All Forum Posts by: Melanie Moore

@Ricco Ardemagni Thats true. The town only has 2 major real estate agents that rent homes. One is in her 90s with no kids and the other one passed away in May. So i think it may be in my best interest to keep it at least for a little while. What you said is also true I have only been here 2 years and there is only 32,300 in equity right now. I do feel that I would excel in a better market. I guess I will focus on working and saving and use that money I have on the way the clear out that cc debt and then talk to my lender and see what direction she thinks may be the best route since she knows the area also.

@Ricco Ardemagni im also driving 35 minutes to another town for work myself.

@Ricco Ardemagni I initially wanted to sell my home because it's in a dead end town over 50 miles south of little Rock with very little for people to move there for which is another reason I want to leave. Then I reconsidered because of how hard it was for me to get a rental when I left LR and went back to my hometown after finishing school. I figure I will most likely have a renter. I grew up watching a cousin of mine rent out properties his mom left to him when she passed away in 98' in that year I was 7 so I hadn't got around to asking questions. I spoke with him recently and he said he doesn't know about any of the things I have learned here he ended up selling all but 2 of his properties by the time I was even interested in finding myself a home back in 2013. Long story short he kept them full until he sold them, even during his tour in Iraq. He talks now about how he should have kept them. My only concern is price point for this area. If it would be worth it to rent. 8 to 900 a month on rent would give me at least 100 in cash flow per month outside of other costs. Problem is the jobs here don't pay that well so I may get one good tenant that may stay awhile but I dont believe the rest will be able to afford it. My cousin rented his places for 200 a month but they were all paid for.

@Corin Prendiville Thank you.

Thank you all. I absolutely love it here. I cant wait to expand my knowledge base. The more I find out, the more I want to know. I cant wait to be an inspiration and mentor to whomever comes behind me. This platform is a beautiful thing 😍

@Carl Millsap Thank you, I mentioned that to my original lender and she said that if I went ahead and rented out my current property and had a lease contract I could present the debt from the home wouldn't count against me and I wouldn't have to do a cash out refi. She said she could do a conventional loan. Im not sure which is better. The cash out refi sounds like the way to go. I originally went through supreme lending but my debt was later sold to pennymac. I havent spoke to pennymac at this time to see how much equity I have yet. October will make 2 years I have been in my home.

Hello everyone,

Please share your opinion on my plan or tell me if I'm wasting time waiting to pay down some debt.

I currently live in my home and owe around $79,000.00 with 4.000% interest in Arkansas. I plan to move to the city leaning towards DFW area. Looking for a duplex or some other multiunit that I can afford. I do plan on renting my current home out when i leave. Im just now starting to really pay attention to real estate after working as a nurse for almost 10 years now and I see myself in the same spot. (I have about 15,000.00 worth of credit card debt I need to eliminate before I get ready to purchase my next home.) I have 10,000.00 on the way held up by IRS due any day now. I plan to take all of that cash and eliminate the credit card debt first before negotiating a deal on a property because i believe it will effect the interest rate of future loans. After doing that I will still have a little under 5,000.00 credit card debt and only 1,000.00 in savings and 1,000.00 i can use for down payment or closing costs.

I guess my question is, do you believe this is the best way to proceed?

Thank you for taking your time to read this and i appreciate any knowledge you give me.

Hello, 

My name is Melanie and I am excited to be a part of this community

1. 🌎 Currently based in Arkansas + Hoping to invest in DFW area of Texas because of my desire to relocate to the city and possibly span back to Arkansas at a later point because its pretty much all I know.

2. 💫 My goals for joining BiggerPockets are to learn from people out here doing what it is I am trying to do. My first goal is to relocate to DFW and buy either a duplex or some other multi unit. I am currently under a mortgage for my home in Arkansas which I do plan to rent out.

3. 🤪 I am interested in interior design. Growing up in the country where I did there was ZERO opportunity to even think about having a career in that area so maybe ill get to have a little fun after investing for cash flow and get an opportunity to get my hands dirty.