All Forum Posts by: Kristy Brueggemann

My husband and I are in SE Florida and are thinking about selling our SFH to purchase a duplex in a very safe intercoastal community. Currently we make 180,000 pre tax as a couple. Our current residence is on schedule to be pain off in 10 years (20 years ahead of our 30 year conventional loan). We spend 38% ($3700 a month, excluding our $325/month HOA fee) of our take home pay on housing alone in order to pay off our house faster. If we move to the duplex and live in one side we would have housing expenses of $2900 and could conservatively rent out the other half for $2000 leaving us a balance of $900. We really love our privacy which is why we are considering a duplex lifestyle over renting out rooms in our house. In the long term (10 years) we could still pay off this duplex but have a much larger cash savings to buy more real estate, and we could also move out and rent both sides. If the place is paid off it would cash flow about $2500-3000. Anyone have thoughts on the decision? We are 30 years old, newbies to landlording/RE investing, but more than ever see the long term benefits of working towards greater financial freedom.

My husband and I are in SE Florida and are thinking about selling our SFH to purchase a duplex in a very safe intercoastal community. Currently we make 180,000 pre tax as a couple. Our current residence is on schedule to be pain off in 10 years (20 years ahead of our 30 year conventional loan). We spend 38% ($3700 a month, excluding our $325/month HOA fee) of our take home pay on housing alone in order to pay off our house faster. If we move to the duplex and live in one side we would have housing expenses of $2900 and could conservatively rent out the other half for $2000 leaving us a balance of $900. We really love our privacy which is why we are considering a duplex lifestyle over renting out rooms in our house. In the long term (10 years) we could still pay off this duplex but have a much larger cash savings to buy more real estate, and we could also move out and rent both sides. If the place is paid off it would cash flow about $2500-3000. Anyone have thoughts on the decision? We are 30 years old, newbies to landlording/RE investing, but more than ever see the long term benefits of working towards greater financial freedom.

Thank you everyone for your input, I appreciate it!

Hi there,

My name is Kristy and I am putting my townhome in Davie, Fl up for rent this month. I have never had rental property before. When you collect rent money, is it better to have a separate bank account specifically for the property? I am thinking ahead and want to know what will work to my advantage when I have to do my taxes next year. Any and all advice would be appreciated!

Thanks in advance,

Kristy