All Forum Posts by: Sam Sav

Originally posted by @Andy V.:

Welcome @Sam Sav!  It sounds like you have already overcome one of the greatest hurdles new investors face...you've already gotten off the sidelines and bought your first cash-flowing rental property.  Just a thought, but unless you & your fiance are absolutely in love with the property you already own, maybe you should keep that property as a rental and buy another property to move into.  If you opt for a MFH, you could live in part of it and rent out the rest.

Either way, welcome to the site and congratulations on the upcoming wedding.

I have been considering leaving the SFH as a rental property and the tenants would even be willing to stay longer. So I wouldn't even need to find new tenants. But I have always wanted and set a goal to provide a SFH for my fiancé and I as I have rented before when I lived out of state for a year and don't like the things that come with apartments and condos like loud neighbors and parking issues And other things. I know from an investing aspect it's not the smartest thing to do since it is bringing in good cash flow but I'd rather live in a house and feel at home more than the cash flow Id get by keeping it a rental and not being happy where I live. Now if I can find another turnkey SFH with around same mortgage then I would highly consider keeping this as a rental and moving into the new SFH. But I definitely don't have the time and capitol to flip a SFH before my wedding to keep as my residence. I'd rather start on a smaller scale like a condo and flip that and sell for profit and then move on to flipping SFH

Thanks everyone for the warm welcome and the tips. I am planning on educating myself as much as I can. But I am not one that can sit on the sidelines for too long so I'm not sure if that's s bad thing or a good thing lol. Ever since I bought and rented my house and had a taste of REI and knew since then that's what I want to get into. I just had other priorities like the wedding planning since I'm paying for it all. But I've been looking online at properties ever since then and seen some good deals and now I am almost ready to start acting. There are a few deals Id consider now and I would like to get opinions on it. I'm just not sure if this is the right section to ask it?

Hello everyone, I've been reading around the site for a few weeks now and finally decided to sign up and introduce myself.

My name is Sam and I am 23 years old. I am engaged, soon to be married in May of this year and I've been wanting to start planning ahead of time so that after the wedding I can jump into real estate investing.

I currently work as a journeymen carpenter in the union and would like to get into real estate investing by flipping and rental properties.

I am not completely clueless to the real estate world as I purchased my first property last year. I initially was looking to purchase a SFH that needed renovation for cheaper and have the house for my future family. But I ran into this turnkey property in Burbank that was newly renovated by an investor and I figured I'd save time and money just buying a turnkey and then renting it for a year before moving in. So that's exactly what I did. I saw the house on Sunday and put an offer that day as they had multiple offers. And on Monday I got the news that they accepted my offer. Bought the house for $167k and got approved for a 5% conventional loan with an interest rate of 4.875. About a month later I got the keys in hand and my realtor put the house for rent. 2 weeks later had a contract signed for a 1 year lease at $1800 a month. My mortgage is $1280. So I've had a nice cash flow but all that is coming to an end April 15th. That is when the lease is up and I will be getting the house ready for me and my fiancé. I've had the privilege of still living with my parents so I didn't have to pay rent.

Now that I'll be moving into the house and having that mortgage to pay I am looking at purchasing a condo/SFH and flip it or keep for cash flow.

sorry for the long introduction just wanted to get that out there as I have seen many of you give great advice to newbies. And Id like to thank you in advance