All Forum Posts by: Karen O.

Replace.

I'd get the biggest mortgage I'm comfortable with and qualify for.  Top off my emergency fund & pretax opportunities if I have any.

Diversify by putting balance of gain to work elsewhere. 

I've heard it's about 1 in 12 or 8.3%. 

To name a few, though not necessarily RE books:

The Millionaire Next Door - Stanley

Rich Dad Poor Dad - Kiyosaki

The Automatic Millionaire - Bach

Think and Grow Rich - Hill

Set For Life - Trench

PS: All should be read early in life and re-read annually since the steps, tasks and habits described need time to take hold.  Time gives the boost to all efforts.

It's a bad idea to move a GF in.  When you have a disagreement, you both need to have your own space to decamp to.

Unless you're planning on marriage to the  GF, save yourself.

Before thinking about RE, I'd make sure my personal emergency fund is topped off.  Minimum of 6 months of expenses (though I'd shoot for 12 months given family size).

Next, I'd make sure I was adequately insured.  Life and Disability. outside of employer provided benefits.

Next, max out on employer sponsored retirement plans.  $19k each ($38k in 2019) not including any match your employer may provide.  If your employer has a Roth plan, and you can afford the taxes, I'd do that.

And last, with 5 kids - and depending on their ages - I'd also be funding a 529 plan.  Fed allows up to $15k per individual.  So you could sock away up to $30k to grow tax-free. Since states have different requirements for credits and deductions, I'd check what KS offers..

Once all this is securely in place, then I'd start looking for first deal. 

VB, are you an out of state investor? 

I'm wondering if your PM moved themselves or someone else into your unit without your knowledge.

And to others, is 7 months a long time to turn a property over?

Top off the emergency fund.

Pay down high interest debt.  

Find and fund the next investment property.

In that order.

Life - It's better than the alternative.  

Author unknown

Be greedy when others are fearful and fearful when others are greedy.

-Warren Buffett

Have you confirmed water and utilities are tenants responsibility?