All Forum Posts by: Lamon Woods

I'm not a super experienced investor but I would say no. Mainly because it sounds like you are using the profits from your rental to pay for your current home. If I were in your shoes, I would use your primary income (Full time job) to finance the house you live in, AND take all the passive income and invest in a second property, and repeat.

I'm not saying it was a bad deal, as long as there is cashflow it usually isn't a bad deal. I would say the use of the money generated by your asset (trailer) is contradicting your plans of living off of rental property income, if that makes sense.

-Trey

I'm not sure I agree with you. Money is fluid so it doesn't matter where the money comes from passive or earned, it's still income in your pocket. It doesn't matter if you say that your earned income pays for your home or your passive income pays for your home, it's still your income. Especially when you're only 27.

My only concern is that your rental is a mobile home. I assume you have to pay rent to park your mobile home there and that eats up at your income. If at all possible try to save up and exchange the mobile home for a SFR or multi family rental.

No park fees the mobile home was put there buy my landlord when the rental he had there burned down so it's in a neighborhood on a slab like an house I just accepted tenants yesterday after the app process an they move in on the 1st of feb for $575 an month 12 month lease...thanks for the replys

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I bough my first property an 25 years old two years ago in 27 now the property was an double wide mobile home 1580 sq ft 3br 2bath I was renting for an year for 550$ an month an I knew my dream an passion was to own rental properties oneday to stage an great life for me an my family so I called my landlord oneday an ask him to sell an told him my vision he like my drive an passion for real estate so he said if I could get him $15,000 buy the first of the year so me an my wife at the time my girlfriend decide to take our income tax money an buy the property cash we did live in one more year did the floors an an few cosmetic things we just moved into an 4br 2,500 sq ft home an we plan to rent that property our $575 an month we stand to make $6,900 a year on the property to help pay half our mortgage on our new home we pay have an put back in our maintenance account every month for repairs...was it an great start to my invest portfolio?

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All Forum Posts by: Lamon Woods

Lamon Woods has started 8 posts and replied 12 times.

Post: Was this an great investment for my first property at 25 yr old

Post: Was this an great investment for my first property at 25 yr old