All Forum Posts by: Kara Leboeuf

Ziv Magen Thanks! i couldn't agree more.

Hey Martha Chavarria, thanks for the greeting. what college did you attend. i went to SUNY Canton for 2 year (about 5 mins from the canadian boarder, so i know a thing or two about COLD winters lol)

Glad to hear my story was inspiring. i have learned everything from this community by just lurking and reading on my spare time. if i can do it anyone can. i will keep everyone updated on my next purchase as soon as i find that gem!

Thanks Mike LaCava

I follow Robert Kiyosakis' idea that if you buy for cash flow, then it dosnt matter what the housing market dose. if it drops you still have cash flow coming in. if it increases, then that's just a bonus.

Al Williamson that is great advice, thank you.

i was thinking about that yesterday "i wonder how many people would actually enjoy the bonus room concept?", and of course, how much more are they willing to pay is a big question. i will have to find a way to ask that to random people searching for apartments. slow and steady wins the race ;)

Thanks Aly L!

Hey Al Williamson, thanks for your support!

I have already contacted code enforcement, and i was told as long as the upstairs is made into just a "bonus room' (meaning not a bedroom ect.) then as long as the stairs getting up to it pass code then everything should be good. so i hope i wont run into any trouble there.

as far as saving for those unexpected expenses, your right, its not sexy at all lol. But its something that got to be done. im in a good situation as far as money reserves go right now. the challenging part will be not to spend it all when i find that next house!

Yes Brian,

I found the house locally on the MLS using an agent. Before I decided on this one I looked for about 3 months at around 50 different multi fam houses in the same price range. We made an offer on this one about 15k less than the asking price. We agreed on a price about 10k less than the asking price. When I had a professional house inspection done the inspector notified me on some minor and some major problems with the house. One of the major problems was that the boiler for the heating was about 35yrs old. So we negotiated a $4500 credit to replace that boiler (it's still working fine but we still got the credit to replace it)

As far as financing we used an FHA loan. The $4500 credit and security deposits more than covered all the closing costs and left us walking away with over $2400 at closing

Thanks, it was a good first step for me. I'm saving about $700 a month compared to what I was paying for rent at my last place and now I'm learning to be a landlord and having tenants pay down my mortgage :)

I'm happy, and it just makes me want that next property so much more!

Thanks Charles Morgan, i was actually in the house today (i haven't officially moved in yet) taking notes of all the repairs that needed to be done short term, long term, ect. I am not too knowledgeable when it comes to the tax law, so that's why i found a CPA and am meeting with him next week. but from what you say it seems like my tenants will be paying my mortgage and ill be collecting all the tax deductions, what a deal! lol

Thanks for you post,
Nick

@Mike H. thanks for your interest in my first deal!

my actual monthly payment, PITI is 1125. in the first post i meant to say PI of $600, sorry for the confusion.

so at a PITI of 1125 and rent income of 1000, i owe 125 pulse heat for the building, and my utilities, so all together im - 300 to - 350, but im okay with that. the room for improvement is there, and once i move out this property will have no problem cash flowing

as far as making the same deal happen next year, i doubt it lol. but as of now i am looking at 50k duplexes in the area and i think that will be my next purchase.

again thanks for your interest, and have a great weekend

Hey Brandon Turner, your article did push me, and i want to thank you again for putting that info out there so others can start to understand the power of REI.

im sorry to hear about your Starbucks addiction haha

im sure i will come up with more questions as i get more and more into the process, but as for now im already looking forward to my next purchase, hopefully a 50k duplex. this property will be much easier to find considering it will just be an investment and not something that has to fit into my girlfriends and I's personal needs and wants (which are very high lol)

Patrick Jackson thanks for the words of encouragement, im already on the hunt for the next one!

Thanks Raymond B. for the help

Thanks @Marco Santarelli,

Kiyosaki just makes sense no matter what hes talking about, that's why i think I'm such a fan.

I'm sure i will have tons of questions as we go through the process of tenants moving out, screening new ones ect and im sure BiggerPockets will again have all the answer.

Thanks for the post Marco!

Edit: I guess my first question is how to tag someone in a post! lol