All Forum Posts by: Account Closed

Thanks for the warm welcome everyone!

@Rhondalette W. 

I used a BP calculator to look at all of the numbers when I was initially looking at the house, but they have changed slightly since I got my offer accepted, got the interest rate, and got the exact insurance amount.

My monthly P&I would be $520, Insurance $78/month, Taxes $70/month, HOA $10/month for a total payment of $678. I'm putting it at $700 for a little wiggle room with taxes or any other changes. I also have to calculate in the price to pay the property management company to place a tenant.

So a monthly difference between rent and payout of $500.  I've got a home warranty for a year from the seller, but I'm aware that I'm going to have to replace a couple of big pieces within the next few years as the house is now 20 years old.  The roof is brand new but the hot water heater and HVAC aren't, so when they go I will likely have to update.  

I'm sure the learning curve will be sharp but hopefully it's a positive experience.

Hi everyone, I've been reading on this forum for quite sometime trying to get as much knowledge as possible.  During the last year I've been looking at properties in my area and started working with a realtor about three months ago.  After spending a lot of time online and having one house go under contract the day I put my offer in and having another house go with a different offer after a few days of negotiating, I've finally found a house that  I'm going to buy!  Just had the home inspection today that showed a few minor issues that I will most likely have a general contractor take care of such as anchoring the stove.  Biggest expenses I'm looking at are some fogged windows and the HVAC & water heater are 20 years old but still work fine.....for now.

Purchase price $134,000.  Put 20% down.  3 bed/ 2 bath house with garage and fenced in yard.  Built in 1995, new roof 2 months ago.  Conveys with all appliances. Laminate floors, Fireplace.  1230 sq. ft.  

Expected rent: $1,300 / month

I'm going to have a property management company find and place a tenant and then I will take over the property management from there.  Maybe once I'm more comfortable with the process I will handle that aspect myself but for right now I'd rather watch and learn before getting in over my head.  I'm excited to start on this journey and now that I'm getting my feet wet I'm sure I'll be posting on here a lot!