All Forum Posts by: Alex White

I guess my biggest hurdle in factoring this out is the fact that i already has purchased the property and have a mortgage. i think i have all my numbers that i need but its just calculating the ROI. Does it make sense to use the historical purchase price etc, and add the equity into the equation somewhere.

or use the remaining mortgage.... i cant seem to wrap my head around it. either way

Single family hime 

Purchase price 460,000

down payment 23,000

remaining mortgage 416,000

reno budget 100,000

Rental income 2,300

monthly operating expenses 891.00

Mortage payment 1873.00 per month

what more information needs to be considered. 

Hi my wife and i got a great deal on a fixer upper for our "forever home" at the time. While figuring out how to accomplish the renovations we long term wanted we encountered asbestos insulation in the attic that was hidden by the previous home owners( 2 bedrooms were completely renovation and ceilings raised, the master bedroom was still original). During the process I was laid off from work and have relocated to another city until renovation is done and my new job has materialized. Instead of fixing up for selling, with the current appreciation shown in the past several years, i believe holding the property and renting it out is the first step for joining the exciting world of real estate investing. 

I've been listening a lot to the podcasts and starting on the forums. I'm trying to use the rental calculator to crunch numbers on the property to really measure expectations and see what the best case scenario is. Once the hurdles are overcome i hope to use this as a stepping stone to slowly build a real estate portfolio and develop cash flow on the side of my full time job. 

Does this sound like a smart plan as opposed to selling? what tips are there to putting your newly renovated principal residence up as a rental or are the steps to consider the same as acquiring a new unit to rent out?

this purchase was definitely more of a long term project when initially purchased but i believe still has some great ROI potential.

Looking to Capitalize....

I've read having your License is a great tool for starting out, learning some of the business, and opens up tools and resources. two questions for either bird dogging, becoming a landlord, or considering house flipping,

1)  Is this a good step to take early on.

2) is there a simple path to take to get access to the resources? ie having the licence but not intending to actually become an agent.