All Forum Posts by: Sean Mamola

Hi Jordan- 

I am in the Tracy/Stockton area and have a solid connection with references for you kitchen gut and remodel needs. PM me if your are still in need. 

Sean

Wow! Amazing feedback!

So after a long 2 weeks of listening to podcasts on my way to work, (Commuting from Tracy to San Francisco offers a great deal of time to educate oneself)I am somewhat closer to a deal. With that being said- here is where I stand. I have a copy of rich dad poor dad. I have spent more than a couple hours scrounging Tracy, California for signs that say "For Sale". Turns out it has been quite adventurous. I found 3 potential rentals that I like. Now I have to teach myself how to analyze a possible property and become familiar with an analytical rental spreadsheet~ I must be honest: I look at them and it might as well be written in Pig Latin, I get lost and discouraged in seconds. So, if there is anyone with recommendations on spreadsheets and analyzing- please feel free to weigh in. 

My $360-370k price tag has gone down to the mid 340's.I have reached out to separate lenders and trying to achieve some kind of lending success with a secure feeling- can this hurt my credit score and is it ok to do? 

I have gone to the renters of my current property and gave them a price that I would start negotiating at and that process has begun. I have an appointment with my tax man tomorrow and an appointment with a 1031 exchange specialist next week. 

@Thomas S.- Thank you for your advice! This $50-200 in the red every month is after my PITI. I have a property manager that I pay for at 7%. I am, according to her, getting the most on the market. It is the highest on the market, I researched it. And the property is located in a great area. It's a swell location and a great rental. In addition I pay FTB taxes quarterly- yes it comes back to me at the end of the year, but still I'd like to see some kind of cash flow. My mind is now burning with all this information. But now..I feel as if after addressing everyones points, I have some sort of checklist that I need to go over before I make any moves. Thoughts?

Once again...Thank you everyone for the help!

Sean

Thank you Rob!! Ive just told my property manger to list the property and am heading out to look at duplexes on Tuesday. I'm extremely new at this and want to know what I should be doing to "run the numbers to see if I can clear $300 a month in a property. 

Thanks again for your input!

Hi guys! I love love this podcast and forum, got hooked on it by the rental rookies! I drive an hour each way for work and am sparked up for investing. I need some guidance though- like real guidance- I have an investment property that I bought for 255k 3 years ago- and now can sell for 360-370 (My renters are highly interested in buying the property.) My loan is at 207k now. This is a small community that has held strong through the toughest of times However, I think it is definately topping out at this price. Plus 200 acres of land was just purchased to put up 800 new homes in this Mayberrish farm town. Here are the obstacles I was hoping I could get some advice on- Because of you guys- I want to grow my property portfolio and create financial freedom for myself. I am 43- retired broadway dancer, and have waited tables for income all my life. I love what I do- I just don't want to be locked into it for the rest of my life. I now realize that I an amateur in the game, but no less, in the game and have the potential to amass some more properties and basically want to set the blueprint for future purchases.

So- my father passed away in October and I made the conscious choice to leave a company I was with for 18 years in NYC and nurse him through his transition in CA. Since then I have had to start with a new company at almost half the income. I am interested in moving North, closer to remaining family and a new and upcoming market because of a trillion dollar sports arena being built right in the heart of downtown. I feel the growth in this market has more potential. I'm lost when it comes tot he decision of keeping the investment property where I have negative cash flow but heavy equity( I pay $50-$100 a month out of pocket)- or selling it and buying 2 properties, 1 owner and 1 duplex-or do I keep the investment property and try a HELOC for 1 owner occupied property (Obstacle being new job and 1/2 income) Plus I am 43...the thought keeps creeping in my mind "is it too late for me to be doing this? I am a single man with great credit-a Nice 401k-and an investment property- am I crazy?"