All Forum Posts by: Tj M.

Brandon Battle that's funny, I have really been looking into Nashville area already. I was raised in N Ark. I know that area pretty good.

If you could pay cash for $300k house and have a $50k a year income stream and no debt where would you live? Needs to be some what warm,near a boating lake or river and not deep in the back country. Where should I move to?

To clarify it does cash flow little bit. I just think the price is to high.

So I sold a house for $250k and my tax guys says I will owe $20k in taxes. I am trying to do a 1031 exchange but would you buy a property that's not really a good deal to avoid the taxes. I have 2 duplexes lined up that together would cost about $240k but both need roofs and some maintenance. I have already identified them per the 45 day rule because I was not found anything else and these popped up last minute and I was interested in them. I think they are worth about $100k each. What do you guys think I should? Buy them or pay taxes.

When people talk about being leveraged at 50%,75% or what ever what number are they using to determine that. Original purchase price,current value or something else? Just use my example I have a mf property that I paid $143k for and I owe $93k now and it's worth about $300k so what percentage am I leveraged at? I am learning more about dead equity but don't want to get over extended while trying to maximize cash flow.

I started out 8 years ago $30k in dept and a primary house that I owed $225k that was worth $125k. I moved out and rented it for $300 month loss and rented a room for about a year. I listen to Rich Dad Poor Dad and that changed my life. I bought a 4 plex for $240k and needed about $13k to close. I lived in one unit in a c- neighborhood while the other 3 payed the mortgage. I payed off all my consumer dept while living for free. I took out a $30k 401k loan to put 20% on my next 3 plex that I paid $140k for. After about 2 years I used a fha loan to buy my primary now for $220k. Well after 8 years my net worth is right at 1m and I just sold my first house that was upside down for $50k profit. I tell everyone that the easiest way to get started with little money is to buy a mf and live in one unit.

So the house is worth about $235k so after taxes and fees I should make about $10k-$15k. I had it rented under market value at $1100 with a 9 year tenant. I could rent for now for $1300-$1400. The 1st is $850 and the 2nd is $450. Plus I pay hoa,sewer and garbage. My struggle is how to handle the 2nd. I just wasted that money on stuff and if I treated it like personal debt then property does ok but if I treat it as house expense then it's a loser. The house has been upside down till just recently.

Also sorry for the multiple post my Bp app is messing up. 

I have a house that used to be my primary residence that has $109k mortgage and $73k home equity loan that I used for stupid stuff as a kid. It would cash flow pretty well if only had the 1st but I have been renting it out for the last 7 years losing money. So my question is should I sell it and get out of the negative cash flow or should I treat the 2nd like personal debt and pay it from my regular income and keep the house? Looking to hear your thoughts on this.

I have a house that used to be my primary residence that has $109k mortgage and $73k home equity loan that I used for stupid stuff as a kid. It would cash flow pretty well if only had the 1st but I have been renting it out for the last 7 years losing money. So my question is should I sell it and get out of the negative cash flow or should I treat the 2nd like personal debt and pay it from my regular income and keep the house? Looking to hear your thoughts on this.

I have a house that used to be my primary residence that has $109k mortgage and $73k home equity loan that I used for stupid stuff as a kid. It would cash flow pretty well if only had the 1st but I have been renting it out for the last 7 years losing money. So my question is should I sell it and get out of the negative cash flow or should I treat the 2nd like personal debt and pay it from my regular income and keep the house? Looking to hear your thoughts on this.