All Forum Posts by: Peter G.

Hey everyone! Thank you so much for checking out this post. Just you clicking means a lot as I know there is only so much time in a day and every ones time is valuable, so again I really appreciate it!

A little background on my situation over the last 10 years I have been fortunate enough to be able to purchase and own free and clear two 3 bedroom 2 bath houses in the Oklahoma City/Edmond area. These houses have been doing amazing for me over the 10 years I have only had 3 separate tenants in one property and only one in the newest property(3 years).

Both the properties are bringing in a total of $2,260 I am paying right around $600 total a month with property tax/insurance & 10% to my property manager netting me around $1,660 profit each month. 


Now that you know a little a background I am strongly considering borrowing against one of the rentals and using it to put a 20% down payment on a 3 bed 2 bath house(s). With that said I want to try to be as smart as I can with the money from this and I was wondering what monthly expenses you guys set aside for investment properties as a cushion? 3 , 6, 8, 12 months? More? Less? 

Thanks for reading and for your replies,

Peter G.

Originally posted by @Trevor Aydelott:

Hey @Peter G. any luck with adding more rentals to your portfolio? 

Hey Trevor! I took a short break just having the 2 3 bed 2 bath houses all paid off to try to come up with a game plan for the next 10 years. It's nice having them paid off but I also am thinking about what I could do to leverage that money with 30 year mortgages. Especially with the super low rates ATM.

I plan on purchasing 3-4 houses later this year! U'll keep you updated!

Thank you all for your reply's ruining the friendship is what i was most concerned about with RTO. I will think on it more.

I have one of my friends that is going to be looking to rent to own in a few years and I was considering being the RTO landlord for that. I have never done a RTO and was wondering what thoughts people here that have done RTO before?

Do you typically pay to fix things like a traditional landlord or does the tenant? What if they dont have the funds to make repairs for example a new roof or a new water heater etc. 

Thanks, 

Peter

There are quite a few options out there like 10, 15, and 30 years. I will be using the income from other rentals to pay for this one. My question is is it wise to go for the shorter mortgage then refinance or the longer lower interest option? 

any other advice would be greatly appreciated. 

Do you have to let the potential tenant know your running a background check on them? and whats the best way to do that online? 

Originally posted by @Erika A.:

@Peter G. This is a great idea. Im going to follow the thread and keep up with your successes. Can you share what your plan is to achieve your goal? and how do youhave two houses without any mortgage?

Thanks

 From investments I made young as well as my amazon business that I am selling out of mostly that has been doing 250k in sales yearly for me.

Plan is to invest smart and start to leverage others money to grow quicker but not carelessly.

Jeff B. Sorry for being so rude I used to get picked on so now I'm pretty guarded when I feel like someone is trying to be rude I tend to put my guard up. I do wish you all the best!

Mark Allen In 5-10 years I will look t going that would you mind explaining more on how that process works? Just buy bulk properties from other investors or what? My new goal is 250 houses in the next 25 years,

Jeff B. I own 2 now my goal is 250 in the next 25 years. You need to stop being all knowing how do you know I haven't had a job as a property manager?!! Maybe that's the reason I feel comfortable doing 250 SFH. People like you are the ones in this world that try to bring people down. Offer no solid advice just try to bring people down with the posts. I laugh at all that are like you and when I hit that 250 house goal I'll look back and see your still going nowhere posting negative things. Hope you can sleep at night knowing your one of those people. Hopefully just on the internet and not in your real life because that's even worse.