away from family outside of my already full time work to be even more valuable.

Have to agree with a few other posters here. IF this is your emergency savings, it should be put in a high yield savings account. 

 I'm sorry you had to learn the hard way, but one of the best things about real estate is learning and growing!! 

I was in this same predicament last summer.. We have a 2/1 that we considered making a 2/2. The juice didn't seem worth the squeeze. It's a lot of money out of pocket for the possibility of adding a little more cash flow each month. We found that it would probably not raise rent in our area and it would add very little value to the house. I would use the bigger pockets calculators or rentometer.com to run analysis on 2/2's in your area vs 2/1's. 

Congratulations! I accidentally house hacked a few years after college (didn't know of the term back then), my only regret was that I didn't start sooner. Looks like you're off to a great start in real estate!

I would add "Houston, TX" to your title to hopefully attract people who know that market. Where I live, just south of Atlanta, GA it's approximately 150 per sq ft to build, that's going to vary widely by the market though. Find or get referrals for a few contractors and get bids from them to get a better idea.

What would you be able to rent for? If it's enough to cover all of your expenses and maintenance/repair reserves, I would consider holding on to it. A few people have suggested making it a medium term rental which could work really well depending on what part of Kennesaw you're in, just be prepared to furnish the house. Go to furnishedfinder.com to see what the going rate is for MTR's currently.