All Forum Posts by: Elizabeth Colegrove

Travis Fisher alot of military landlords take payment that way because they have it set up as an allotment. Although in their case the 15th is towards the 1st. So they are actually paying ahead. I know my last company did it that way. They loved it.

Ouch!! Sorry that you are going through this. Good Luck!!!

Definitely hire a CPA. Depreciation can allow you to have a book negative without actual loss.

Welcome!

I am also a newbie. This site has been amazing and truly has some great information.

It depends on your long term goals. Our goal has always been to buy a house for as cheap as possible for a buy and hold rental strategy. While it might only be a small profit now. Long term thats our cashflow.

Another thing to think about, what will your actual profit be after all costs (commision, taxes, etc). If you flip the house you taxes could be very high as you have to pay the short term rate.

Honestly I don't have an ideal number of properties. I have an ideal number per month I would like to cash flow. My first goal is making up my salary. My second goal is making up my husbands salary. Third goal our combined salary.....

Baby steps are key along with knowing that things change and adapting to your new priorities.

Honestly as long as they are not closing the base and you have bought a house aimed at the middle group I would not worry too much. A lot of military people will not buy because of the uncertainty. Alot will sell at a reduce price because of the uncertainty. Still many more will simply rent because they want to live off base.

Unless they were closing a base. I wouldn't worry about it. I would treat the bases as the stock market. Buy in down markets sell in up markets. As long as you are cash flowing life is well. If there is less demand. Reduce your price until the supply increases.

Where are you buying the property? I would say area location and demographic is going to determine the market. If you are buying the multi-family in Norfolk, VA . I would be VERY careful about not buying a place without central AC.

We just came from Norfolk and I can speak from experience. It is VERY hot during the summer. You are going to greatly reduce your audience by not having central AC. The audience who doesn't care. Do you want them as tenants?

Honestly I would be nervous about someone who wouldnt renew because the rent was to high BUT wanted to stay indefinetly. I honestly would assume they were just trying to get around a rent increase. They would have 3 choices 1) more out at the end of the lease 2) m-m lease $200 aboved the rent increased 3) lease @ rent increase.

I totally believe in Karma and being nice. I also agree beleieve that business is business. The only person who cares about your position is you! Therefore

@robert steele i agree! I think that we are going to find that the increasing interest rates/home prices pushes people to buy before it gets out of their reach. Which is going to keep pushing it up to a point.