All Forum Posts by: Rhiannon Then

Kim Meredith Hampton thank you for the kind advice.

Chinmay J. You gave me all that criticism just to tell me " I guess you could.." Looks like we have the same communication issue, lol. Not offended just couldn't let that one pass.

We are closing on a home and will be inheriting two tenants. One of three will be let go by the current owner before closing because this will be our primary residency. In order to qualify for our loan we need to keep the two tenants until after closing. We have another property that will be ready to rent in September that will off seat the loss off income once we move the two tenants out, but we can use this income because we do not have a lease agreement yet. The tenants rents are below market and would only contribute to most of the mortgage including taxes but not expenses. We want to move them out to remodel They are on a moth to month. Do we need to have them sign a new month to month under our names or can we just give them a thirty day notice and keep the current lease in place? We'd like them out October 1st. We do not close until mid to late August. Appreciate the feedback, Rhiannon

Ami Sapir Thank you so much for the kind words. I have suffered from debilitating RA for 6 years now. It's made me stronger and not take my health for granted. And, I am doing 90% better than I was 6 months ago :) You never know what life is going to throw at you. By the way, anyone at any income level could make the same mistakes. All my financial decisions have not been good. Just on a smaller scale. I can imagine there is a false sense of security when you have a large income income. Know my intent included no judgement. We all make mistakes. It's vital we learn from them. And, that is where you are at. You will get it all worked out, and it will all just be a part of your awesome story! Keep us posted!

I'm already teaching my 8 year old about investing. I hope to guide him in purchasing his first home by 18. Instead of saving for car with his first job, I hope to encourage him to use his earnings, for a down payment. He actually gets the benefits of investing as oppose to just spending what one makes. He has an "account" for checking and an "account" for investing. He can't spend the inverting money until he finds a way to make more money with it. He purchased candy once and sold it for a profit to neighborhood kids. I don't expect him to have grand ideas. The point is to plant the seeds of financial intelligence earlier. We discussed cash flow this morning on the multi-family we are buying and factoring for expenses. I drew pictures to reinforce the concepts. Just trying to give my kids a head start. Looking forward to reading about the 12 year old!

I have a family of 5 and have lived on one income for 9 years by choice to raise my kids. Up until now my oldest was homeschooled. We've made no more than 40,000 a year since we've been married. Most of that time we lived in Austin. We had two kids then and lived in a 2/1 apartment. We had and have 2 used cars. We ate well and shopped at Whole Foods. We ate out regularly at local mom and pops. Did free things for fun and to us it was the good life. When we're single and one of us was a full-time teacher and the other working for a CPA for pennies, we saved $20,000 and also paid off my 21,000 student loans with our income tax money, a low interest consolidation and loan forgiveness for teaching. My only regret is we didn't invest that $20,000 at the crash. Too uneducated and my hubby was fearful of risk. Fast forward to now, we moved to a semi-rural town in Az and bought a home. Put a lot down using our retirement and gold and silver we purchased when the cost was low. I'm not crying over the retirement money because in the long run it wasn't much, and we are using it again from a refinance. We thought this was our home for awhile, but teachers get paid awful in this town and the cost of food is ridiculous for our income. We are still joyful about life regardless. Barely making it though. That will motivate one to get it in gear. My health is what really got us. I couldn't even dress myself for 9 months. Seeking holistic health, which has been effective, put us in some debt. Started looking into investing and moving to Mesa where my doctor is located. We are just about to close on a multi-family with money from our refinance, pay all our debt off and have a significant about for reserves and remodeling. The point of sharing all this is that if we can live happily with a fraction of what you make, you will be fine if you keep on track and continue to get creative with saving. You have a lot of income to work with, I think perspective is key. Convenience is nice but not necessary. Trust me, I want financial freedom, but that is relative to each person. I don't need millions. Once, you get your ducks in a row, you can decide what is the right lifestyle for you. I'm all for taking nice vacations and having a nice meal, but I need to be able to afford it first. Best of luck, Rhiannon

Cody L. Thanks so much for the link. Nice to have some perspective :)

Cody L. what areas have you invested in Houston? Are you familiar with East end? I almost Airbnb'd there this summer, but had to cancel. Seemed like a nice house but very close to the wards when looking on a map. Houston is big place. I have strong notions of where the bad neighborhoods are, but it's a very broad perspective. Did you purchase in lower in neighborhoods that gentrified? What would be your best advise to someone interested in Houston in the future? Thanks for any advise, Rhiannon

Phoenix is way nicer overall compared to Houston. But, Houston has it's very nice areas, but doubt that's where the deals are, but good investors know whether to purchase. I grew up in Houston, but moved to Austin and never looked back. Moved to Az three years ago. Loved to purchase in Austin but that have to be with a crash. I digress. I hear you can find great deals in Houston. When I considered moving back home, I looked around and most of the deals seemed to be older homes in questionable areas, but I am not an expert on the improvements of certain areas there. My best advice is from a residents perspective. One day, I plan to move back to Texas or at least invest there. I'd love to know what areas people are investing in Houston. Be careful with flooding and bad foundations. Clear Lake is the one place down South that doesn't flood but houses are pricier, but that maybe relative depending on your financial situation. Still cheaper than the suburbs of Phoenix. Maybe looking into foreclosures you can find a deal in a nicer area. I am currently in contract for a multi-family in Mesa, a suburb of Phoenix. I've been looking since March, but couldn't purchase until June, and the prices have increased immensely in a very short period. Like finding a needle in a haystack. I still think there are deals to be found in central Phoenix, but in older areas where there is hope for plans for renovation. Lots of Tech has come to Phoenix from California and continues to do so. That will be my next purchase if prices stay reasonable. In Houston, you have the humidity, and in Phoenix you have the desert heat. Pick your poison!You also have higher property taxes in Houston and Texas overall. I'd rather live in Phoenix than Houston, but Houston seems to be more lucrative. If you find the right place, you'll love Houston. Best of Luck, Rhiannon

I'm a rookie at all this, but I just refinanced and pulled out $30,000 from my home that I had $20,000 left to pay on. My mortgage is still low and I still have equity in the home. My monthly cash flow from renting will be about 200+ with property management and all expenses covered. Not bad for a property I never intended to rent. We just put 5% down on a triplex that we plan to house hack and Airbnb. This will give us money left over to pay down debt. We are a one income family and the only way for us to get started in real estate was to refinance. You can't put any offers down until you have your ducks in a row and the money for a downpayment, which makes it easy to miss out on a deals if you do not have your refinance done. This was at least our scenario. You don't have to pull out all your equity just what you need. Get a good referral for a lender who can give you the best options and best interest rate. We learned the hard way. It was all a bit worrisome in the beginning, but once you get going you'll gain your confidence. Best of luck, Rhiannon