All Forum Posts by: Account Closed

25. It wasn't an "investment" property to begin with but a job related move meant it became a rental. It never cash flowed, I got screwed by my property management company and finally managed to sell it to my then tenant and call it a day. I try really hard to forget about it.

Flip forward to 31. Bought a condo using conventional financing and fixed it up and sold it three and a bit years later (early 2015) for a nice profit. Used profit to buy my first rental unit for cash and saving like a crazy women to be able to buy #2 by the end of this year.

I did purchase one property as a foreigner in New York. The main thing to be aware of is "FIRPTA". As a foreigner you have to pay this tax on the sale of your property, although you can apply for exemptions in some cases. Exemptions include if the value of your property is below a certain amount, if the property was your primary residence, etc. Make sure you educate yourself on the tax implications of investing in the USA. Its best to go in with your eyes wide open. Best of luck.

@Brad Cooke - welcome! This is a great website with a lot of resources.

@Matthew L. - yes, $250 a month after all expenses.

@Rob K. - never going to stop, its too much fun :)

@Michael Noto my personal taste is for a lighter countertop and backsplace with white cabinets, say beige or light brown in color. Some folk go for dark (black) which can look striking but it screams "rental unit" in my book. Even if it is going to be a rental unit, you still want your renters to think "home" when they see the place. Black and white kitchens also look cheaper in my opinion. 

Since you asked for opinions...

Thanks everyone. It feels very good @Chris K. and @Ronnie Boyd ! @John Van Uytven 

- I'm all set to buy #2 at the end of 2014. The goal is definitely more than 7 but 7 is my breakeven point for walking into my boss' office to say "I quit". My pension pay out will be enough for #8 and #9. Any additional cash flow will go towards #10, and onwards and upwards from there. I am 100% committed to my goal - my current job pays well and I live cheap so every cent I can spare is going towards REI.

It was a crappy day at work, working a job that is not what I want to do for the rest of my life... but then... The first rent check on my first rental unit deposited into my bank account today. And it suddenly seems possible that maybe one day I'll be able to quit my day job and do what I truly love.

Since my cash flow is $250 a month and I could live in my home town comfortably for $2,000 a month... I only need 7 more deals just like this one.

Today was a good day!

I was reading another thread today on BP and it was something along the line of "Plans are useless, planning is invaluable". Any plan will change, but the practice of planning, of jotting down on paper, where you want to go. And rewriting it constantly to adapt as circumstances change helps to keep us conscious of what we are doing.

You're definitely in the right place. I've learnt so much on this website. Welcome and enjoy learning everything you can.

If a renter can (mostly) pay off the mortgage... talk about your house getting a job. While its true that the value of a house is what the market will pay for it (and by that definition, you may be underwater). There is much value in the house bringing you a passive income. I would go ahead and buy a second home, fix it up and make it your own and then... become landlords. Get both properties paid off over time (you say you'll be able to purchase the second property for cash so put extra money towards the mortgage of property 1). Once this is done, the rental income you earn can be used towards the purchase of property number 3, and so on and so on.

I agree with you that foreclosure is only something you thought about briefly... it would be stupid to throw away all the mortgage payments you've made for several years when a renter could be paying you to live there. Forget about what the house is worth on paper and care more about the monthly deposits into your bank account. If the housing market went down since you bought the place, it will eventually go up again...

Good luck!