All Forum Posts by: Lee Pittman

Thanks @Rachel H. I will give that a try! 

Looking for someone to haul two mobile homes from Homosassa Florida to Mobile Alabama. Budgetary quotes needed at this time.

@Chris Brown looking for slide in replacement windows, I will give you a call later this morning! thanks for reaching out 

Looking for someone to replace windows in my duplex, I want to switch from single pane to double pane (single hung). Anyone have any good referrals? Someone who is reasonably priced and has done good work for them. 

Thanks for the help! 

The answer is... it depends. It depends on how much risk you are willing to take, if you are only comfortable with managing properties that you own free and clear, then that is the right strategy for you. As others have said you will get less return on your money and prolong the process, but your strategy will still work! I am kind of like you I don't like to have myself over-leveraged, I bought a trailer park and duplex in 2017 with 11 doors in total, currently looking at around $460k in mortgages, with about $90k in liquid savings and that is about as stretched as I want to be. I never want to have less than that in savings, because in the event of a huge market turn I want to be able to bail myself out and survive. My goal for 2018 is to pay off both mortgages and search for more properties to buy at the end of the year or early 2019. 

If I were you I would find out the 2008 price levels of your properties, where did they bottom out and pay down your mortgages till that amount remains, then buy more. In the event of catastrophic market conditions, you would still be even with your property value/mortgage. That is a very conservative approach in my opinion. 

Hope this helps and good luck! 

Housing prices have increased above 2008 levels in some areas, but you are mainly seeing this in large urban cities. Which, just so happens to be where everyone is moving to (Millennials). While I can see your fear of over paying, don’t get caught in a what if scenario, go with your cash flow now if it works.

@Addam Driver Closing on Aug 31st 

@Chamara Edirisinghe FHA loan is what I am using, I am planning to live in Unit B

@Ryan Johnston appreciate it, motivated seller! I was looking at some comps that rented for 1500-1800, do you think that is an accurate representation? 

Hey @Ericka G.I appreciate the information, always good to have someone play devils advocate. Objective is to live in one unit and have someone help pay off my mortgage. Unit B will be my home for the next few years at least and I am paying for the location, because I want to live in that part of town :). 

I think running the dummy ad is a great idea, I was looking at comps in the area and what they rented for and 1600-1700 seemed the norm, but I will follow your advice and see what kind of responses I get.