All Forum Posts by: Jonathan Gomez

@Brendan Markle Thank you for reaching out. Do you know a good contractor I could hire in the future? 

@Jake S. Thank you! At the moment, I am searching for a Duplex because I plan on participating in a city program that gives people $10,000 to put towards a downpayment on a home. It only allows single families and Duplexes. 

@James Wise Thank you! I'll see you around.

Hi all, 

I'm new to REI and looking to start off by househacking my first property. I have lived in Philadelphia my whole life and plan to invest here. I graduated with a degree in business, but recently switched into tech as a Front End Developer. I came across bigger pockets when I met a friend househacking in college and decided to do a Google search about REI. At the moment, I am getting an MLS feed through a realtor that helped my family with the last several homes and I will start evaluating properties with a very basic spreadsheet calculator I created. I would like to continue networking with other investors and perhaps even find a mentor. I am always looking to meet new people, learn, and teach, so let's connect!

Best,

Jon

Hi all,

I am new to REI and I am looking to start off by househacking my first property. I have been on the forum for a few weeks now. I currently live in Philadelphia. I have recently learned how to evaluate properties and got a realtor to send an MLS feed. I have been spending a lot of time trying to meet investors and learn from them, so I would be happy to connect with anyone, especially those in my market! I hope to talk to you soon.

Best,

Jon

@Joey Allison it's my pleasure. You probably already know this as a businessman and investor, but if I were in your shoes and I wanted to replace the $40k ASAP, then I would invest in things that maximize the profit from cashflow per dollar invested. Whether that's reinvesting in your properties, buying new ones, or some other investment, it would all be focused on cash flow. I believe, that will stretch the 300k the furthest. 

Just in case I didn't make my ideas clear with all my responses. 

@Joey Allison Your question seems to be mostly related to personal preference or risk tolerance based on your response. Everybody will have a different answer for you. If you're focused solely on what generates the greatest return, then you are correct, you will likely make more reinvesting the money into something (REI, business, stocks, etc.) assuming you don't invest poorly, which leads into your risk tolerance and knowledge. There are a lot of variables and options that would be hard for anybody to consider unless we were in your shoes and saw the whole picture.

If you're looking for ideas, one potential option to consider is whether or not you can significantly change the cashflow by investing a bit in the properties you already own. That might also increase the value of the homes, allowing you to have significant realized and unrealized earnings when considering the amount invested. You would still have to figure out what to do with majority of the money though. Only thing I wouldn't do is leave it in the bank earning nothing or some insignificant amount of interest. 

@Joey Allison 

What is the monthly income and the monthly profits for each property? I'm trying to figure out if the sum of the yearly income minus the yearly profits is near $40k because if it is and the objective is simply to replace the $40k, then you could easily pay them off, get the extra cashflow, and use the other $150k to invest in another deal. 

@Frank Wong is 10% down as a minimum suggested because of the changes in requirement for FHA loans back in 2013 where we are required to have PMI for anything below 10% down?

Curious to see who responds since I will likely try this strategy in Philly in the future.