All Forum Posts by: Anthony Gayden
Anthony Gayden has started 77 posts and replied 1981 times.
Post: To Sell or Hold Rental property first time investor
- Rental Property Investor
- Omaha, NE
- Posts 2,030
- Votes 3,310
Originally posted by @Derek McGillicuddy:
Looking for some advice. I bought a rental property(SFH) last year and got a solid deal on it(90k), 10% less than market value and that was with a highly conservative appraiser. The market is heating up around me, I am wondering if I should try and sell after owning a year or wait and hold it for long term gains. I really think I could sell for around 120k so around 30k profit. Any advice would be helpful. I could recoup my initial investment of 25k and use the profit on this property for another building.
Thanks
D
The profit margin is too low for me. You paid 90K. If you financed it, you probably paid around 5k in closing costs. If you sell it you will have to pay the realtor 6% of 120k or $7200.
112,800 - 95000 = $17,800.
You will have to pay income tax on that amount. Let's say it's 25% or $4450.
$17,800 - 4450 = $13,350
I forgot to mention that there will be carrying costs due to the fact that you will have to have your tenants move out to sell it. That could add another $1000+.
Post: Is "live below your means" really good advice?
- Rental Property Investor
- Omaha, NE
- Posts 2,030
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Originally posted by @John Wijtenburg:
I think a lot of people have trouble reconciling an abundance mindset with the omnipresent, "live below your means," advice.
To achieve great success, we're told that we must take risks, act as if, and spend money to make money. The other side of the personal finance tells us to skip the daily coffee, never eat out, and live a life a step or two below our current status.
This is something I struggled with and still do.
Are these two sides of the same coin or different coins?
Every time I read about someone who lost a vast fortune I reaffirm my belief that we must always be mindful of our spending habits.
Post: What age range are you at your best? 20's? 30's? 40's? 50's?.....
- Rental Property Investor
- Omaha, NE
- Posts 2,030
- Votes 3,310
Originally posted by @James Wise:
I figured this would be an interesting discussion to have. I am really excited to hear from the folks who are much older than I am on this one. As they say "you don't know what you don't know"
What age range do you think you ARE, WILL, or HAVE BEEN at your best in your career?
Definitely not my 20's!!!!!
I was a complete mess back then and really struggling. I began to hit my stride at about 35.
Post: Who buys expensive multi-unit properties in downtown?
- Rental Property Investor
- Omaha, NE
- Posts 2,030
- Votes 3,310
@Mahdi Termos
Stop assuming that investors in these properties are only putting 20-25% down.
Sometimes 50%+ down is required for DCSR. Also many of the investors are betting on rent increases which will greatly improve cash flow.
Post: How Universal Basic Income Could Change Real Estate Investing
- Rental Property Investor
- Omaha, NE
- Posts 2,030
- Votes 3,310
I had a post removed due to it being deemed too political. This topic falls under the same category.
Post: DTI max out before reaching maximum number of mortgages?
- Rental Property Investor
- Omaha, NE
- Posts 2,030
- Votes 3,310
@Spencer Funk
I was able to go with lenders who go to 50% DTI.
Post: Looking for 100k properties
- Rental Property Investor
- Omaha, NE
- Posts 2,030
- Votes 3,310
@Robert Perez
There are a lot here in Omaha.
Post: Omaha Neighborhoods recommendations
- Rental Property Investor
- Omaha, NE
- Posts 2,030
- Votes 3,310
@Tyler Pearce
I invest in Dundee and Benson neighborhoods.
Post: "How many properties do you own" - how to answer?
- Rental Property Investor
- Omaha, NE
- Posts 2,030
- Votes 3,310
@Dave Rav
Why are you uncomfortable with that question?
Post: zillow rental property manager?
- Rental Property Investor
- Omaha, NE
- Posts 2,030
- Votes 3,310
@Andy Rousch
I use it and it works well. Credit screening and criminal checks are okay, though I did discover arrests through a Google search that it didn’t list.