All Forum Posts by: Michael Mulroy

@Tyler Weaver thanks for your input! I agree that the $10k would not generate enough return on its own to cover the lease payment but it would probably cover about half and would be quick available cash towards the next down payment on a property.

I have always heard the same as you described how a lease is a bad investment which is why I always bought. Getting another car a year after it's paid off isn't really leveraging the benefit of buying from what I see. The only benefit is not worrying about the miles!

You always here the back and forth debate about buying or leasing a car. I personally have never leased but am considering it, given the following details.

Car Value ~16k

Car Loan ~ 6k

Equity: $10k

Payment $485/mo

Would it make sense to sell the car and use the $10k towards my next property and get into a $0 down lease with a similar payment? I have a year left of payments and it would take 20 months of saving the payment, after it's paid off, to recoupe the equity that I can gain today. I am Not one to drive a car into the ground, and I would most likely use the equity towards my next car purchase a year or so after it's paid off. Given that, I feel I would make better use of the money and if it returns $250/ mo cash on cash, it seems like a no brainier, right?

@Dustin Sanders split the risk across 2 properties for sure. Lower rent on each will rent faster. Higher rent for a 300k property could have higher vacancy.

@Dontrea Riser the question you need to ask is how much return on your cash investment do you want to make? After all your expenses, your net cash flow divided by the cash invested in down payment and rehab, etc. is a measure of your investment performance. If you're cash on cash return is low say, 5-10%, why bother with the headaches of owning the property and go for a stock investment. If your CoCR is high, like 20% or higher, then you know it's worth it and proceed with the property.

@Billy Smith the garage is detached and will not be heated. It's got some missing pieces of siding too, so there's a couple holes!

Thank you everyone! I was leaning toward uninsulated but wasn't sure how rigid they were. I agree, I think it's the best way to go. Thanks for your help!

Replacing a garage door on a detached garage. The garage is in rough shape, some rot and boards need replaced in the spring.

That said, do I go with an insulated door for better rigidity and quality or stick with uninsulated. It's a $400 difference. I'm leaning towards uninsulated but don't want to have issues in a couple years.

Anyone have any luck with uninsulated doors?

@Tyler Scruggs of those areas, you should house hack in Lakewood. Will get the highest rents and a very popular area with young professionals. It'd be a great place for you to live and invest.

@Jesse Frickle

I'd see if you can buy out their equity and take over their loan. They likely won't want to be waiting 30 years for their money back.

Say they have 80k in equity, give them the 10k now, finance the remaining 70k over 5 years and maintain payments on their current loan. You could refinance after the equity is paid back or keep it on their terms, which will likely pay down faster as they're paying more towards principle.

I too purchased this on audible. Can you please send me the access code as well?