All Forum Posts by: Cosmo Iannopollo

@Tarl Yarber I think most people with a story like yours would only talk about the profit. They'd say something like, "Yeah, there were a few bumps in the road, but look at all the money we made!" 

One thing I've learned is to separate the process from the outcome. If you do everything right and things don't work out, that's bad luck, but over time it'll bear way more fruit than someone who does bad work, gets lucky, and considers that a path to success. 

I commend you, sir. Can't wait to hear about your next success. 

One thing I've noticed on the boards so far is the accountability everyone seems to have. It's incredibly refreshing.

@Tarl Yarber, I love how you almost treat the profit as an afterthought. For a newbie like myself, this is a great way to think because a project like the one you just described is not going to provide sustainable success. 

Posts like this make me so glad to have signed up for BP. I love the thinking and accountability. Thanks for sharing. 

And also, congrats on the profit. That place looks amazing. 

Thanks @Paul Timmins. Lot of great information here. 

@Bishoy Girgis Good thoughts. I appreciate you taking the time to reply. As is, I'm still getting familiar with the terminology, let alone the actual process of making this all happen, haha. So much to learn. 

@Bishoy Girgis yeah, right now I'm paying $450/mo to house myself. Not bad, right? Haha

My ultimate goal is to move soon and rent the other space out for that extra $1200. I wondered about that HOA and monthly expenses, but the upside to the condo is the asking price right now. Where I live in CT, not much affordable. But this condo is on my current street, so I know what it can command in rent, which is probably 1,000-1,200 as it is a 2BD/1.5 bath.

@Bishoy Girgis, post got buried pretty fast, wanted to make sure you saw this. 

I'm an advertising copywriter. Working in advertising makes real estate seem like a breeze. 

Patience and discipline. Patience and discipline. 

My mortgage/mo: $1650

My rental income/mo: $1200

Owe: $180K currently

I pay on a bi-weekly schedule, so just over $800 every 2 weeks. 

Here's the situation:

In December 2014, I purchased a duplex. My wife and I occupy one half, rent out the other. To purchase this house, I was able to take out an FHA loan and then borrow a little from my IRA (which was paid back). Since then, everything has gone great but my savings hasn't grown as quickly as I'd hoped (apparently weddings cost money).

That being said, I have about $20K in equity built into the house right now. Knowing I cannot dip into savings or another FHA to make a second deal, what are my best options going forward? Right now I'm thinking a Home Equity Loan is best bet (my credit is outstanding, thanks responsible me), as I have no network of investors to pull from.

For more reference, I purchased my house for around $200K and there is a condo down the street selling for $100K. I would love to get my hands on it and think a HEL would be perfect for me. 

Thoughts? What are some things to consider as I pursue this?