All Forum Posts by: Richard Mancini

@Theresa Harris it’s actually closer to 14-15% when you consider they typically take 60% of the first months rent

Rent @ 1400/month =16800/yr

Prop mgmt

60% of 1st mo rent = 840

10% of 11mo rent = 1540

Total 2380

Mortgage @ 1150/mo = 13800/yr

Rent - mortgage - prop mgmt = profit

16800 - 13800 - 2380 = 620

@JD Martin understandable concern. And my wife is now on the same page with me about not using CC. Also, we are not still accumulating cc debt.

I am def leaning towards selling to.

The double wavy has been the thought on my mind. However, I think I have the wife on board with me to make our saving and spending intentional. We are trying to change our relationship with money. This is all just happening at the same time.

@Theresa Harris taxes were recently reduced and it was making about 100. I guess I exaggerated the not cash flowing statement. The new estimated cash flow also includes a raise in the rent price

@Nathan G. That was my thinking. “Tear down the debt and fix the foundation”

We moved five years ago and have been renting out our old house that is about 8 hours away.

My wife and I decided to sell it to pay off credit card debt so we could start fresh plus it’s been kind of stressful having a rental so far away. It hasn’t been cash flowing because we had a prop mgmt company eating up our profits. After it sat on the market for a longer period (and I started listening to BP) we decided we would rent instead. 3 days after outing it up for lease, we now have a full price offer.

Should I sell the house (we still owe about $99k) and pay off our credit card debt ($35k)? Or rent it out and pay off credit card debt on my own? The CC interest is killing our cash flow. So we are in the process of transferring it to a 0% interest card now. But, I feel like if we can eliminate the CC debt we can save faster. I’m not sure how much benefit the house is going to be as a rental.

We can cash flow $350/month as a rental if we cut out the prop mgmt. I do feel more comfortable cutting them out at this point. They really didn’t do much as it was. It was just a level of comfort that I felt necessary.

@Jingru Sui cozy actually looks really cool. But for future reference it is cozy.co not .com

Thanks for the advice.

@Nicole Heasley can you collect money through this rentmindme?

What’s the most efficient and safest way to collect rent long distance?

I live outside of Dallas and have a rental property in SE Louisiana.

Would it be smart to have the tenants deposit the rent into an account at the bank that’s in front of the neighborhood?

My name is Richard and I recently moved to Wylie with my wife and 3 sons. I joined Bigger Pockets to connect with others and learn as much as possible from everyone. We are currently long distance landlords of our previous home in Slidell, LA and looking to increase our rental portfolio in the near future.