Here's the scenario, recently I:
Sold my VA loan foreclosure first home purchase that I was into at $226k for $325k (lived there 8 years) at the end of February. With those proceeds ($75k after fees, no capital gains for residency) I have:
- Paid off $25k in credit cards, now my only "revolving debt" are balances I'm paying each month.
- Installed a radon system for our new home (~$6k; historic property, have a toddler and don't want to risk anything for his health, you folks with kids know what I mean)
- down payment (25%) and finance fees totaling $38k for a triplex that will net $1000 a month, not accounting for anything other than PITI. Loan amount is $100k @5.5%.
- my only recurring debt at this point, not counting my mortgage, is my car, @ 614 per month. I commute 120 miles a day and this car reduces my energy fee per day from on average $12.83 to $4.33, all tolls being equal. My previous car payment (traded in the month it was paid off) was $666.67.
Thoughts? The triplex is currently tenanted on month to month and pays on time but I'm not in love with the way it's been handled so far.
There is a calculator that you can enter. Assuming you have the right numbers and assumption you get accurate results and analysis. vacancy, maintenance, tax, insurance etc.
We typically review people's calculator done here on the site. You have a lot of missing info that the calculator will collect and integrate into the math.