All Forum Posts by: Greg Gangle

@Klint Ruud@Kyle Wells@Brian G.@Jacob Kenneally@Ashton Karp@Ondrej Brown. Thanks everyone for your input. Truly appreciate many different approaches. I think I’m going to retain my properties as they all cash flow nicely and I can build up a nice reserve and also make additional payments. I was never one to sell a property (buy and hold right). That’s the approach I’ll take. Even though being mortgage free is incredible on your primary. My cash flow from my rentals is also paying it down. 

Thank you @Chris John. My rentals pretty much cover my primary mortgage. I guess it’s that feeling when your house is fully paid. Especially with the unknown in 2021. I do have sizeable equity in my properties as the market took off in 2020.

Hi Everyone

This is a question I’ve been pondering for quite some time now. Currently I owe roughly about $300K on my principle residence. Over the past 1-2 years I’ve purchased 5 rental properties that all cash flow well and have appreciated nicely. 

My question is: should I sell a few properties/or most of them to pay off my current mortgage?

We are all unsure about what 2020 might bring and no one has a crystal ball. 

Would like to hear everyone’s thoughts. 

Much appreciated 

Greg

 congrats @Roy Cleeves. What made you look at Halifax? I’ve recently began purchasing properties in Sydney. 

Good point @Andrew Wicklow. I want to provide a safe place for a long term tenant and take pride in the place I’m providing. Seems like an easy decision the more I think about it. 

Thanks everyone. I’m highly leaning towards to doing it and being done. It’s plaster walls and there will be some holes that will need patching. I bought it below market value for this very reason. If I ever want to pull equity out at a later date this is a good selling point. 

Hi BP friends. I’m going to be closing on a property that requires the entire home to be upgraded from knob and tube. 

Here’s the numbers 

Purchase Price $44K

Knob and Tube upgrade $13K

Insurance premium $2246/year (with k & t- usually around $1200 without)

Rental income $1100/month

I’m a buy and hold type of person. Why question is whether to upgrade the knob and tube now or leave it. I’m aware it’s difficult selling the property with it in however I wouldn’t plan on selling it anytime soon and can do it later. 

My gut says do it now and be done with it. 

Thoughts? Thanks in advance 

@David M. Canada 

Canada

Hi Everyone

Another question I have is whether or not to incorporate/holding company etc. I now own 5 rental properties that are in my personal name. I’m a buy and hold type of person. I also leave all the cash flow funds in the account. It’s primarily it’s own business as I have a full time job. My question is whether I should incorporate or not? Much appreciated.