All Forum Posts by: Dustin N.

hi mike,

I am currently 32 years old. I have the properties in separate llcs, so not sure of the real estate trust, but will read up more on it. My goal is to get to 25k / month passive income . Ambitious, yes. :)

Welcome to the forums! Enjoy the wealth of information and knowledge here. :)

What would be considered sufficient equity in a property? I've read numerous books and listened to many webcasts, but have never seen it spelled out.

So the houses are leveraged with 15% downpayment at 5% interest with the lender. The units were approximately 86,000 and 52,000 respectively.  

My plan was to use some additional savings I have (around 50k) along with the money in real estate account to acquire additional property, just not sure if I am spreading myself too thin.

I expect to live to mid 70's.   Thanks!

So my wife and I bought two properties at the beginning of the year and now that we have the hang of things and the rentals occupied, what do we do next with those units? The units are cashflowing about 800/month in total and we have approximately 15,000 in our real estate account. 

Whats the next best step? Do I save the cashflow for downpayment on another rental unit or use it to pay down the mortgages on the two rental units.

Long term, is the goal to have the rentals completely paid off and live off the cashflow or do I refinance it for another down payment? What percentage equity do I have to have in those to refinance it? Alternatively I could also sell it and do a 1031 exchange.

Any advice is appreciated!

The application was for a 2600/month studio rental in manhattan with my meager salary of 71k a year, lol.

Hi Bill,

When I was renting in MA and NYC I had to hand over all my bank statements, tax filing, employment contract and pay stubs for the application process. Thought it was more of the norm to do so.

Not sure if there is any specific service that does all of that. We did use transunion smartmove which gives a random tenant score that I cant really decipher and I don't really trust (not only that but they have no support to call for help with these reports).