All Forum Posts by: Kyle Guida

okay so i went ahead with the purchase can some one confirm my numbers on both my properties and give me feedback. 

prop 1- sfh- 3 b 1.5 ba. 1300 sqft. paid 145k put 45k down i get 800 for rent (i also live in 1 room) my mortgage is 972 including taxes and insurance. 

prop 2- condo- 2 bed 1 bath remodled i paid 123k put down 25 percent. it rents for 1400 currently on a 2 year lease. hoa fees 180 a month. i did buy a washer and dryer $850 and painted $1600. please help analyze my deals to learn more and better my carrer . so far i love real estate lol

ok so did I make a bad call or over pay?

I looked at it like piti is about 950 a month , rent would be 1300 . Figured 10 percent for management even tho I'm going to manage , 7 percent vacancy 10 percent repairs, 

@Dale Iurillo yes they do allow rentals. 25 percent was required by the lender.  no money yet for another but i want to keep my house and the one rental to see how i like it, how much extra work/money/time it requires. if i like it i will move forward and try to get another in a year or 2. I have a company i own and run that provides a decent income that im going to stick with for awhile while i build the real estate side of things. my goal is long term buy and hold for cash flow

hoa is monthly, how do you get the cash flow number? i must be forgetting some things because  my number was higher for that. 

a bit about me, i am 24 from illinois. i have my personal residence that i "house hack" for now, rent out 2 rooms and get 800 a month for that. I just got an offer accepted for a condo as well. the numbers. i got under contract 123 k purchase price. its remodeled. taxes are 2800 , hoa fees 180 . current rental comps are 1200-1300 . I shouldnt have a problem being at the 1300 mark as it is nicer then the other units for similar prices. i put 25 % down on it as well. What do you think of those numbers ? this is my first one so im new to this but am having a little help and coming here for additional feedback . Thanks ! 

finally closed on a house after many obstacles and years of searching. its a 3 bed 1.5 bathroom ranch. paid 145k appraised at 147 by the bank. it should rent out for 15-1600. if i can im going to try and knock a wall down to make it a 3 bed 2 bath. theres a school behind it , anothr school down the street and golf course about 2 miles away.  i plan to "house hack" and live there for now while looking for my second deal and rent 1 room to a friend . 

one day i hope to just focus on RE but then i might be too bored doing just 1 thing haha, i run a landscaping company, referee hockey, and working on starting 2 new business's

@joel , im using none of thier money. and if i had listened to their advice i would never have moved out and grown my business like i have . so listening to them in most aspects isnt my style. they are well conservative people. i like to take chances and bet on myself . 

@curtis, unfortunately if this does work and they want to join in i wouldnt be interested in giving them and amount of equity or a percentt return or help. my motto is if you arent willling to take a chance on me even a small one and believe in me then you will never . i always prefer to give back  to those who are there when you have nothing . very easy to find people when you have everything. i would rather put my money where my mouth is then accept money from some one who down talked me and my vision the whole time! 

@ck hasha i could offer them 100% and they would just go on about how im going to lose their money they worked for all their life and i dont know what im doing etc. sorry my idea of life isnt working 40 hours a week until im 60 . which is the whole reason i wanted to get into real estate