All Forum Posts by: David Levy

I am about 20 or so years away from retirement, however, I am looking to possibly buy a 1 bedroom condo somewhere where I may retire later in life but for now have it make a bit of money by renting it out or at least pay for it self. Also prefer for this property to be under 40 min away from a major airport. I began thinking about Florida properties, something on the beach, which will be desirable on websites like HomeAway and AirBnB.

Very curious to get any sort of helpful advise from people that know much ,ore than I do on this topic.

My approximate budget for a condo ... under 300k.

Thank you.

Hi all,

We're looking into buying a house at the following address (43 New St, Wayne, NJ 07470).

Since we have 2 small children, one going to Elementary school in 2 years and another in 5, I am very curious to know if schools are good. My agent said they were, but I want to double check and hope you folks can help me out.

How are the schools? How is that area overall?

Thank you.

Hi all, What are my legal rights when my tenant lives off their security deposit and moves out? The place is in tact but they were not supposed to do this. We have a policy that if they move out before lease ends, we hold them responsible for 1 month rent plus security deposit. How much legal power do I have here? Thank you

Originally posted by @Joel Owens:

I am targeting equity growth through commercial development. Cash flow is an after thought.

Sure people can have 10 single family homes paid off in 15 to 30 years but that 1 million you think you have will not be worth 1 million by then due to inflation.

I don't buy into the ( live miserable for 20 or 30 years like a miser until you retire) philosophy.

I would instead look at how you can generate much more cash today to make investments. If your job pays you 50k a year then a lot of hard grinding. If you make 300,400, 500k a year then you can really accelerate investing.   

I am biased as I do not care for the SFR space whatsoever. The downside to commercial is you have to have a lot more capital to play. You don't get started with 10k,20k cash etc.

Maybe a one off retail condo space you could but anything of quality and size you couldn't. I don't want any headaches these days as I enjoy the life I have.

If you go SFR buy quality properties in quality areas. Stay away from the crap holes. That 300 a month you think you are getting can be wiped out instantly for a whole year with a bad tenant with lost rents, damage to the unit,rehab costs, etc.

 Great advice. Thank you.

So, if you had $150k sitting in the bank doing nothing while you're renting for $2,000/mo and average houses in that area go for around $450k. Your actions? 

Anyone?

So if folks here are happy with $100-$300/mo return, is this on properties that cost under 150k or something? Because;

If let's say you invest in a 200k property and give 20% down (40K)

You're our 40k at the moment and for that you're collecting $200/mo? So, how many properties do you have to buy and how much money do you have to temporarily say bye bye to in order to be making a decent monthly income that allows you to not work full time? 

So, in order to start making about 10k/mo on rental properties, you have to do? 50 properties? 2 mil out on 20% down payments?

Are my #s so poor because I am going after wrong property or is this the dream? (no pun intended)

Hi all,

Market is very expensive in my area and most properties if rented would barely cover mortgage payments, however, my friend, few years ago was buying Studios in co-ops that allowed to rent out and she's making around $800/mo on each one of those rentals.

After reading the book, I think Brandon was saying that he's happy to make $300/mo on a property.

So, for you, what is the minimum you need to make per month to consider buying a rental property?

Thank you.

but the only reason in my situation t go for FHA loan and eat the PMI is if I am going to invest the rest of my 100k. If not, it would just be stupid for me to go the FHA route.

So if I am paying extra $200/mo PMI i better find properties that will cover it and some

Yea, my condo just fell through. Sellers canceled contract while in attorney review. Maybe it's a good thing. Multi unit house is interesting, however where I live, a 3 apartment house costs at least 850k. Not sure if the bank will approve. I got pre approved for single house at up to 600k.

Originally posted by @Marcus Johnson:

Imo if you're not getting at least $1000 per 100k spent, what's the point.

Can you elaborate? I thought people buy places where they are happy to net $200-300/mo.  Maybe I misunderstood