All Forum Posts by: Dayana García

Hey all! Thank you for your responses! It helped me a lot! One of you said that in Michigan they paid property taxes in advance. So I called to the back and they explained I had an outage on escrow, so that is why I'm paying such difference. My morgage definitely increase but after a year it will be 160$ less, so I will cash flow about 200$ which is not that bad considering I only invest 30000. So I would hold the property instead of selling it! Thank you all! 

@Max Emory I was worried about so low cash flow and end up putting money out of my pocket for repairs and maintenance. So instead of being an asset it became a liability. That could reduce the amount of money we can save for getting into more investment properties. But, some good news for us, my morgage increased more that expected because there was an outage on money for escrow, so I have to pay it back within a year. After that year I would get 160$ more in cash flow which is not bad, so I decided to hold it for now 

Well, that was our first investment! Yes, the area is not the best, I wouldn't say it's the worst either. I bought a turn key property, so it did not required big repairs, just small touches that did not cost more than 1000$. I have found according to statistics and my own observations that Lansing is getting better, it's seems like is growing 1-2% each year on housing prices, rent are also getting more expensive. Saw also a lot of new roads, which made me think they are growing on population too. Why did not invest in Florida... well It was too expensive for our budget at that time, however, found that Jacksonville is affordable, so we are kind of looking at that market now. We live in Miami Fl, and here I haven't get numbers that work, so. Still on the learning curve, guess it will always be! I don't know what is CapEx! I will Google it right now ! Thank you !

Thank you for the info! 

@Jules Aton no sure how to do that? Could you please explain? What is it about ? 

@Ying Tang the assessment value went up. Not sure why it did not went up within the first year. 

@Henry Clark thank you, will definitely ask for it! Thank you

@Nathan Gesner yes, you are right, it was including gas, water, sewer and electricity. PM explained me the bill. It is still high for having just one unit rented, still dealing with it. Thank your feedback, it is really so!

@Tiffany Mittal I'll check, thank you

Hi all! Looking for advice and feedback, also share my experience which I think could help to new and inexperienced investors. Year Dec 2023 I bought my first rental property in Lansing MI, purchase price 95000, 25% down + closing cost end up at 30000$, 7.5% interest, so my mortgage with insurance and taxes included was 721$/month. Renting it at 1245$, so it was not too bad. However, I did not know that the taxes did not reflect the purchase price, so today I received a letter saying my new morgage payment was going to be 991$/month, which change the whole picture for us, we are paying property manager since we live in Florida. So we are cash flowing 131$, giving us about 5% ROI, I think we can make higher on another deal. Should I sell? I think we can sell it for 120000, so is it worth it? We think if the interest get lower we can make it work, home is appreciated well I think, roof is new and we pay to change the furnace recently, so I guess in that sense we would not have big expenses any time soon, at least in repairs. What do you think? Thank you for any advice !