All Forum Posts by: Josh Bakhshi

get an umbrella policy for extra insurance

Tell us why you want to be an investor, what are your goals, what steps you are going to take to start? 

Welcome. In the mean time work on your credit. Look at properties. Make a plan. Talk to friends and family to invest in you

@Ramsey Violettes

Welcome.  What are your plans/goals regarding Real Estate?

Very good news.  I'm sure you're happy you finally spoke to them.  Even if they had some bad stuff to say and issues, just have a conversation with them.  Honestly, if I were the tenant, I would have thought you were being shady.  For all of us, we should just answer the phone.

@Dave Foster

 Dave is correct and it is his business.  But the best person to talk to is your CPA.  I'm sure you got some depreciation along the way also and you spent a few bucks for upkeep.

But either way, it's better to spend more time w/ the grandkids. 

Like Jon said, HOA is usually on you. But you are not thinking of major things like HVAC, roofs, electrical, plumbing... 5% of CapEx probably isn't enough. Also, you have to look at vacancy which is probably 1 month or 8%

Good luck

Be VERY careful.  You usually get what you pay for.  Even if you find something for 5K, if it is nothing but a money pit and you have to pay back the debt, you are putting yourself in a BAD situation.  Know the area, rents and community before you give up one penny.

I don't know how big it is, what your budget is or how much of a green thumb you have.  But while you are living there, do what you care about.  After that, you should at least mow the whole thing down.  You want your tenants to take pride in your house and that will be the FIRST thing they see.

Nice!  you owe him a drink :)