All Forum Posts by: Francesca Tindal

@Chace Fraser the debt to income ratio has been one of the major reasons I am turn. I was wondering if the income from the unit would help much if at all. I know I'll need to qualify for as big a mortgage as possible to get something in northern NJ.

I own a single family rental property in Orangeburg, SC clear. Currently it rents for $850 and after all expenses I cash flow $493. I would like to buy a second property in Northern NJ to house hack. I am wondering if I should sell the property in SC or get a mortgage and use that money to purchase the second property. The mortgage would be for $50,000 which I'm assuming would bring my cash flow to around $250. If I do borrow from the equity in the house what steps should I take. I looked into HELOCs but from what I've read they aren't very common on investment properties and even less so in SC.

Investment Info:

Single-family residence buy & hold investment in Orangeburg.

Purchase price: $40,000
Cash invested: $40,000

I actually became a real estate investor by circumstance. I moved to because I was unable to find full time work and or a home in my price range that would accept my small dog. Because life is funny, three weeks after settling in to my home in South Carolina I was offered a full time job in New York so I moved back to NY and rented out my house.

What made you interested in investing in this type of deal?

I actually wasn't thinking of investing

How did you find this deal and how did you negotiate it?

I found it on Trulia. I didn't have to do any negotiating. The bank accepted my first offer (it was a foreclosure)

How did you finance this deal?

I paid cash

What was the outcome?

It rented a little over a month after I moved for $825. I had no issues until my tenant got into a car accident and was no longer able to pay rent. He has now moved out and i'm actually looking to sell the property and use the money to purchase a multi family in North NJ to house hack. My goal is to lower my housing expenses (NYC rent is ridiculous) and have a more hands on experience with the new property.

@Raul R. Thank you for the advice. I’ve been searching for a CPA but have had no luck. I would appreciate the referral.

I currently live in New York and own a rental property in South Carolina. I did about $10,000 of repairs on the house when I purchased it in 2018 and it was occupied from December 2018 through October 2019. Last tax season I am almost certain my taxes weren't done properly in regards to my rental property (ie. expenses for renovations weren't factored in, I paid my taxes well into 2019 due to issue with getting the bill so they weren't factored in). What should I look out for this year when filing and how should I handle amending last years taxes?