All Forum Posts by: Shane Gaboury

Speaking with many agents almost all are speaking on how low the inventory is and how buyers are paying in cash with multiple offers.  With the prices so high here I am finding it very difficult to find any cash flow opportunities.

Any suggestions on how to find a deal? Perhaps it might make more sense to continue to self-educate, research, and save for a larger down payment to increase chances of having positive cash flow. 

I recently bought a condo and I am thinking of living in it for 2-3 years and buying a town-home next. Currently, I am saving around 1k/month. The goal would be to save for the town home now and eventually rent out the condo. The current PITI plus condo fees, utilities. is about $2,000 and rents are going for roughly $1,700 for similar properties. I doubt that the rents will catch up to my PITI + Utilities - Vacancy etc. in 2-3 years.

Would you recommend a different plan? Perhaps staying in the condo longer and purchasing an investment property as opposed to using the town-home as our next property?

Thanks for the time

Thanks for all of the help you guys! Planning on having the second property by the end of 2017! Until then, saving religiously, reading, and BP podcasts. If any locals would be interested in grabbing coffee, I would be happy to take them out and pick their brains.

Thanks everyone so much for such quick and informative feedback. BP is the real deal! The goal will be to put a tiny away for retirement income and the rest fully into the savings account. That way I am fully prepared when the next opportunity arises!

Wow that was very quick, thank you both for the input. My discretionary income would be from my Full time job and my side income job as opposed to the rent I am collecting. Since I locked in my loan at 3.375% I do not believe a refinance would be wise unless the rates stay somewhat low. I believe I will put about 80% to my savings account until I find my first investment property and maybe pay down the principal with the other 20%. Thanks again for your responses

I currently am in my mid-twenties and own a 3Br Condo in Northern Virginia and rent out one of the bedrooms for 800 and the mortgage is $1,500.  What should I do with my discretionary cash flow?

1. Set up a solo 401k?

2. Pay down principal?

3. Save for second property?