All Forum Posts by: Tom Giles

I think it is a big mistake not to invest in a 401K or TSP for a maximum employer match. Most employer matches are an immediate 100% return on your investment. You can then diversify any additional savings into real estate investment funds.

@Joshua Houchins I purchased for $89 and have roughly $15K in the renovation so if I were to sell, I would net about $10-15K after commission and other sellers costs.  It is in pristine, better than new condition with many upgrades so it would probably sell quick If I were to go that route. In march, I will have lived in the house for 2 years.

@Justin Bilancia thank you Justin. BCR manages our neighborhood HOA, I'll contact Mary soon.

@Raymond B.  Thank you Ramond

@Larry T My logic using the 50% rule is: $1200 per month rent - 50% = $600 per month gross income - $200 interest portion of mortgage payment leaves me $300 net income and $100 principle. I am thinking on an annual basis, this is a 10% return on my $45K equity. Is my logic correct? 

Thank you for both your comments.  I am inclined to rent but the 50-2% rule that I keep reading and hearing about makes me nervous. I do not care to manage the property long distance so I will need a decent property manager. @Justin Bilancia I would appreciate the contacts.

23 months ago I purchased a 2007 vintage 3/2 1156' single family home in a growing development for $89K to live in while working at TAMU. This house is on the small end of the range for this neighborhood. I have since done a complete rehab with new kitchen and bathroom, high end carpet in the bed rooms, porcelain tile in all other house space, deck install and all new appliances. I now intend to retire and move back to Florida in June...... I financed $70K at 3.50% so I now have about $32-35K of my cash tied up in the house. A house in the development, same age and floor plan, also recently renovated just sold for $130K so I think that if I sold the house, I would probably walk away with between $45-50K...... My total monthly house expense now (mortgage/taxes/insurance and HOA) is $600 per month. I think I can reasonably expect to receive $1200 per month in rent based on the average for this area. If I rented, I would definitely hire a management company. I really like the idea of netting $300-$400 a month passive income and some one else paying my mortgage especially at such a low rate. I am also thinking that I would never be able to make the same amount from the equity if I sold. I think I need to make a decision soon. I appreciate any advice on this matter. Thanks!

Thank you for y'alls welcome to BP. I had no idea about this community until I downloaded a bunch of BP podcasts out of curiosity and binge listened Sunday on my 11 hour trip from Panama City, Fl to College Station, TX. I'm glad I did...

I am almost 62 and will retire a 4th time in a few months. Over thet past 5 years I have acquired 5 homes, 3 in Panama City, Fl, one in College Station, TX and one in Colorado Springs. It's a long story behind the acquisitions and why but I plan to put a couple to work and perhaps acquire a few more for rehab and passive income. I am very good at and enjoy rehabing. I think it's a no brainer but will need advise on the business end.