All Forum Posts by: David Soleymani

@Brent Coombs@Luka Milicevic

When I purchased this house, years ago, I wasn't trying to make money off it. I wasn't planning on investing. Life happened and I moved away so I decided to rent it out. From what I've learned the last few weeks and especially in this post is that I've really just been lucky.

That being said, my next purchase will be with income in mind! And $90 is unattractive to me, as well!

@Joshua D. Unfortunately, I moved out of there in Jan 2011. I'll talk to my CPA about other options. I think everyone's in agreement that this property needs to go!

Thank you all for the support!

The thought of selling was always an option in the back of my mind, but just got a hard shove to the front. I think I can find another property out here for $100k, but it might be difficult.

I am sure that I'm not losing money. I'm doing a little better than positive, which I don't like. I did live in the house for 3 years before moving across the country. I don't know of any tax breaks, but I'll start looking ASAP!

@Devan Mcclish

Thank you. I think it's clear what I need to do. I'd rather get rid of it and buy another property closer to home.

@Devan Mcclish @Brent Coombs @Upen Patel The current value of the property is about $215k. It was my thinking that I could lower my mortgage by financing less money and get rid of the ARM (two birds). I've gotten very lucky with the ARM, as it's always gone down. I know my luck will be changing, eventually, so I want to cash in before I start to lose.

My game plan as far as staying with the ARM is to keep it as long as it's lower than what I can get with a fixed. There's a yearly cap of %1, so I know it would take several years up only upward trends.

Being very new at this and trying to learn as much as I can, I'm at the point where I think I'm making good decisions, but I'm never certain. With this property, I'm not making much money in my pocket, but my expenses are paid every month and over the 4 years it's been renting, it's only been vacant a couple months. Is there a better way to make more money from this place? I am also on the opposite coast.

Hello everyone. This is my first Official post. I will try to be as descriptive as possible.

I own a SFH in Virginia Beach that I purchased 7 years ago with an ARM. I'm currently paying 2.375% interest and it's set to change Nov 1st. I bought for $200k and currently owe about $180k. I'm receiving $1125/mo and expenses are $1035.

So with this in mind, I have been debating on either sitting on this since my interest rate is so low or refinancing and taking advantage of some more cash flow. I originally figured I would wait to refi when the ARM adjusted to a higher %.

I'm a little stuck here.

Thank you all for your kind words! I've already started listening to the podcasts and, honestly, I'm hooked. 

I wanted to take some time and introduce myself. My name David Soleymani and I'm 32 years old. I'm a 10 year Navy veteran and planning on transitioning out in the next few months. I got to thinking about what I wanted to do when the time came, about a year ago and I came to the conclusion that I really enjoy real estate. I just bought my second home and am renting out the first. I'm excited to learn as much as I can and be a part of this BP community!