All Forum Posts by: Tyas Frantz

Thanks to everyone for the advice. I think I will hold and rent it for now. I can always sell later and it's in an area that is rapidly going up in value. I also am not experienced enough to feel confident in using the profits from the sale in finding more good deals quickly that can net more. Perhaps as I learn more, this will change. 

Follow up on the 1% rule.  I purchased the house for $82000.  Am I basing the 1% rule off of it's purchase price or it's current appraisal price of $150000?

Thank you for the perspective. I really appreciate you all taking the time to provide your insights. 

My first home has gone up in value 55% & I'm working on buying a new home and turning my existing into a rental rather then selling it. I'd love you guys to talk me out of it, if I've done the math wrong or have missed something obvious.  The basic numbers are this.

Original cost $82000 current value $150000.

Comp Rent is $1074
Mortgage is $450.01
Insurance is $31.33
Tax is $75.85

I will be doing the property management so that I learn more about that side of the business and save on that additional expense.  

Good idea or bad?

Thanks for making me feel welcome.

Thanks for guidance.  I look forward to all this site has to offer that I have not yet discovered.

My name's Tyas and I'm currently working on getting a strong education on purchasing rental properties so that I can ensure that my family is secure.  I have a day job as a manager for a technology company and am in the process of purchasing a short sale.  

Love what I've seen of the site so far and how freely people are sharing such valuable insights here.  If there's anything I can do for anyone here, don't hesitate to ask, and if you live or find yourself in Vegas, hit me up and maybe we'll hang and I'll buy you lunch.