All Forum Posts by: Jason Raymer

My favorite place I've ever lived is Alaska.  I guess I finished my plan...I moved to Alaska and have never moved away.  Over 25 years now!  The last place I lived was North Carolina -- It was wonderful.  

@Phil Wells — One thing I think is worth considering is the condition of the government they are currently experiencing. For example, how the state government is dealing with COVID❓ Are they opening up? Do they have a good reason to stay locked down or not? Some people are leaving a state that is incredibly poorly managed and how the state with COVID was the final straw. So, the decision itself wasn’t solely based on COVID alone. Some of these states were already seeing people leave before the COVID event started. This gives more opportunity for people who already wanted to leave, but we’re stuck with leaving = Losing job.

@John Teachout — Having, at least, one paid off gives security and confidence. Having one paid off can pay for a new primary homes mortgage and allow you to purchase another rental property near the same timeframe. That paid off rental is a gift that keeps on giving.

Plus, selling it could essentially pay off one of your other homes!! It just keeps giving. 😀

@Diana T. — I totally agree!! I have a rental property (that was once my primary residence) that is paid off. I have a security of that home being paid off and have a good renter (2 year mortgage). They are more than paying off my new mortgage on newly purchased primary residence.

In fact, since I paid off that house early, I was able to save money to put $100k down on my new primary residence. Since my rental is paid off, I can charge a very low rate (not that I want to) if the rental market is bad and I won’t be losing money on it. If I had multiple mortgages, it would make me less secure, at least mentally. I could charge $1000 less a month and still be making money every month. Or...I could always sell it and it is all equity.

@Jamaal Gibbs —

Yea, only write offs I would usually have are minimal.  The house is in great shape, only a couple things that would be of any significance that would be a write off -- those would be maybe around $1500.  My situation is a house in good shape (I've lived in it for the last 3 years) and a tenant that is very responsible and signed up for 2 years.  I'm betting they'll stay for 5 years.  It probably won't take much attention on my part.

I have to say, this site has been very useful and people have been pretty responsive - I can't say all sites are this way.

@Basit Siddiqi --- 

Thanks.  I just have this one rental property which is paid off and then one primary residence that I just bought.  So, I fit into invest and hold.  It's more for helping pay off the new primary I just bought, some retirement income, and it holds value in the future if I want to sell it.  I don't like to hold much cash.  I've had very good experiences with real-estate in the past.

I don't flip houses.  I just had too much liquid just sitting in the bank doing nothing for me.  

@Twana Rasoul —

I appreciate your help. Do you think I’d have to pay taxes quarterly or could I wait until tax time when I do my regular taxes❓

My wife is concerned that we have to pay quarterly and if we don’t, we get penalized.

With all of this demand for the spreadsheet, so many people wanting it. It's sad we can't get it shared with us.  Its description is so good sounding and the image that was given is interesting.  It's sad we can't get it shared with us.  It doesn't make sense it wasn't shared.  Oh well.

Thank you both, Twana and Marcia, for your responses...They are helpful!

Hello, my wife and I recently purchased a new primary residence and now renting out our previous primary residence.  We own the previous primary and so owe nothing on it.  I was able to rent it in less than 24 hours and now have a renter who signed a 2 year lease.  I used Zillow.  I can check their background/credit history and the applicant is the one who pays for that -- Very nice.

Anyways...On to my question.  I had a previous property that I rented out years ago and had a loss every month because it didn't cover my mortgage and other expenses I may have had -- I did this on purpose.  I say it to state I have some experience with renting.  The house I'm going to rent now, I own free and clear.  I practically have no expenses, except taxes, insurance, and I cover trash and water.  So, I'm making over $1000 a month.  I know how to figure out depreciation, but I never made profit every month.  

Do you guys have any idea of whether you would suggest getting an accountant or CPA type of person?  I'm not planning (At this time) to buy anymore investment properties.  I know, this thread might be difficult to give a firm answer, but your thoughts are helpful.

This isn't a mentor request, just some opinions

Thanks for your thoughts!