All Forum Posts by: Phil M.

It can be difficult, or even impossible in some areas to get the 50% rule to work. It is a good guideline to see how profitable a rental property can be, but other factors should be taken into consideration when deciding if a property will be a good investment or not. I wouldn't say it's ultra conversative, especially not in the long run.

Someone doing the math might see a property that can generate $2k per month rental income, and say that the expenses will be much less than $1k. But is that person taking into consideration a broken water heater, or a new toilet, or a long term vacancy or squatter or other unexpected expenses that will come along?

Start lowering the price $100 a week until you start getting some more interest.

Try for a conventional loan if you have the 20%, if not look into an FHA loan. Then use the rent from the 2nd unit cut your total expenses in half while building equity.

An 80-10-10 piggyback could work too if you can manage a 10% down payment.

30% of limit balances are the most effective at slowly increasing credit. Request limit increases every 6 months to increase credit more, and eventually apply for more cards. More credit accounts increase credit, but inqueries lower it, as well as the average age of credit history, which decreases when you open up new accounts.

Not a bad return on investment!

Some investors may say that wholesaling is an essential portion of what they do as real estate investors. I'd say it's more profitable in some markets than others, it is good for learning the ropes, though.

Welcome to BP. It's a buyers market out there, I have a friend doing deals in Aliante, which is north of the strip. There's definitely money to be made out there. Good luck!

I'm in Staten Island Patrick, feel free to ask any questions that come to mind :)

Welcome. Definitely have an open ear to the podcasts, ask questions, and enjoy the learning curve.