All Forum Posts by: Mehgan Moore

@Llewelyn A

Thank you for mentioning this! Reading through all these posts I was thinking the same exact thing!

We have 2 property worth over $600k and have about $200+ equity! We are motivated to pay them off as fast as we can while also still making sure we have some positive cash flow each month. That's kinda the bonus!

It makes more sense to me to focus on paying off your debt and increase your cash flow at the same time.

@Llewelyn A.

Thank you for finally mentioning this! Reading through all of the posts I was think exactly this point!

I own 2 rentals right now and have over $200k I. Equity part of equity in each so far! We are motivated to pay the mortgage off as fast as we can but still making some positive cash flow.

A HELOC is a great option to get the capital needed for your next purchase. You can get them from nearly any lender and would suggest shopping around for rates. I took mine out right before moving out of the property sobits set up as an owner occupied which gives me a much lower rate. I would also suggest reaching out to a local Credit Union as they seem to have more competitive rates. Best of luck!

@Bruce C. It's my understanding that each HOA is different; however, typically the cover thr exterior maintenance of the building. For example the roof, amenities such as pool and landscaping. As far as AC and Electrical you would need to read through the CC&Rs to determine if they cover them. As far as insurance you could get a lover coverage on just the inside of your given unit. There is a Master policy that would cover the rest of the building/ community.

@Randy Bloch thank you for sharing! All really great info to keep in mind.

@Victor So thank you for sharing, very insightful!

@Andreas W. Thanks for the tips. I would not charge the tenant rent plus HOA; I just want to make sure the rent I can charge is enough to cover the mort and HOA plus a profit. ;-)

@Melba Chambers. I was including the HOA fee in my rent amount. That way the tenant is paying that as well. I would also include in the lease, something that says that rent could be increased after 30 day notice if the HOA does increase. That way we are covered. ;-)

@Jake Stuttgen Thanks! That's kinda where my thinking was as well. Need to make sure we do our due diligence as far as the HOA CC&Rs.

I know typically Condos are not the most ideal investment as they don't tend to appreciate. However, we are considering them as a potential rental investment. Given the tend to be cheaper, we could pay most of it in cash and the cash flow would be higher. We would plan on keeping it as a long term income producer. Any advise on this? Thx