All Forum Posts by: Mike M.

Hey guys

I'm wondering if there is a way I can increase my efficiency or improve my money management system the way it is. For those of you that have full-time jobs (non-real estate) and do this on the side - how are you managing your accounts? And for those of you that do this full-time - how are you doing it?

Right now I have my direct deposit going into a Bills account, from which I pay off my credit card every month and pay my primary mortgage and all fixed expenses like utilities. I do all my spending on my credit card. I also have a rental account in which I have my roommate deposit via check into every month. I have 5% of my paycheck going into an investment account at fidelity and every time I have XXX amount of surplus dollars after bills are paid I send this money to my Fidelity investment account.

I am looking at acquiring another property and feel like I can improve my system. I appreciate all of your suggestions or if anyone has a map of what they do that would help as well. Below is the map and illustration of how i manage my money now.

Hey guys 

I'm wondering if there is a way I can increase my efficiency or improve my money management system the way it is. For those of you that have full time jobs (non real estate) and do this on the side - how are you managing your accounts? 

Right now I have my direct deposit going into a Bills account, from which I pay off my credit card every month and pay my primary mortgage and all fixed expenses like utilities. I do all my spending on my credit card. I also have a rental account in which I have my roommate deposit via check into every month. I have 5% of my paycheck going into an investment account at fidelity and everytime I have XXX amount of surplus dollars after bills are paid I send this money to my fidelity investment account. 

I am looking at acquiring another property and feel like I can improve my system. 

Can you elaborate Aaron? Where did you come up with 26,250? 

Hey all,

I have a couple questions in regards to what should be my strategy going into my next house purchase. In the house I live now I was fortunate enough to put a significant amount of money down (35k) and purchase the house for 175K. PITI+HOA fees = 900/month and can easily rent the place out for 1500 to 1800 a month. Currently I live in this house and just go prequalified again for a primary residence through my lender and want to take advantage of the low interest rates.

My question - is it possible to put 5% down on a home and expect to cash flow 200-300 a month a year later when I plan to move out and rent the place out? Going through a realtor and searching the MLS makes it hard to find really killer deals so I'm confused on where I should go from here...but I really want to take advantage of the low interest rate market.

And is this a good strategy? Thank you :)

Also, in reading I see that the 1% rule is one that many investors live by, well in the Scottdale and Tempe areas that is going to be very hard to come by. A home for 215k could rent out for 1500 a month possibly. That equals approx. .69% percent.

I live in the Phoenix area btw. I would appreciate your thoughts!

bump

Sam thank you I appreciate it. How do I network or find wholesalers? I have a full time job in the banking industry and have a very big passion for real estate that I want to pursue on the side. I appreciate your feedback as well as the opinion of others as well :)