All Forum Posts by: Jedd Storoshenko

@Diana Muresan the mortgage is 295k on house that was appraised last sept for 420k. It is currently a mother daughter home with the potential for 3 different units or a house sharing rental (by the room). Taxes insurance and mortgage $2595 on a 20yr fixed. The apartment attached to the home is rented for $1700 and my significant other and I put in 1k each to cover all expenses (mortgage tax ins utilities maintenance etc) $3500 all said and done give or take a few dollars depending on seasons. I’ve had the house rented before at $950  per bedroom at 3 bedrooms plus the 1700 would rent roll $4550 minus $3500 in exp = $1050 cash flow 

This is suburb NY where prices and property taxes are high.  So when people say “buy a couple units” or “buy this unit for 70k cash” these examples are hard to come by where median house prices are 450k and property taxes 10k per year. 

I may need to learn more and diversify to other markets. 

@Anthony Wick  In answering your questions. I can sleep at night with leveraged mortgages as long as the cash flow. 34 years old. My goals are to be retired ASAP with cash flow rental income of 100k per year. 

My current property has a mortgage of 295k and is costing me 1k per month to live there. If fully rented without me living in it would cash flow 1k per month with leveraging the current mortgage. If property is paid off it'll cash flow $3500. The idea of it paid off and turned to an LLC sounds appealing for limiting liability and take tax advantages into account.

I currently live in what will become a rental property and vehicle for retirement. I am contemplating whether or not to buy another property that cash flows in a high priced market or payoff the mortgage of the property where I currently live in and want to rent out. I max out 401k, IRA, and HSA contributions. I carry no debt other than current mortgage on property I live.