All Forum Posts by: Jesse E.

These are all extremely helpful for sure! As noted there, I am slightly unsure if I want to buy an investment property and stay where I am at or buy a new residence and rent out my current home. I realize this can definitely be a tricky thing to get financing for. Especially as I am self employed with a floor refinishing business, so my income changes year to year as well.

I guess I will have to take advantage of what’s on here as far as tools and just figure out what it is that seems to make the most sense for me and my financial situation. It’s hard to know which option is best unless you have a set end game plan which I realize. I am pretty sure I don’t want to pull out all of the equity I have to invest, but then again if the deal was right, maybe I’d have to just take the plunge. 

I appreciate all of your insight thus far!!

Just to get this topic rolling, the main thing I have heard a lot about, but not necessarily the most detailed info on is how my one house that in live in can be used as leverage assuming it is going to be a rental property as I move in to the next one?? I have heard so many different thoughts on this from people I know in real estate and it seems that it is a somewhat vague topic. Either that or they just might not have a total clue on what’s going on. 

If I am going to turn a house in to a rental for example that has a mortgage of $720/month and can be rented for $1100/month, how can that be used or have an effect on qualifications for either buying another single family that is bigger or even leveraged to buy a bigger multi family property.

I can see the reasoning behind that for sure. The area I live in is not a high dollar area. I bought this house as a foreclosure for 110k 1.5 years ago and I've been slowly updating things the way I think I'd like them if I were living in it long term as well as if I were to sell it. I'm not going high end on any repairs as I am doing all the work myself so a lot of it is learning and just doing basic looks. 

A house across the street was flipped 6-8 months ago and I saw it sold for roughly 160K so there is some room to make a little on the flip, but I do like the idea of building a rental empire too. This is a 704 sq ft home with 2 bed/1bath and single level. Just a crawl space so not too much I had to do inside.

This is off topic a bit, but what is everyone's opinion/experience with what siding is best/economical? really no way around not doing that as it has missing panels and some on there now are the wrong color. 

Again, I appreciate everyone's input!

thanks everyone for your responses! It's definitely outdated I agree and I think at the very least I'm thinking new backsplash, sink/faucet, countertop, and a dishwasher that is relatively quiet (The black thing is a dishwasher by the way).

Any work done on this house is all my own labor for sure as I enjoy projects and am in construction myself (hardwood flooring).

I have been torn between what to do as doing some live in flips sound fun to me while I continue to work, but the idea of cashflow each month sounds good too. Just learning here so hopefully that makes sense why I am so unsure what to do not only in the kitchen but in every area.

I am not 100% sure if this is in the correct forum category, but I am going to just post it. I bought a small house a little over a year ago now and I have been doing some updates as I go. I have a question about my kitchen though. I am still on the fence whether or not I will be selling this after Ive been here for another year or if I want to just turn it in to a rental property and buy another place for myself. Thinking more towards the rental option though. With that said, I am hoping someone with some experience on this can take a look at the current kitchen I have and give me some ideas. This is clearly outdated, but I am torn what is really needed if I do choose to just keep it as a rental and obviously if I wanted to sell it the best options would involve a full update of the tile and cabinets.

Thanks in advance for any and all advice given. It is very much appreciated!

@Michael P.

Thanks for the reply. I agree with only listening to ones who have made great money doing this. I have used this concept so far in my life where if someone is trying to give me advice on anything, I take a good look at their life and if I don't aspire to have that life or that segment of it at least, I usually don't read too much in to their advice. Everyone wants to feel like they know someone others don't these days. Better to just be observant and always realize you can learn a little from anyone.

To clarify, I don't want the total cost of the property to be 30k or less. I am saying that is how much actual cash I'd be willing to put in play at the moment. Whether that all be a down payment or a mix of down payment and some repairs between near future renters.

@Matthew Perry

That is a pretty cool story and it seems as though that's the type of route I'd like to go down. Invest the minimum and really figure out if it's the type of investing for me or not. If things are to go south, I'd prefer not to be out a years salary or something as opposed to just a small amount of cash I have saved on the side.

I think to start I'd prefer to invest in my own area as I really want to have control over the property. Rather than assume a management company would go about making sure not to overspend on maintenance. It would seem as they really wouldn't care near as much as I would when it comes to that stuff.

@Matthew Perry

I agree with what you are saying here and my plan is to definitely do my due diligence prior to putting any money in play. I admit I have not been the most efficient with using my current time to study and I think a lot of that is due to the idea that I need a bunch of money to dive in to real estate as far as investing goes. Also with perhaps not knowing what to study to get me down the correct path to reach my end goal. I currently live in a single family residence that I bought as a foreclosure. I have down a bunch of work on the interior so far and my plan is to re-evaluate after I've been here for two years (done more work on the interior/exterior) to see if I could possibly sell for a nice profit as well. 

This is also a route I have considered doing as well. Just repeating the process of doing sort of a live in flip. As I am able to do most if not all of the work needed myself, perhaps this is just the best idea for my overall knowledge and skill set.

I appreciate both of the replies so far so thanks!