All Forum Posts by: Andrew Meikle

@Danielle Jackson

You’re a gem! Thank you so much. I will look into finding a broker to learn more.

@Danielle Jackson

I will certainly do this.  Do you have any recommended resources for learning projections, and median rent.  I will go through the typical apartments.com etc to compare similar properties.  

@Mason Jeffries

Thanks for you for the input.  The consensus has been to keep the property and let it appreciate more.  I will certainly take my time moving forward with any investments.  I am going to shoot for my next primary place to turn into a rental as well.  

@Caleb Brown

I certainly agree with the market.  I am getting more comfortable with the idea of renting this property.  Worst case, I will learn.  There is enough value in it that I can always sell if needed. 

@Grant Schroeder

I like the options here. If i took 85% of the LTV, I do not think I can cash-flow the property. It will however gain equity which is pretty decent in my market. Do you value less cash flow on my current property to potentially make money on more properties?

@Don Spafford

Hey all great advice here and I would be happy to connect.  I was going to use 20% to avoid pmi as well as ensure I have enough into the place in case the market dips.  I am not committed to this as I am learning.  I assumed $80 k down for the next property. If I hold on to this I would be able to cash flow more on my current property.  Also $350 is a very conservative figure on cash flowing my current property.  I have not nailed down a rental price and chose low for the area to ensure I can make this work.  

I am truly grateful for the connection here, and would love to hear more about what to expect in IF.  As well as any insight on understanding the market before making my next purchase.

@Caleb Brown

Same advice he had!  I am a little intimidated by renting but consider having a few updates made to renter proof the place.  Its built in 2001.  Furnace, Ac, and roof are all in good shape for now.  

@Daniel Kong

Thanks for the reply Daniel.  What is your thought on 20% down?  I am just stuck on that to remove mortgage insurance as well as get enough into the home incase the market decline. 

@Paul Winchell

Great information here and I am grateful.   I have done a ton of research and believe cash flowing a few homes on mainland will be easier to start a life there.  I would like to have some decent income sources before stepping on to the island.   I have chose the Big Island because it seems to be cheapest market to break into and have a stand alone home.  I trust there will be plenty of island fun to be had there.  I do also plan to visit there before committing to a move.  
Paul thank you so much for the detailed and thoughtful reply.  Pardon the delay.... I need to set my notifications for the site.  Is that possible?

Andrew

I am new to this and doing my homework as I go here.  I wanted to ask you professionals a few questions about my current situation.  I do like the idea of buy and hold, house hacking and short term rentals.  I will have a substantial bump in pay in my new place that can help fund any of the above.

My current home value is roughly $500,000 and I owe $142,000.  The property is in the Salt Lake valley and is in a great market. I am moving out of state and want to use my equity to start acquiring assets. 

My investor friend mentioned keep it and rent it.  I would be able to certainly cash flow $350.00 after expense, property management, and 20% down on my next property in Idaho Falls, Idaho.  I like this approach as its the slow and steady method to meet my goals. 

What would your recommendation be?   1) Keep this asset and rent it for the cash flow and equity growth potential?  2) Sell the property and use this money for a house hack on my next home (build out a mother in law) and rent it?  3) Use the equity to buy another house and look in to short term rentals in the surrounding popular areas like Island Park and Driggs Idaho?