All Forum Posts by: Lesley Govan

Congratulations! Sounds like a great deal!!

Thanks for all the great input. My plan is to tap into the equity but I'm new to investing so I think I will see how things go in my first "live in" property and go from there. 

Hi,

So, I've been crunching numbers on a property in a hot area. It's a 2 family for $350,000. In my opinion and from living in the area (outside of this area) you can't go wrong buying in this market. (Fairfield ct). 

I want to live in this property and stay for 2 years use the equity in this home to buy another. When I crunch the numbers and take out 50% from the rent of rental apartment, (save the remainder for Cap expenses) I'm left with a fairly large chunk out of pocket, I think I can swing this but the numbers will be tight. I want to live and invest in this area but everything is so expensive. I believe I have to start somewhere and if I have to tighten my belt for a while in order to get in the market, you do what you have to do. Right?

I guess my question is: is this a smart strategy or should I just buy in less expensive areas. Only problem is EVERYTHING is expensive here!

I appreciate any thoughts on this.

Thanks,

Lesley

Great! Thanks for your advice!

Hi,

I have a friend who is retiring to Florida and I'm considering at some point buying a rental property there. My friend said she would be interested to managing my property. My question is, how do you figure out how much to pay? Is it 10% of each unit price? A flat rate? 

Any insight would be appreciated.

Thanks,

Lesley

Thanks Brandon, that was pretty much my feeling too.

That's good to know Kyle. Thanks!

Thanks so much Tyson!

The places I have been looking at have asbestos shingles. What if some need to be replaced? Can anyone do it or does it have to be an asbestos specialist?

Great! Thanks for your opinions! Appreciate it!