All Forum Posts by: Deb S.

@Adam Harper Make sure your tax bill estimate is correct. Can you call the county and ask them for an estimate? If not, the title company should be able get this information since this number needs to go on your HUD (assuming you're doing conv financing). Would hate to see you pass on the deal if the tax bill is way over actual. With that said, for only $300 CF on a mid-$500k building, I would pass. There are better deals out there for over $500K that would give more than $300 CF. Think about it....your expenses - including mortgage debt are eating up almost all of your income. Why would you do this deal?

I would buy that house in a heart beat!  Beautiful job!  I'm sure you will make more money on the next one after what you learned.  Best of luck to you!  

He should give you fair pricing, not discounted with an expectation of something in return.  His 'bonus' will be getting your business on future flips.  Have him prove himself first before deciding if you will even use him again.  I agree with the others...keep it simple and get in/out ASAP to reduce holding costs and possible issues.

@Mark Harris Have you tried BP under Network/Find a Contractor?

@Brent Paul I agree multi is what I’d like for my next investment. Insurance and taxes on one building instead of 3 or 4 is more money in your pocket!

@Rik Patel Yes, i have a separate checking account for rental income and expenses than my personal income and expenses.  

@Rik Patel have you looked into an umbrella policy? They are pretty cheap and don't require the paperwork and reporting of an LLC. Good luck!

What is your goal?  Appreciation, cash flow, wealth building, equity interest....?  Do you want to be hands on or off?  When you retire, do you want to spend time with family, pursue hobbies, volunteer, travel....?  Determine what your goal is first and that will narrow which paths to focus on.  

I would think about how much 'work' will be required from whichever investment type you choose.  In retirement, most people don't want to still be working.... unless they are doing something they love in which case it's more a passion than work.

In any case, I would absolutely diversify.  Do not dump all your money in real estate or the stock market.  All investments are cyclical and when some of your investments are going down you hopefully will have others investment types that are not - and maybe even continue to go up.  Sitting with a financial advisor for ideas may be worthwhile.  Make sure to get a recommendation from someone.  Good luck! 

@Ghenia Flewellyn  Wow!  That's gutsy - good for you!  I was looking into out of state investing in South Carolina.  I'm in Florida also - west coast.  The savings on the cost of a property were offset by the crazy property taxes charged to out of state investors.  Maybe I'll take a look at GA!  Best of luck on your next project...I mean baby!  LOL

@Robin Cornacchio if you're looking for something conventional, PM me. I live in Florida and have been mortgage shopping for my next investment. Met with someone that has several programs - one of which is an Investor Cash Flow program where personal income is not used to qualify. Rates are around 6-7% with up to 80% LTV. Hope this helps.