All Forum Posts by: Dave Thomson

Great podcast @Mindy Jensen! Appreciate the advice and visibility in to your success. My wife and I accidentally live and flipped a couple homes as well.

Do you believe a live and flip/reinvest into another property is more profitable than a live and flip/rent then purchase another live and flip?

Hi @Eric Johnston, welcome to the BP community! MMM is a great blog and an excellent philosophy to strive for. If you can house hack with your current living situation then I highly suggest you do so. If you get a great deal on a duplex you can get your mortgage paid for and build from there. Keep educating yourself but don't be afraid to take action and get started!

Best of luck and God bless!

Thanks @Sean McDonnell, appreciate the advice, very helpful!

I'm curious to know if there is anything that you wish you knew about taxes when first investing. Not necessarily property taxes, but taxes on rental income, deductions you might of not known about, or other items you came across that were pleasant surprises.

I wanted to see everyone's thoughts on if they look for renters while under contract. What are your experiences with this? Are there certain logistics you have to work with the seller on? Is it really worth the extra push to save on vacancy cost?

I wanted to see everyone's thoughts on if they look for renters while under contract. What are your experiences with this? Are there certain logistics you have to work with the seller on? Is it really worth the extra push to save on vacancy cost?

@Fred Heller A HELOC could definitely be an option if needed. Thank you for your input!

Makes sense @Account Closed, thanks for sharing the link.

Thank you Andrew! The property is $130k, I'd put $15% down, and get $1,600/month in rent. I've estimated ~$13k for total annual expenses as there is very little rehab (~$3k),  no property mgmt, and it's currently being leased. I factored in 5% each for maintenance/repairs, vacancy, and capex.

It sounds like there are options with regards to a good partner or using the cash reserve as back up.

Thanks again!

Thank you @Account Closed! The income to maintain our household would be covered by our current jobs, and we'd be able to save more based on the projected flow of this property. What is a cash out refinance?