All Forum Posts by: Lizbeth Castellano

Hi everyone!

I'm a single mom with 3 kids with goals of becoming financially independent through real estate. I don't have any door yet except my own, which is why I'm writing.

I did some minor upgrades to my condo, put for sale and accepted an offer less than 2 days in market; condo is scheduled to close on the 28th; I went looking for a house with rental income and found one where my kids and I will live in and rent a 1 bed in law apartment; appraisal is pending but if all goes well I should be closing 11/2.

How do I calculate if it's a good investment if I'm living in? The apartment will help pay part of the mortgage but most of it will still be paid by me. Is there anything I need to know or do to prepare as this will be my first tenant? Btw The tenant is already there and I plan on keeping as the owners said he is great.

I hope these question makes sense, thank you!

@Brian Ellis. I love this... Good for you and congratulations and nothing but good vibes sent to you from Connecticut ... From someone who COMPLETELY relates to the security but draining job that hopes to have the same courage you had and take the leap! Here is to you Brian!!!

@Caleb Heimsoth

Fantastic! I love the way you wrote this, thanks for sharing I know for me this is why I come to BP and horay for you my friend, you did it! Your doing, here is to your continued success!!! 🙌

@Sherri Stokes. I'm a newbie in central CT looking to start myself would love to connect with others in the area.

@Michael Ealy. This is awesome!! I want to be just like you when I grow up #goals 😊!!! All jokes aside, thank you for showing us what is possible with consistent work, dedication and great work ethics! 🙌

@Derrick E. I love this! I'm in CT so I can't even imagine buying a place for 30k but your post is a breath of fresh air... I think you will continue to have success because we get what we put out! Good luck but I don't think you'll need it!

@Ehab Shoukry

Congratulations on firing your boss Ehab! I'm a newbie I don't have any "doors" except my own condo which I've had over 7+ yrs but I'm working on getting educated now so I can one day (sooner than later) I can fire my boss as well. I'm interested in your experience with airbnb, looking forward to more posts from you. Thank you for sharing!

@William Collins Thank you William  :-)  See below:  

1) Where is your condo?   Newington

2) You mentioned West Hartford as a market- so I sense this is combining several goals in one so let me check:

A. Are you moving to this town from another town?- potentially, yes 

B. Does this move you closer to your work location? - no, I'm about same distance 

C. Does this move you to a better town for your children's schooling?- I use to live in West Hartford and while Newington schools are good; I did think West Hartford was better

D. Or is the decision on West Hartford based on quality of town- I do think West offers a good / better quality of life but what's most important to me right now is a decent school district and cashflow; so I'm considering other towns.  I've been trying to figure out of any towns in CT have "up and coming" potential but not sure I found any yet, 

West Hartford is not the best town to cash flow in, but would be a great house hack, and could be a way better situation for your family..  I want/ need cashflow so if West Hartford doesn't work i'll likely go elsewhere.  

Thank you David

@David Wolber Thank you :)! Yes I've considered renting my condo; I have to look into the restrictions / qualifications as you mentioned I but I believe its contingent on not exceeding a over a certain percentage of rentals. I worry about the HOA fees and if they continue increase how that may eat up all my potential cash flow.

To be honest, I'm not sure about the equity; (btw, not offended at all, glad you asked me) because after your comment I'm thinking I need to give this serious consideration and now I'm going to look into this further, thank you David!

@David Daily