All Forum Posts by: Hernell D.

@Johnny Soriano Ask me in a year from now if you should've bought now and i'll be able to give you a definitive answer! lol No but seriously, the present is always the best time to take action. As far as financing is concerned it depends on the deal and your financial situation. 

I agree with @Caleb Heimsoth point. One thing I have always hated about the way average income statistics are given is that they are given as a per household number. What if I am not part of a household? I assume this is done for a reason, does anyone know why? 

A wealthy life is a lot deeper than finances. 

BUT if we're talking finances I agree more with @Scott Trench and his definitions of wealth. 

Congrats!! How did you finance it initially?

The way I think about it is if the tenant leaves and the item with the problem stays I pay for it. If the tenant leaves and the item with the problem leaves then they pay for it. If the tenant owns the washer and it breaks the tenant pays if the washer dryer hookup attached to my rental breaks then I pay for it. Pretty much if it’s mine I pay if it’s theirs they pay.

The fact that your wife is on board with this is the part that I’m loving! It’s so important to have a spouse that’s not only supportive but somewhat interested or involved. As far as financing goes I’d say run the numbers, which it looks like you have, and borrow as much as you can and still make it make sense. Leverage other people’s money to make yourself and family rich!

I agree with @David Shikiar could you go into more detail about how you structure paying out the returns and also how you find and present the deals. @Jamin Olds

Three Words....... Long Term Tenants!

I think there’s two reasons, the first is because nothing is set in stone yet so it’d all be hypothetical talk, and second what Brian Schmelzlen said it’s more about primary residence than rental property.

Andrew Clifton Get a renter in there ASAP... make sure the actual rents justify the refinance and you’ll be able to run legit numbers... get a renter ASAP!

$100 is $100 to me and $100 cash flow is $100 I didn’t have before and gets me $100 closer to my next deal. I do understand your point though... $100 isn’t anything to get all excited about and call your family and friends but like many others have said it really depends on the ROI