All Forum Posts by: Dan Onofrio

@Chad Dickinson It sounds like you need to think about what is more important at this point in time for you. Do you think your parents would be able to move to different housing or somehow afford to cover all of the costs so you would be breaking even? Family stuff is difficult so the decision is definitely up to you. 

It seems to be a common thought, but paying down the mortgage is not the best idea as it eliminates opportunities for the future. It would be much better to pay the taxes, etc. then fork out a large sum that could be leveraged on another property. That is, if your goals align with that train of thought.

What are your goals for the future? That would most definitely help clarify what would be best to do next!

Good luck!

Its definitely doable. Just remember what your lending situation is. If you purchase a rental now and then try to get another large loan a year after, it might be difficult. This all depends on your job, income, etc. I would recommending speaking with a lender to determine what the best step would be!

@Sam Yin Thanks man. That was super helpful

I purchased my first rental property last month. I got approved for a conventional loan for 200k when I thought I would need a co-signer to buy my first property. It all depends on your work history and financial position! Because you have only been receiving steady income since October, it may be difficult because banks like that 2 years. 

Have you called and talked with a couple bankers about your options? Its free to call and they would be happy to give you any information they can!

@Jackson Smith I just purchased my first property in March. It is definitely a good thing about future deals, but don't let it bog you down from getting the first one! My recommendation is to get in for as little down as possible which allows you to reserve capital for other deals, etc.

Good luck man! The first deal is the hardest, but made me realize how much I was over thinking it!

@Jane S. My sister is dealing with the same thing right now. The police have been to the rental 3+ time in the past two weeks. The whole situation isn't ideal for sure. They talked about letting her stay, but came to the conclusion that the "mental damage" being caused is worth getting rid of the tenant even if it temporarily damages their wallet. 

If you let them stay longer, you run the risk of burning out of rental properties, which would be a shame. Good tenants make the process so easy. Get them out and others in...period

@Chris Leeper Networking is everything. Adding value to people will give you the opportunity to learn what works in your market; that is, if you want to invest in CA. Through my employer (property management company), I've been able to learn valuable skills while getting paid to do it. Quite frankly, I'm getting paid to write this post.

 Is there a possibility you can find a job that gets you money, knowledge, and skills at the same time?

One thing I regret about my previous job is I stayed their for too long. I should have found a job like the one I have now years ago. 

Are you in a career you want to be right now?

@Alicia Tingey Geddes Well, if you don't mind the snow, Eau Claire, Wisconsin is starting to boom. The cash flow may not be as much as other markets, but they appreciation is crazy. People from Minneapolis are starting to relocate here and commute! EC has a "hometown" feel, but is growing exponentially in the next 1-5 years. Good luck you two!

@Jossalyn Wallace Incredible! Thanks for sharing!