All Forum Posts by: Tim Sipowicz

@Aaron Zimmerman yes, please do. Thanks! 

@Paul De Luca awesome. I’ll look more into it, thanks.

Hey everybody, new to REI and going to take the plunge next year after closing on a new primary residence. Will have about 50-60k to invest and would love to connect with other investors. Was wondering if any REI meetups are still happening in the Chicagoland area with Covid being a big factor these days. I plan on being a more passive investor using the buy and hold strategy due to my W-2 taking up the majority of my time. I'm never opposed to different options and opportunities, so that's why I would love to be able to be apart of any meetups or masterminds that are currently happening. Thanks and look forward to reading any and all responses.

Listen to the straight up Chicago Investor for sure!! @Mark Ainley. A lot of great insight, especially the episode with real estate agent Brie Schmidt. Maybe she can even be of assistance to you, she’s extremely knowledgeable when it comes to the Chicago Market 

@Joseph Walsh thanks for commenting. I think I've gone the other direction on renting my house. I wasn't quite fudging the numbers just to make it work, I was actually upping the percentages just to cover more than I thought but still, the numbers are still a little to tight. When you say use the 40k to leverage out of the new house in the future, are you saying maybe cash out refinance or use a HELOC if there's any equity gain?

@Michael Facchini great feedback, thank you. The house is not a money pit, being all the major components have been replaced or will be in the next coming months. Running the numbers, it would cashflow $170 with obtaining $1600 in rent and that is accounting for everything but PM fee since I'll be doing that myself. I've been told to sell and use the equity for another property that may cashflow better but that would leave me in a situation to still have to buy a primary residence, one that would be bigger in size for my family, and then still look for an investment property. I've been struggling to figure out the best avenue to take, more so because I'm ready to take the leap into REI but I want to make sure I'm making the best moves and "leveraging intelligently" like you said. If selling my house and taking the money from the sale, which would be about 30k after fees and other costs, is the better move then I'll do just that but I don't see it being the better choice because that'll leave me in the same situation but now with a bigger mortgage payment. Unless I purchase my new residence with a low down payment loan and take the rest of the profits for an investment property?? My apologies for the very winded post, any advice would be greatly appreciated.

@Joey Nakayama wow, thanks. Another great option, just want to make the right one in order to get me on the right track towards future investments. Some of those funds will definitely be eaten up like you said, this decision on what to do just got a little more complicated haha. I appreciate your feedback on this post, thanks again

@Joey Nakayama I understand what you're saying now, my mistake. I was just referring to what the ROI is when I run the numbers but that has nothing to do with what you're speaking about. You're saying the rate of return may be greater using the 55k of equity somewhere else. I guess I've been so stuck with the idea of either selling this property for a down payment on a new primary, or now renting it out, and those being my only two options. But maybe I can still buy a new primary residence and use the 55-60k on a new investment property. Covering the down payment and any Reno costs. Please correct me if I'm wrong in what you're saying and I appreciate your feedback

@Jonathan Klemm will do, thanks!

Ok great to know, thanks @Henry Lazerow. I appreciate all your insight