All Forum Posts by: Thomas Kim

@Chris Tao @Jennifer Kennedy I'm looking for a new, trusted GC as well. Any communications with him yet?

Thanks!

Just on the opposite side of the wall where the current water heater is in the garage is an exterior "shed" built out of wood. The previous homeowner used it as a small shed for brooms, shovels and rake. 

As long as the water heater fits, can I just use this exterior wood "shed" , or does it need to be galvanized steel?

Thanks @Mike Wood. Just looked it up on Lowes/HD and see exactly what you mean. Mine is a gas water heater, so this should work.

Thank you again.

I'm in the process of building a small laundry room (approx. 10' x 10'); however, the water heater is currently in the corner of this space taking up 2.5' x 2.5' of space. I was told by a plumber he could remove the traditional water heater and put a tankless water heater outside; thus, it would open up that 2.5' x 2.5' space for more room.

My question is rather than paying $1k+ for a tankless water heater, is it safe to just move the traditional water heater I have to the outside, but enclosed in a wooden "shed"? Or is my only (safe) option to get an outdoor tankless water heater?

Thanks in advance.

@Michael Noto: right, I forgot about the 25% down requirement when buying conventionally.

@Jesus Minier : that's what I would think - diversification is good. Just wasn't sure if you apply it to RE as well, but I guess that makes sense?

@Jeff B.: I agree that using OPM is best. Are you implying then that, going down the traditional lending path, you'd buy 4 properties @ 25% down and mortgaging the rest?

As a new investor, I've been debating if I should buy a single investment property in all cash or diversify and buy 2-3 properties and putting ~30% down. Maybe buying 4+ with less than 20% down, perhaps?

Anyone else experience or thought about this before and could speak to it? Thanks in advance!

Hi everyone, I'm trying to figure out how to accurately gauge the NOI based on the 50% rule. I use mortgagecalculator.org as a quick tool to figure out my monthly mortgage amount, but usually add in the 2.4% Property Tax (since the avg. property tax here in Austin is 2.4%) to get my est. monthly mortgage payment.

I've been reading that when using the 50% Rule, you should factor in taxes as part of these expenses...are these Property Taxes? Does that mean, when comparing the 50% of gross rents vs. my monthly mortgage, I should be entering 0% as my Property Tax value when calculating my monthly mortgage? Because that makes a huge difference in NOI value since the monthly mortgage varies drastically.

I appreciate in advance any clarification on this.