All Forum Posts by: Forest Konwerski

I'm sorry, I may have mistyped. I already have the car, it wouldn't be an "investment" by any means. I would pay off the car; which, would free up a payment of about 500 per month. I'm expecting to get more cashflow than that from the rental property. 

Well, the rental property returns would probrably change by the time I'm ready to buy. However, the property (4 unit) I was using as practice at estimating and planning was +10% ROI. A similar ROI is what I would make my deciding factor by the time I'm back and can pull the trigger on the deal. I don't have the current know how to operate the property with max efficiency; however, I have a few months to get ready, and have 3 investors (friends) willing to give me advise throughout the process.

I've gotten some good advice from this forum before; so, I'd like to take advantage of it again. Hopefully someone can help me with a current dilemma of mine. I'm about to take a work trip that would generate a good amount of savings. Currently, the only debt that I have is 30k on a car loan (interest is just under 4%), I also have no living space since I travel so much right now, I just get an airbnb when I'm home (or couch surf). With this savings from the work trip I would have enough to pay for all the renovations I expect to make on a possible investment. Currently, I'm considering buying a 4+ unit multifamily home in Richmond, VA. I would be using the VA loan with an estimated interest of 2-3%. Due to VA rules I have to live in the property as primary residence for at least one year. The rented units will be the first to be renovated and I wouldn't renovate my unit until I am able to move out and rent it out. I guess my question is, which of the following should I do?

1. 1. Buy the rental property, renovate the units, and rent them out (I'm hoping and planning on trying to get this process done within 2 months of purchase). Then, pay off the car a year later; or, with the cash flow from the rental property (cash flow after mortgage, and other expenses). Also, with the savings from the work trip I would be able to keep up with the mortgage and expenses on my own if it isn't rented out for awhile if need be.
2. 2. Pay off the rental car and take on a smaller investment property. If I pay off the car I would only have enough to invest in a duplex; which, wouldn't create as much cash flow. Or, I would have to invest in a single family using a rental loan; which, would require me to put down 20% (not sure if I'd even be able to do that after paying off the car).   

I'm leaning towards the rental property because the math points towards that option. However, that would definitely be more of a risk, especially since it would be my first rental property. I'm 25 and don't mind taking risks, at all. I figured now would be the time to take those risks while I have a job that can bring me sums of money to invest and recover from failed investments (hopefully there aren't many, but I'm not ignorant). Additionally, my goal is to create enough cashflow to be able to stay home and not have to do anymore long work trips; and, invest in starting my business. Also, at 25 I've already missed a lot from my family: deaths, Christmas', birthdays, etc. If you were in my position what would you do? Thank you. 

Hello, I'm about to buy my first home. I wanted to buy a home a home that decent, doesn't need to much work, and would rent out well when I move. I live in the Richmond, VA area; and am looking at the Richmond area, the Fredericksburg (VA) area, or the Colonial beach (VA) area. I plan to pay it off as soon as possible; and rent it out once I do. My job will allow me to do this a little faster than most plan to do. A town house would be much quicker; however, I'm not sure which one would rent better a town house or a single family? Does anyone have any advice (primarily book, YouTube, or online course) recommendations?