All Forum Posts by: Kyle Nichol
Kyle Nichol has started 2 posts and replied 5 times.
Post: How to determine property taxes & insurance when purchasing
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@Certain Carl I’m certainly not an expert, but I’d imagine the real estate agent would be able to help you with that.
Post: What should I do with my newly paid off home?
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@Ronald Allen Barney Thanks Ronald. I lost you after reading the first sentence of your reply. 😄
Post: What should I do with my newly paid off home?
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As the title states, I'm looking for ideas on what I could POTENTIALLY do with my recently paid-off SFR.
My goal is to purchase my first investment property within the next 12 months. My initial plan is/was to take all of my newly-found additional cash flow as a result of paying off the house, and simply save up for the down payment on either a rental SFR or multi-family. I've always been a "saver" so I'll have the down payment soon enough.
I do like my home, and could easily see myself living here for the rest of my life.
However, I’m also beginning to view it as a nice potential source of cash and down payments on 2-3 rental properties.
Conservatively, I’m pretty sure that it would sell for around $180k-$190k. Since I’m now an empty-nester, I am also willing to downsize to something smaller.
If I bought something in the neighborhood of $130k (or less) that would potentially leave me with $50k to play with and use for either a couple of down payments or for an outright purchase.
I should mention that I’m not really interested in house hacking since I’ve grown over the years to really like my privacy and peace and quiet.
It’s a pretty exciting time for me, and I was hoping to get some feedback and insight from the more knowledgeable folks here. Thanks.
Originally posted by @Joseph Schweizer:
Hi @Kyle Nichol!
I worked with Rent to Retirement for my first investment in October 2020 (See post below). I had a great experience purchasing the property and in the 8 months of ownership. With that said, 8 months in buy and hold real estate is a very short amount of time, so I would recommend also reaching out to someone who has done multiple investments with RTR to get their experience as well.
To answer your questions: Rent to Retirement is legit and reputable, but you still need to do your due diligence on the properties and neighborhoods before you make a purchase from anyone including RTR. In my experience with my first (only so far) property, the numbers are as expected and I am happy with them. If you had any more questions for me, feel free to ask!
Best Wishes!
Joseph, thank you so much for taking the time to reply and for posting the thread, of which I read in its entirety…and will likely read a few more times! Also, congratulations on your success thus far. It sounds like you are well on your way to a successful investing career. If it’s okay, I may be PM’ing you soon. It appears that RtoR might be an option for me as well.
New to investing and plan to purchase my first multi-family in the next 12-15 months. I came across Rent To Retirement during a property search here, and it seems that they are "preferred vendor" (for lack of a better term) on BiggerPockets? I ran their numbers on the property I found through the BP calculator. It was the first one I've ever done, so I likely made some errors.
My questions are...is Rent To Retirement a legit, reputable firm? It seems like they receive some good reviews. How valid are the numbers that they post on their property listings? Thanks!