All Forum Posts by: Clint E.

With all the repairs and a better understanding of the business after year 1, are you expecting to make a healthy profit next year?  

Also, to make a positive point, your equity gain in the property probably offset that $3,549 loss somewhat.  

Is the first house still cash flowing at the new, higher mortgage level?  Also, I was wondering why you went private money on the first house instead of conventional mortgage (since you took 2 years before refinancing).  

Congrats on the deal

Your title is misleading. It is about the solvency of FHA.

"The capital ratio that is the statutory requirement minimum is 2%, it's only at 2.32[%]--this strikes me as very little buffer above the minimum. And after all, as recently as 2013 the FHA needed a bailout," the senator said.

That quote means he may try to put the FHA system into a stronger, more responsible place. He wants the FHA to have more cash reserves than the bare minimum.

I think he meant FHA loan, which only requires 3.5% down. If I could do it again, my first property would be a multi-family house via FHA loan. I think you should look into that.

 Does that include the sewer bill?  Lots of time this one gets forgotten.  But more importantly (depending on state) this bill can lien on the property, not those who pay it.  

I looked VRBO rentals for my vacation last year.  I got the owner's phone or email and contacted them directly.  That cut out the middleman (VRBO) and the rates listed weren't always accurate either (according to the owners).  

I found a larger property management company and used them for my stay instead.  It was much easier than VRBO.  

You've left out way too many details to make a decision.  What does the triplex cash flow?

@Dave Foster Thank you!  That's a great breakdown, exactly what I was looking for.  I want to learn as much as possible.  I like the creativity used here and I feel whether you're big or small creative thinking can be all the difference.  

http://www.stltoday.com/business/local/brentwood-c...

I saw this article in my local paper and I'd like to understand it completely.  I'd like to see some people's interpretations and translations of what happened here.  I've heard of the 1031 exchange but I still don't get this 100%.

Thanks in advance.  

 Whether or not the PM has attorneys in house doesn't matter to you.  Those attorneys are to protect their asses.  You need to get real familiar with your lease real fast, it is what you agreed to.