All Forum Posts by: Katherine S.

I've been pushing spreadsheets around all day, but I'm missing two things:  first, I am not a numbers nerd, therefore, my brain hurts; and second, I have yet to get a cocktail.  Because after one, what little numbers nerdishness I do possess will evaporate!  ;)

I would love to see what goes into your spreadsheets.  

Good luck with your offer!

I've been playing with the BRRRR calculator today as well, and I just don't find where it lists the equity that is returned to you at refi. Anyone see it?

The OP asked about renting to people on disability.   Being "on disability" is not the same thing as being disabled.   "Disability",  either SSI or SSDI,  is a source of income, has strict limits on additional income,  and is usually meant to be temporary.   The recipient would have received an award letter detailing the benefits to be received in the next year. 

It seems a simple question to determine if the applicant qualifies based on their award or not.  I think it might be possible to have housing paid directly out of the benefits.  I also think it would be acceptable to ask when their award review is to be conducted,  in case they lose the benefit during your lease.

@Natalie Kolodij  My apologies for mis-tagging you!  I'm still learning the systems here.

@Dejahn Renrick What an awesome job!  It's amazing what raising the ceiling will do to a space.  Did you have help with the design, or did you put this together yourself?  It's lovely and congratulations on your vision.

Very nice!  My only observation, as a kitchen-gadg-aholic, I would have liked the upper cabinets to extend to the ceiling.  I don't know how much it would have added to your budget, but that extra storage space comes in really handy.  Plus, you don't have to dust up there.

Any offers yet?

@Natalie Kolodij

There's a big difference between $150k and $200k.  What don't you know that you have such a range?

We've reached the point where we need to have some professional advice, in the form of tax and accounting advisers.  

Who would you recommend in the Detroit area?

TIA,

Katherine

@Russell Brazil

I think it's Tarek and Christina's fault.

@Dany Namou  We like the Roseville area so far.  I might also be interested in farther north in Macomb county, as long as the numbers work out.

@Mario 

@Mario Navarrete We're excited as well.  I wasn't too enthusiastic until I created a spreadsheet and worked out the numbers (I didn't include everything I needed, however), and saw what kind of returns we could achieve.  Thanks for your help!

We're starting out at 50++, but wish we'd started sooner.  Our goal is to create a revenue stream sufficient to allow my husband to retire, while maintaining (or improving!) the lifestyle to which we have become accustomed.  We're focusing on starter homes that we would have liked to live in when we were starting out...condition, location, amenities, with the hope that we will attract stable tenants who won't destroy our houses.  We're only a couple years in, but so far so good!

From this site, I've learned about solo 401ks, which would allow us to tap into our retirement funds to buy properties.  This could open up a huge opportunity for us, and we're very excited about it.