All Forum Posts by: Paula Poblete

Update Credit score at 710 now :) Redirected my 401k contributions to my real state cash account, leaving 5% for employer match. So my savings are at 1200/ month :D I think I was a bit too ambitious looking for a triplex, it might need to be a duplex... Let's see!

Thank you Sam and Greg, that's useful.

No worries David, I want to know where the market is, but I never said that will stop me from analyzing my deals properly. 

Hi 

I am going through the free training and it talks about the RE market cycle, where are we now?

Tipping point

Decline

Bottom

Climb

Peak

I feel I should know that, but how do I keep abreast of that type of thing? 

Thanks!

As a chronic renter myself, I would go for craiglist for lower cost rents and for realtor.com and homes.com for the higher end. I also plan to talk to a human realtor as well.

Oh, you are right Adam Schooley , I think BP thinks I'm in Pompano based on my zip code. I'm indeed in Coconut Creek The funny thing is my only attraction to Coconut Creek is my son's current school, but my objective is to homeschool, so I can really live anywhere in Broward. I do want my son to stay close to his dad, who lives in Pembroke Pines, so Broward is my boundary. Now, since this is the beginning of my journey, I might want to stay close to his current school for a little longer. He goes to a private school, so I don't have to be on any specific place though Sorry for the rambling, conclusion: staying in coconut creek for a couple years will simply make my life easier

Adam Schooley , why as east as possible? And how east is east :) I live by Lyons now ...

Thank you Jeff B. ! Im adding learning tenant screening to my learning

Thank you! And, what do you know, I finally got a credit card after years of not having any and my score is now 670 :) I saw properties like the one I want by around 280k-300k buy this was just me looking at Zillow . I want to drive by this weekend I don't think I'm ready for a realtor yet, I'm still saving for the downpayment , I should have around 11k by June ...I have 5500 right now I will certainly play with the calculators, I was looking at the videos, here at BP yesterday. Does anybody knows good inspectors in south Florida? I am having roofing and plumbing nightmares. Last night I dreamed a hurricane was coming to destroy my property... Geez

Hi, my name is Paula and I have been playing with the idea of real estate for a few years now. I have taken some classes, read a few books, listen to podcasts. But have been too chicken to take any action. Meanwhile I have done some things right, I am saving 20% my income,  I am sending 14% to my employer's 401k, Became credit card debt free. I am currently a tenant and paying $1000 for a one bedroom apartment. My only debt is my car payment for $325

I do not have the stamina or the social skills for flipping or wholesalling, so I want to buy and hold for cash flow, and sparingly sell for  capital gain (I think that is the right term)

I am thinking of the following, let me know if  am being naive, ... with compassion, I am a newbie after all

A triplex, right in my current neighborhood, and me moving to one of the units. Rents are about $1200 for a two bedroom

With a mortgage I can pay on my own, even if I lose both tenants, so up to $2000 per month in total expenses

I want to ideally find the ugly duck in a cluster of nicer complexes, so, a property that is livable, but where I can add value with some light of medium remodeling and beautification/upgrades. If it has space to build a new studio, even better.

I plan to talk to my CU about financing. A problem is my credit score at 650. 

I am very concerned with finding good inspectors and handymen. I am very handy myself, but I am not planning on doing repairs myself.

I need to learn how to calculate my return, right now if I dont have to pay my own rent, I figure that is a $1000 gain, I know it is not that simple, I need to learn about this. Any advice or resources?

I am doing all this because I have an awesome 9 year old in the autism spectrum and I need to minimize my work hours so I can homeschool him (with the help of the homeschooling community, no socialization concerns)

Thank you very much for your time, and looking forward making this happen this year; if the numbers  and the timing make cents ;)