All Forum Posts by: Jean-Paul E. Gagnon

Hi all,

I have 8 properties (16 units), and have grown a lot in the past 18 months.   For 19 years, I've "kept books" with highly organized "paper system" which (while SOOOO 1990')s was at least a logical and organized.  

On January 1st, in an effort to be more "professional," and in the hopes of making tax season less time consuming I began tinkering with Quickbooks online.

I chose January first to make a clean break from the old paper system to the new digital one.  

I've had a tech person from a local CPA advising me over the phone for an hour every-other-week or so.  In the mean time, my receipts are everywhere and I'm falling behind in processing them.

The paper always worked fine and I have a friend who takes pics of receipts and saves them to his Google drive; two simple ideas that seem to work well...

SO MY QUESTION: Will all this time I'm putting into QB online payoff down the road?  Will it SAVE time?  Save money?  Save sanity?  Or am I overengineering my RE enterprise?

Curious: what is not being disclosed in "non-disclosure states?"

I'm thinking about retiring (after 23 years of teaching) in June, but I'm trying to get as much advice as I can before making the leap.  My data shows I'll have $3,500/mo cash-flow in the first year.  By year two (due to increased rent and decreased expenses) that cash flow will increase to $5,500.  I like Real Estate and want to keep investing, but I'm not sure I'll be able to find lenders without W2s.  Before I get to my question, here is some financial data for me in June 2021, on the first day of retirement:

Monthly PITI for 7 Properties: $15,485

Rent for 1 lease-to-own property:               $1,643

TOTAL PITI and RENT: $17,128

-Monthly Rent collected from tenants:         $32,225

-Income from Summer truck driving

  job which I will keep doing for a few years: $2,000 ($24,000 averaged over 12 months                                                                         TOTAL INCOME: $34,225

Summary: Incoming cash is almost exactly TWICE my PITI

Credit score: 820s

So here's the question: (on a scale of 1 to 10) how likely am I to procure financing on additional properties after retirement?

1=Impossible

2= not impossible but there are no guarantees

3=Oh heck, I can find you a lender in 5 minutes!

Thank-you!

Mark, I'm thinking about putting together a seller-financed proposal this weekend.  This was an interesting and informative thread.  I'm wondering if you'd be available to chat about how this worked out in the end?

Hi there.  The department of HUD also has a website listing its analysis of market rents on every city and town in the U.S. It seems to be within $100 dollars high/low in my area (Burlington, VT).  I also do a review of current listings on Realtor.com and Craigslist for a more complete picture.  At first glance yours doesn't look like a great deal.  In my are you can expect the tenant's rent to cover your entire mortgage if you are house hacking.  Look at LOTS of properties and you'll get a better sense of what is and what is NOT a good deal in your area.

=)

Hi folks,

I just moved into a duplex as a house hack in February. The plan was to live here for the required two years, then obtain another FHA loan and move into my next duplex.

I just got cold-called from Quicken, however, and realized if I refinance with them, then I could:

1. Save $130/month on P and I, and 

2. Be free of my FHA loan and begin looking for my next hack.

Is this possible? Will I be penalized by the FHA for refinancing so soon? Will I be barred from future FHA loans because I did not stay for the required 2 years? Can I really just refinance out of an FHA in just six months and obtain a new one?

This would certainly accelerate my plans for financial freedom!

Any knowledge/wisdom/experience you can offer would be greatly appreciated.

=)

(Getting familiar with website)

@Mark H. Porter

Nice. Thank you so much for lending your expertise. :-]

@Billy Thurston

Thanks Billy. It's risky entering an unfamiliar market but you've helped ease my mind on this purchase. Have you bought in St Albans yet or are you studying the market in preparation for a purchase?

HI all,

Looking at the HUD site I notice the the FMR values are the same in St Albans and in the Burlington/South Burlington market. Have you all found that to be true? If not, what type of adjustment do you recommend I make to the numbers? I have my own opinion, but I'd love to hear yours.

Thanks again.

=)