All Forum Posts by: Account Closed

Thanks for the heads up Albert, I will keep them in mind if I decide to keep the home and look into a HELOC to fund a new purchase.

Hey Greg,

Thanks for the advice. I renovated the house before it was rented and the tenant pays utilities and is responsoble for lawncare.

I may not be at $750 a month cash flow but this house wont need upkeep for a very long time. My only expenses are property tax and insurance. Everything else is pure profit for me at this point barring an unforeseen repair that would arise out of nowhere. 

Curious how I wouldnt be able to afford a HELOC. Payment would be very low and that HELOC would bring in another rent check every month.

Regardless Im leaning toward selling at this point. I think it offers the fastest route to growth for my portfolio and much more lucrative profits.

Daria,

Thanks for your feedback. My house is also in a good neighborhood and its located on a quiet culdesac. My realtor has also told me that I should be charging $1000/month but I dont want to lose a good tenant.

I just started my search for a fourplex so I havent done a cash flow comparison yet but based on my estimations I would double my cash flow with a fourplex. 

The other option I have is to buy another cheap single family foreclosure with the line of credit, renovate and repeat but the multi-family convenience as far as management and the ability to then leverage my multi families into an even bigger cash cow (apartments) is very tempting. On the other hand, the $850 I have coming in every month is a very nice safety net that could help me pay bills if future properties end up vacant/need repairs.

Would love to hear back from some others who were in my same situation and see what they decided and if they regret it.

Hey Everyone,

I have a paid off single family home with a good tenant who pays $850/month. After taxes/insurance I'm profiting about $7500 a year from this property.

My mom is a successful investor and it has always been a supplemental income for me. For a long time I never thought about become an investor for multiple reasons, mostly because I wanted to "do my own thing" but I have decided that I am going to pursue investing full time and make this my career while holding down a 9-5 that I enjoy for benefits and a safety net.

This begs the question. Do I sell my $85,000 property and leverage that money into a quad plex? Currently I can only get about $30,000 home equity line of credit which is not enough to make a big splash. I also do not want to partner with anyone, I have lost a best friend because of business and want to have control of my own business and follow my own vision.

I hate to give up a paid off no headache property but in order to get where I want to be (multi-family) I think selling will get me there faster. Do you agree and do you have any advice?

Appreciate any help.

Thank you for the input Ed, that is certainly something to look at that I have never heard of before. Sounds like a very good plan and I would expect you would know seeing as you are in the real estate industry.

As of now I'm happy to finally have one under my belt that is paid off and rent coming in next month. Im going to start looking over the next 2-3 months for my next property and hope that I can come across a nice deal.

Thank you for the advice Brad, I appreciate it. I am not familiar with wholesale or putting together deals, I have a lot to learn in that respect. Also, what do you mean by a big package, a multi-family?

My mom has always done the buy one house, repair, rent, refinance, buy another house method and it has worked well for her. But by all means if there is a quicker way to make more money, I am all for it.

Thank you as well Justin. I have a full time job and make decent money for my age at this point. If the houses are paying for themselves and I am making even a marginal amount of cashflow I would be fine with that. I know im not going to become wealthy overnight, my eyes right now are on setting myself up within the next 4-6 years to make close to six figures and allow myself to become self employed.

Good luck with your current and future ventures!

Hi Everyone,

My mother has been investing in real estate for the past 10 years and I have helped her along the way with basic work. I never looked at it as a career path until I recently came across a video of Brandon Turner's and it inspired me to begin investing.

As of now I have one property which will be finished within a week. It is paid off and has a value of roughly $90,000. I have a tenant moving in January 1st and will be making $900 a month in cash flow from the property.

What should my plan be to expand my portfolio at this point? As of now I think it would be best to refinance my property and use that money to acquire another house and pay for repairs. Is that a bad idea?

My long term goal is to hit a net worth of $1 million by 30, and have around 10 properties. I think that is very achievable for a 6 year plan.

Thank You,

Kyle