All Forum Posts by: Kyle Monaghan

@Stone Jin - I will be ready to go on a down payment soon, getting qualified was my biggest concern going forward, speaking to a lender definitely will get me a more full picture.

I watched one podcast that suggested aiming for 5 units in a year, and I wasn't seeing how the math for an average person works out, unless they are talking about properties for $30-$50k or so. Really appreciate the response!

I'm 25,  just purchased a condo in Denver, 2 bd 2 ba. I am currently house hacking it, and renting out the 2nd bedroom.

I was not planning on starting out in real estate, however after renting out the room for quite a bit, i am now intrigued as to how I can invest in another property. My main issue: How did you get the financing for your next property? Did you just save up another down payment, and get a bigger income until you qualified? I don't see a way I would qualify for another loan at this point, unless I rented out the whole thing, and moved home. 

I keep seeing podcasts/videos about scaling quickly, buying 5 units in one year, but don't see what the path to that is, or how they got the loans. Appreciate any advice!

Regards,

KM

Appreciate the welcome everyone! Numbers on condo:

Size: 936 sqft, 2 beds, 1 3/4 bath, Master has 3/4 bathroom attached

Purchase Price: $246,000

Down Payment: $58k

Remaining Loan: $198k

HOA: $346 (Includes Water, Electricity, heat, ac, other typical HOA services)

Principal: $1,200

Was renting for $1,800 per month before I purchased it.

I rent out the 2nd room for $900 Per month, unfurnished, utilities are included

Location: Across the street from University of Denver, 200ft from Light Rail, a little under a mile walk to Washington Park (The actual Park)

Features: 8th floor with great views of Flat Irons, Red Rocks, Downtown Denver, and a few other mountain ranges I am not familiar with. Large balcony off of master and living room, 2nd room has its own small balcony.

When I purchased I had no plans to be renting this out, but I am definitely curious about renting out the whole place.

@Aaron K. the condo would cash flow $200 per month after all expenses; Management, repairs, etc

@Aaron K. it would be a 2-4 year plan to save as much as possible for a down payment on another place, rent out rooms in that place, and repeat.

@ John, that does seem to be true, it was a struggle getting my place!

@Aaron, teaching in colorado could be an option, but the stronger reason I would consider doing it in Arizona would be because I could live with my brother and have no rent, and rent out my entire condo in denver. I would not have to go back to school.

Also I am 25, don't know if that changes anything

Hello!

I recently purchased a condo in Denver, and I already have some options to make some more moves, but I am curious what the experienced investors would have to say

Some facts to help:

Mortgage: 198k, 1,500 Per month with HOA, 5% interest rate

Income: 50k per year, 2nd room rents for $900 Per month

Options:

1) Continue to live in the condo, rent out the room for $900, work, get up the corporate ladder to get a bigger income hopefully.

2) Move to Phoenix to either stay corporate or teach with summers wide open to make more cash/develop skill to help manage properties, with opportunity to live rent free, rent out my whole condo in denver, income stays at $50k with potential upside of ~60k

I feel like either way moving out to phoenix is the better option, are there any numbers I am leaving out to consider? Property Manager would be a must. Any advice on which route to go?

Hello everyone! I am a business operations analyst at a large technology company in Denver. I recently purchased my first condo, and am currently renting out a room. I have wanted to get involved in real estate for a long time, and was finally able to jump in. I am most interested in buying and holding rental properties (For now), and am glad that there is such a big network of people, especially ones who want to help each other out! I have a few questions I will be posting in the short term - and hope to get going on my second property in the near future.

Please feel free to add me on LinkedIn! - https://www.linkedin.com/in/kylemonaghan/