All Forum Posts by: James Smith

Thank you!

Hi everyone,

Any negatives to renting out a property myself without hiring a realtor or someone to do all the dirty work? Our neighbor's friends are interested in renting out our place. My property management company said they can take care of the lease, collect move in funds, give supporting docs (like certificate of rental suitability), lead paint disclosure, move in inspection, etc for $600 but I'm wondering if I should just do it myself?

Thanks!

Hi everyone,

Wondering what areas you recommend commutable to NYC where I can expect to get decent cash flow? Budget is probably around <750K 

Thanks

I converted 6k earlier this year (Post-tax IRA --> Roth). The other two are traditional IRAs I believe

Hi everyone,

I performed a backdoor roth for the first time a few weeks ago (for 2019). Unfortunately, after doing so I remembered that I have two IRA accounts that I had somewhat lost track of. One had only 1K but the other has 11K in it (I originally put in about 3k) in 2006.

Am I correct that I will be taxed on the 12K (11k+1K) in the IRA accounts? What options do I have? At this point should I just convert the IRAs to a roth.

Thanks

Thanks for the replies. In discussing with a few lenders, looks like I'd still be eligible even though its only been 2 years. I think we would probably live at least 3-5 years at this new place. 

@Nathan Milholin I was thinking of keeping the Philly house because it's in a good location (Queen Village) and prices in general in that area seem to constantly be going up. In quickly reviewing the market, looks like we should be able to rent it out at a reasonable price to cover all of our monthly expenses for that house.

Thanks again

Hi everyone, not sure if this is the right sub-forum so please point me in the right direction if it isn't

I own a home in Philadelphia that I purchased a few years ago and unexpectedly have to move given that I lost my job, I still owe 600K on that home and am planning to rent it out. I had initially bought the house with a physician loan (zero down, no PMI). I am moving to northern VA and was initially planning to rent but now I'm wondering if it's worthwhile to purchase another house using a physician loan given that renting a decent 2-3 bedroom home in that area is around 4K. I checked around and I would qualify for another physician loan as long as I am living in it.

Just some other info, my wife and I make a combined 500K (I work full time she works part time) but also have about 500k (interest rate 3.5%) combined in student loans

Is it a terrible idea to purchase another home using a physician loan? I figured that prices in northern VA are quickly increasing and might have value to buy rather than rent.

Hi everyone,

New to the site, love all the insights from everyone!

I'm looking to buy my first home using an FHA loan and am interested in renting out one of the units. Are there any good calculators or guides that can help me figure out if I'm getting a good deal? The calculators on this site don't seem to fit what I'm trying to do and there's so much information out there that I'm somewhat overwhelmed.

Thanks!

Is there a good resource to see what the taxes in JC may be?

I found this:

http://jerseycity.hosted.civiclive.com/UserFiles/Servers/Server_6189660/File/City%20Hall/Tax%20Collections/Tax%20Reval/1-4%20Family%20NBHD%20Analysis.pdf

But outside of downtown JC it doesn’t seem to bad

Thanks everyone.. these responses are quite helpful.

It seems like my best bets are:

Jersey City (JSQ > Heights > Communipaw)

Bayonne

Weehawken

Union City

Newark

Harrison

W New York

Passaic

I appreciate all of the feedback. While buying something in a diff market is a feasible option as well.. I don’t want to deal with the hassle of managing a rental in another location.