All Forum Posts by: Account Closed

@Mateusz Prawdzik It's hard to see from the little avatar icon here. Can you attach the image to your post here?

Fantastic! Congratulations!

@Justin R. That's fantastic! Congratulations and thank you for sharing your story.

@Chris Lombardi Congratulations! 

Looks like you're going to be losing $ even after you move out. Part of the reason might be the fact that you're putting 20% of gross rents into reserves. This seems a bit high to me. If you bring it down, you will be closer to breaking even.

Also, the taxes seem very high at $700/mo. Is that normal for NJ?

@Nicholas Baxley I liked these books and found them helpful:
Investing in Duplexes, Triplexes, and Quads by Larry Loftis
The Millionaire Real Estate Investor by Gary Keller
The Book on Rental Property Investing by Brandon Turner
The Unofficial Guide to Real Estate Investing by Spencer Strauss

@Justin R. Any updates on the project? Were you able to sell?

@Carl M. Vector means that the graphics are scalable without becoming pixellated: you can print a giant poster of your logo and all of the lines will remain crisp. Make sure to get an .EPS file, not just an .AI file to ensure that you can open it in any version of Adobe Illustrator or any other vector-based software. 
I hope this helps.

@Ash Lynn
1) Your house is either a primary residence or it isn't. If you are not living in it, it is not a primary residence.
 
2) Do you need to make a lot of repairs to your existing home to make it ready for a renter? Would the rent decrease dramatically if you didn't do anything? 

Side note: a "good deal" is subjective. If you are planning on holding on to your new property for a long time (20-30 years), it doesn't really matter what price you buy it for today, as long as you can hold on to it when the market goes down. I'd say to proceed with your original goal and buy the second property without moving in with your mom.

@Chase Darst 
The first thing to do would be to go to REI meetups in the area and get to know other investors. You might have what they do not: time. You could offer to help them drive for dollars, cold call owners, whatever they need to do in return for being able to learn from them.

You could also look into wholesaling.
Good luck!

@Alexander Thomas Chaney You can purchase a property where you are now, then when it's time to move, sell it and roll it into a 1031 Exchange for a property in the new state.