All Forum Posts by: Account Closed

Hi guys,

1. I hope I got the correct forum. Anyways, a little background info. I purchased a condo about 2 years ago, FHA loan, for $256,000 30/years @ 2.875%. Since then it has appreciated in value; condos in my location are now being sold at $350+ and my county gave me their estimated value at $311,000. Here's what I am thinking of doing next, someone please advise me in a different direction if this is wrong.

I am going to reappraise to get my MI off my FHA loan.

2. If my goal is to buy another property, condo or home, what should my next steps be?

Any help would be greatly appreciated!!!

Cory

@Account Closed I love to be frugal! My wife however is still in training haha. Once she's done with her teaching program and gets a job as a teacher we should be able to start saving much more! Thanks for your advise!

@Michael Mazzella Thanks so much for responding and for your advise! Flipping houses first sounds like a logical step prior to acquiring properties for passive income. So if I had 20k to invest; would it be better to flip a 100k condo or invest in a 100k rental property?

@Lane Kawaoka HOAs are about 300 for maintenance fee and 55 for association. Plus I have mortgage insurance on top of that because of FHA. So there's a big lump of $ on top of the mortgage.... I did know there were going to be HOAs and mortgage insurance but I was so excited to get my 1st place I didn't care. I'm thinking of renting out one of our rooms to help lower our payments for now. Got any other ideas on how to lower my monthly payments for the next few years?

Hey BP,

I bought my first non-rental property; which the wife (future teacher) and I (current teacher) call home. It's a brand new condo in a brand new development next to a brand new elementary school. We had to FHA the bad boy since my wife is still in college. 3 bed/2 bath. I live in Hawaii and bought the condo for 250k; my complex is still being build (3/4 complete) and the same condo I bought for 250k is now going for 285k.

If my goal is to become financially stable through investment properties and have my day job be "bonus" money. I got 2 question...

1. What would you do next (in terms of acquiring rental properties) and how would you go about getting there?

2. Knowing my goal, should my next step even be thinking about rental properties?

Hey guys and gals,

I've always been interested but have never educated myself on it; I'm beginning to do so. I'm in need of some direction as I'm in a different situation than most.

We are farmers and I feel that we are breaking our backs 365 days a year; rain and shine to scrape by.... My family has about 20+ acres of rural agricultural land (15 miles away from the city) On the land there is the main house and two detached single family home (2 bed, 1 bath) cottages (both being occupied by family not paying rent). To my knowledge all 3 houses are paid off. We obviously have the potential and the assets to make more money in real estate than we do farming.. I just don't know where to begin....

My questions are:

1. What real estate possibilities do we have with this land; both short term and long term?

2. What type of realistic real estate plan would you try to employ to basically make enough money annually to retire from farming.

Thanks for your time!