All Forum Posts by: Account Closed

@Theresa Harris thanks for the reply.  I don't know where my wife and I would eventually end up.  We currently have stable jobs that pays well.  I really want to sell our home and rent for a couple of years while I continue to buy investment properties, but we have too many rescue animals that we care for that I'm sure a landlord would not approve.  

@David Pilkington Great points made! I also feel that the market will slow in 2020. Ironically enough my wife is a Regional Property Manger for the biggest multi-housing developer in the U.S. and she is not interested in investing in real estate at all. I find that to be odd. Nonetheless, I have recently watched her developers and study their every move. I spoke to one of them during a company party and one thing that stuck in my head was, "watch for all of the cranes, it's a sign of too much development at the same time too late in the game". I wasn't really interested in REI at that time, and thought the comment was odd. Now it all makes sense.

Here’s the skinny:

I own a home with a 15yr mortgage 3.25% rate with monthly payments of $2100. I still owe $200k on the home but could potentially sell for nearly $400k, but at the very least $350k. I would need to spend approx $10-15k to tidy the place up and finish up old lingering projects.

Now, I’m not I love with the home and the area is, meh. I want to buy a fixer in a nicer more desirable area for an asking price of $350k but I could potentially squeeze to $320k(maybe). I’m estimating $20k in repairs. I would finance this with 20% down (from home sell)and 30yr mortgage, which will bring my payment a below my existing mortgage.

I want to note that I’m still undecided on long term residence and I’m not convinced that I will be spending my retired years in the PNW.

Should I pull the trigger on this idea or should I just cash our refi to a $350k loan with a 30yr mortgage? Thanks in advance. I really appreciate everyone in the community.

@Nathan Gesner Thanks for the detailed information about finding a property manager.  I will certainly take all of your advice into consideration.  I am certainly cautiously optimistic right now.  

I found out about Bigger Pockets 3weeks ago... now I'm in a purchase contract for my first duplex in Wilmington, NC.  I've listened to a lot of podcasts, read a lot of forms, read several books about investing and real estate and analyzed the housing market like a hawk. I live in Portland, OR and my first investment property will be in Wilmington, NC.  

I was hoping to get some recommendations/references for some awesome contractors and property management in Wilmington, NC. The duplex needs some work and I was hoping to get some quotes for repairs and facelift before the due diligence period ends. 

I am so thankful that I found Bigger Pockets and its entire community.  I will post details about my hopeful first investment when I close.  TIA!

@James Gates You're an inspiration and a rock-star! Thanks for the detailed post that outlined a lot of important  aspects of real estate investing.  I just found out about FIRE a few months ago and same as you I found Bigger Pockets shortly after and it made sense.  I think I'm still in that nervous and naive state and I'm afraid that I will fall in analysis paralysis waiting for a market correction. 

How did you do your research on out of state investing and where you would invest?  I have read countless forums and every time I read something new I get discourage more and more until I read post like yours.  I'm currently living in Portland, OR with a crazy high market and recent rent control passed.  Washington state across the river is reaping the benefits of an Amazon and Microsoft HQ, driving housing cost really high.  We are planning to move back to San Diego in a couple of years but SD is another high housing market.  

What tools did you use to determine the out of state area that you chose?  Did you contacts with contractors and real estate agents already?  How was your experience managing a flip from out of state?  What would you have differently and any notable lessons learned? 

Thank you so much!

Lourexel