All Forum Posts by: Kanwar Sodhi

is the upstairs and downstairs both rented?

Welcome guys, I'm a newbie as well undergoing my first deal soon. Let us know if you have questions.

Definitely great work on that. I'll definitely consult you for design ideas

3 reasons: 1) I want to excel at my full time career with no worry of money. Maybe having a 9-5 wouldn't be so bad if you didn't have to feel like you were stressed to do it. 2) invest in my kids (when I have them). Protect my kids. Give them a choice and happiness but discipline. 3) give my wife a life she dreamt of. She can pursue this on her own as well. I want her to also excel in her talent and work not to make money but to do what she does best.

Thank you for the warning. If there's anything I can do to help, I'll definitely let you know and I'll be on the lookout for this guy.

Hey Greg, welcome to BiggerPockets. I'm glad you chose to eventually switch over. Definitely do your research in which niche you'd like to transition yourself into and kill it.

I'm in the Midtown area close to O4W and I'm sort of new to this arena as well.

Good luck. I'm sure you'll do great

That's a great idea, I am about to purchase my first investment soon in the South West/West End area. Where are you looking? I can maybe help you

Loved this one!

Congratulations! Keep pushing. Some of us are right behind. Thank you

Hello guys, I've been on BiggerPockets for a long time learning and reading. I was a given an opportunity to purchase a place for $75,000 which would yield a monthly cashflow of $363 if I amortized over 15 years or $515 if I did 30 years both with 20% down and $2,000 in closing costs and estimated loan interest amount of 5.00%. This cashflow is after using the biggerpockets calculator and reserved 5% for vacancy, 10% for CapEx, 10% for Repairs, 10% property management fees.

The person selling it is a constructionist who buys distressed properties, fixes them up and sells them.
He's selling it as a turnkey, obviously, and also says he'll act as the property manager (taking 10%) and take care of putting tenants into place and stuff like that. 

Cash on Cash ROI is 25%

My fear is that I don't have a great job to support things like the roof going bad or the boiler going bad. These big costs will destroy me if they occur and I don't have funds to get these fixed right now. 
What would you do to insure that you're safe for the next at least 5 or 10 years from stuff going bad.

I know being a landlord is lucrative, people do it and people are making and getting equity, but how do I get over these fears so when I pull the trigger, the risk is less.

Thank you for your help in advance.