All Forum Posts by: Thomas T.

@Jerry W.

@Jeff Bridges

Great!

Thank you both for your helps,

Best,

Tom.

@Mark Ferguson

Definitely, mortgage income below 10% is good, but it couldn't happen without a huge down payment.

@Jerry W.

Well, in my neighborhood 420K =~ 1K of livable SF (and maybe another 1K of basement).

Anyhow, when I started looking for house, I have to buy a single family property in a very specific area (don't ask why). The house (that is in livable condition) was already priced >300K. The market went up a little bit, so that how I end up with this 420K property.

Anyhow, I just saw another thread of: Buy, Live in, Fix Up and Sell.

http://www.biggerpockets.com/forums/311/topics/102634-buy-live-in-fix-up-and-sell

I also thought about that option at one point. What do you guy think?

Tom

@Jeff Bridges

@Mark Ferguson

Great Analysis, Thank you so much for your advice.

Investment question: based on your expertise of NOVA area, what is a good way to start investing in this area?

General Question: when is it a good time to sell and upgrade to a bigger property?

Thanks!

Best,

Tom

@Jerry W.

@Mark Ferguson

Hello Jerry and Mark:

I'm sure my house will not rent out for 7-8K per month.

Based on some of the rental listing that i have seen around my neighborhood, the fair market rental of my property probably around 2300-2500/month. The total mortgage+insurance is around 1950/month.

I understand that there is not much positive cash flow when investing in single family home. But since I'm just stating out with not much cash, I want to invest in something safe and easy to finance and the single family home seem to fall into that category. Furthermore, in my area, I'm not sure if there is much (or any) multifamily or duplex that i can buy and rent out.

Our combined income is not over 250K yet. So i don't have to worry about the Health Care Tax.

Jerry: you mention that there is a certain tax exemption if I stay more than two years in my current property? Do you remember what kind of tax that is, and how can I get more information on that?

Based on the number i mention above, do you guys still think that it is not worth buying/renting/selling the SFH ?

Best,

Tom

Hello:

I think i got a start in REI, and I like to seek more advice on how to proceed to the next property.

I got my first property as my primary residence one and half year ago. I bought it for 340K with 5% down conventional loan, (owner paid 10K in closing cost). And I spent about 30K in upgrade. As the market as it is today, looking at the comparable in my neighborhood I can probably sell my house for 410-420K. The principle is around 316K.

I contacted my lender, they said based on the debt (car, student loans and current house), I can get approved for a second property of 350K. Or renting the current house out (for 6 month) and count it can be counted as my second income so that I can afford the next property for 600K

Here's two scenarios that I am thinking of doing:

1. Turn the current house into a rental, move somewhere temporally, and buy a second property for a higher price.

2. Buy a second house for 350K and rent it out and start from there?

I'm leaning toward the first option because I want to move to a higher price home for a bigger space for me and my family. However my long term real estate goal is to buy multiple single family home => hold/rent => sell them for higher price.

All advice/opinion/comment are welcome.

Thanks

Best Regard,

Tom

@Brandon Turner ,

Yep, I got myself a profile pictures. Thanks for the link to the book, i think i found myself a good book and it is on its way.

@Alex Harris ,

Thanks Alex, great to meet you!

@Paul Timmins

Thanks Paul, I will definitely check IREM.org out after I figure out how to proceed to the next step.

Best,

Tom.

@Joshua Dorkin

Yes, I actually just read the Ultimate Beginning to REI yesterday. I find it very helpful.

Best,

Tom

Hello Chris A and Chris C!

Thank you guys for such warm welcome.

Yes, I have a lot of questions in mind, and I will reach out seek advice from BP community.

Best,

Tom

Hello everyone from BP community:

My name is Tom and I just recently graduated from college with an engineering degree. I got a job and bought a house here in NOVA. So not only I am new to the forum, I'm also a newbie to the workforce as well as real estate investment.

My real estate goal: buy house => become a landlord => sell for profit => continue the same cycle ("buy and hold" ?).

I was introduced to this community by the book "A Bigger Pockets Guide: How to Rent Your house" written by Brandon Turner and Joshua Dorkin".

I'm glad to be here, and I am looking forward to expand my knowledge (and sharing them when I have them) with all the wonderful member of BP community.

Best,

Tom