All Forum Posts by: Luke Woods

thank you for the reply I was able to find a few more topics on this. So I am learning! Idk exactly what my goals are but I do know I want a paid for rental property(ies) by the time I retire from the Air Force or a few years after 16-20 years from now. I want the money I make from paid for rentals or even a few rentals that arnt paid for to supplement my pension.

what is your preferance when purchasing a rental property? I know 30 year increases your profits because your paying less per month but you will also pay more in interest on the other hand if you go 15 your profit is less but you get your unit(s) paid off 2x as fast?

Also what would you susggest for a first time rental owner? 15 or 30

How do you all find your properties? Real estate agent surf online(what sites do you reccommend) or a combination of both? Once you do find a list of properties how do you decide?

thank you for the reply and it makes sense

yeah I read about hard money and I won't be going that route. I am not here to get into investing now and 3 years from now there will be just as good buys as there is now. Ty for the Info

what is hard money? I don't make much right now off my pay 30k in 3 years is pretty conservative. I could honestly come up with around 30k in prob 1 year. But that is only because I am deployed right now and making more $

how do you calculate how money money you should have in an emergency fund for the property to cover vacancies/repairs? I will give you a scenario. Lets say the home you own and rent out is valued at 125k and was build in the early 80's but is in good repair and the roof is fairly new. Would 5k be enough to where you wouldn't have to worry? Obviously if the fund is emptied for a repair you would replenish it but how so you all figure the correct amount of "just in case" money

you are right I was just making sure that I wouldn't have to worry if the property isn't making me a ton of money. I haven't been digging into too many properties right now because I don't have the money to invest yet. I am hoping after 3 years I should have a solid 30k to invest as a down payment. Well some of the 30 would be set aside for that property's emergency fund

200 a door? I guess my property does pass the 50% rule if I did it right. 1400 would be the low end for rent. That's means 700mo towards "expenses" and the mortgage calculator kicked out 695 for my mortgage but also it is for a 15 year loan which is the only loan option I will do with rentals.

Also I am not really in this to be making a ton of money. With this property I would be able to pay for the mortgage and property taxes with my pay pretty easily with no tennents. I would just like to have a property thy is paying for itself as I move around in te Air Force.

let's say I invest in a rental unit (duplex) and after I subtract my income from my expenses (mortgage, insurance, management fees, vacancy, maintenance, property taxes) once I take my gross revenue and subtract it from my expenses and it comes out that I would make about $200 month off the property. Is this good or bad? Because it didn't pass the 2%rule and I don't think it passed the 50% rule(I am not too sure on how to calculate the 50% rule though)

My goal in this investment is to have it essentially pay for itself to where I don't have to worry about it, or have to put my own money into repairs. Note I would have a 5k-10k emergency fund just for this property upon purchase. I hope this all made sense lol and I could get some answers