All Forum Posts by: Kassie Carrell

Thanks Robert. I am going to seriously look into this. Thanks a lot everyone!

Jordan, I have credit card debt of 18K. I doesn't seem like much, but I am not making much either so I am paying the bare minimum. 

Ok. Great! I am going to talk to the bank about this.  This was so helpful. Thank you so much!

So the bank would give me 30K and I would have a new loan for 90K at 456 a month for 30 yr. I have never heard of this. I am also a veteran and have never used my VA, but I hear that it's a bad idea. The idea would be to pay the house off before 30 years right? Because in the end this would not be a good idea right? Sorry, I am slow. I really am a true beginner at all of this.

I rent the house we currently live in.

Austin I didn't put cash down. My husband and I bought this house 6 years ago,  flipped it and then decided to keep it and rent it out. We had just got back from South America and had lived with no credit cards etc. and therefore we had no credit in the United States. It is a 1950's home we totally renovated. New roof, AC, insulation etc. We borrowed 75K from a private lender.  It was a 5 year loan amortized over 30 years. We were going to take out another loan with lower interest within 5 years. Fast forward 5 years...we are divorced now and I am left with the house and not sure what to do. I am trying to get out of 18K in debt and I am going through Financial Peace University to learn more about money and investing. I want to keep the house, but I think I should sell it and pay off my debt and use that money to reinvest and do it the right way. The fear I have of selling is that I have been a stay at home mom for all these years. Last summer was the first time I have had my name on anything besides the one credit card I had. I am afraid I won't be able to buy another income property because I have very little credit.  I want to invest in real estate and I am new at this and learning. If I sell the house I could instantly be debt free, and put money into savings and then be on baby step number 4 which is investing. So I am not where you guys are in real estate at this moment, but I would like to be and I want to learn. 

The house rents for 1300 a month

which is 15,600 minus

7,200 mortgage

1,482 property management

3,000 Taxes

1,527 Insurance

So maybe this is a good investment, but not if I am in 18K debt right? I am trying to figure this out and make a good decision for myself and my three daughters. 

Thanks for the input.

Robert, yes I suppose I have not accounted for those expenses. So my cash flow is probably closer to 245 a month to be on the safe side.

278.75 is my cash flow. That's if nothing goes wrong. I had to replace a hot water heater recently and pay for some lawn maintenance. So you think this is good? Again, I just don't know. I thought I should get at least 5-8 percent back in order for this to be a good investment.

I have a house I rent out for 1300 a month. I owe 60K. It's worth 120K. How much should I be making annually on this income property. I feel my numbers are very low, but I am new at this so I am not sure. After taxes, insurance, mortgage, and property management fees I am left with very little.  I would appreciate any advice. 

Warmly, K