All Forum Posts by: David Alejandro Hernàndez

Hello everyone,

I have purchased my very first property. I am living in it to make some improvements to increase its rental value. Once I have enough money for a down payment on another property, I plan to turn this property into a rental and move into a new home.

My question is about planting a privacy hedge (Clusia) around my backyard. The yard is currently fenced. I would plant small hedges because they are much cheaper. However, in 2-3 years, they will require regular trimming, which will cost money. Should I go ahead with planting the hedge, or should I keep the property as plain and maintenance-free as possible?

Additional information: I do not plan to keep this house forever. Eventually, I might do a 1031 exchange. The property is currently valued at roughly $330,000 and rents for $2500/month. I am adding a 4th bedroom, which will increase its value.

Hello everyone, I have purchased my very first property, I am living in it to do some improvements, increase rental value and when I have enough money for the down payment in the next property turn into a rental and move into another property. 
The question I have is, I would like to plant a privacy hedge (Clusia) around my backyard, it is currently fenced, I'd plant them small because they're much cheaper,however, I know 2-3 years down the line they're going to require trimming every so often and that will need to be paid, the question becomes, is this something I should do or should I keep the property as plain and maintenance free as possible? 
Additional information, I do not plan to keep the house forever, eventually I might 1031 one exchange. The property value as of today is roughly $330,000, and rents for $2500/month, I am adding a 4th bedroom and will become a more valuable home.

Thank you so much for your attention and participation.

My name is David, I'm 28 years old, working as an independent contractor. I currently earn about $7,000 per month, working 50-55 hours a week at $34/hour. I'm also in school to advance in my field, which could increase my hourly rate to $80 after two more years.

I recently bought my first house, a 3-bedroom, 2-bathroom, 1500 square foot home. It has a potential to convert an under-truss lanai (sunroom) into an additional bedroom and bathroom, adding 253 square feet to the house. The current value of the home is $330,000, and it should increase to $365,000 after the conversion. My mortgage is $2,650 per month at a 7.99% interest rate. I rent out the master bedroom, bathroom, and an independent kitchen area with its own entrance for $1,200 per month. (I live on the other side of the house, 2 bedroom and 1 bathroom).

I have a $20,000 debt to the IRS, which I am paying off at $381 per month due to high taxes declared two years in a row to qualify for a mortgage.

My goal is to build a portfolio of properties that pay for themselves. I need advice on the best allocation of my money and how to achieve this.

1. Should I pay off the IRS debt first and then save for a second house?
2. Should I do both simultaneously?
3. For buying a second house, should I declare high taxes again or save for a 20% down payment to qualify for a loan based on my active income, without needing tax returns?

Other details: I live, and work and the home I purchased is in Cape Coral, Florida. Home prices have dropped since last year and are still going down. There are many homes for sale right now. I'm not sure if prices have hit their lowest point yet, but they have come down a lot from when they were very high last year.

Thanks for the help in advance.

@Jonathan Greene I appreciate your advise, thank you.

Hello @David Kelly , could it be considered a FHA if only one of the two is going to be living there?

@Patti Robertson I think I have to talk to a experienced broker. Because she's going there just to study. So we were thinking to buy the property as an investment property (probably 20% down) but I do not have as much for a down payment.

@Joshua Janus she does have a consistent income, however, she doesn't make as much to qualify for a loan by herself. [She names around 25k] in W2's.

Hello everyone, I hope everyone is having an amazing week!

My wife and I live in Florida, she will soon be moving to Richmond Virginia to study. She'll be spending 4 years there and then come back. We do not own any real estate right now. I think it would be much better for us two to buy a house in the place where she's going to study (she would use one room) rent out the other bedrooms than paying $750 herself for something she doesn't own, (I've ran the numbers and she will be living rent free if we manage to purchase a house there). My question is, how do we make this happen? I currently make around 40k in 1099, this is going going be my second year declaring this much and un thus way so I think I will now be able to qualify for some mortgage, but how exactly will this need to be done? Should we purchase the house before she actually goes while she still has an income from her job (she's had the same job for over 4 years). Or we have to purchase the house as an investment?