All Forum Posts by: Michael Giangiordano

@David Lee Hall, III

@Bonnie Low

Thank you for the responses!

I don’t mind paying a little extra to make it look nice and this is something I’d definitely like to learn how to do on my own. I like to this call this my trial and error house.

Hey BP community, I was hoping to get your opinion that I’ve been wracking my brain with lately. I bought a starter home a few years ago with the intention of renting it out at some point and in the process have been trying to learn how to do some work on my own. At some point I would like to install some LVP in my living room/dining room area. My question is do I opt to go the quarter round route and not remove the baseboards or remove them?

I’m leaning towards the quarter round route as it seems like something I could tackle on my own, but wanted to get everyone’s opinion on this. If I remove the baseboards I’m hesitant to do it on my own and would probably hire someone to do it.

For people that aren’t the most handy that have done this themselves, how difficult was it? What are some things I should watch out for?

Again I just want to reiterate this would be for a future rental. Anyways I appreciate any feedback, this community has been awesome!!

@Jason Avila

As others have mentioned I’d get your debt down to zero before investing further. Pay off those credit cards and then I would sell the car if possible and buy a cheaper one with cash. I’m currently debt free besides the mortgage and it’s just a great feeling, your savings rate will increase exponentially and you’ll have that cash reserve again in no time.

@John Knisely Thanks for the feedback, I definitely understand this is a much slower and methodical approach. However I do not feel comfortable having multiple mortgages, especially after seeing what’s going on with this pandemic. I’d like to start out small and maybe that mindset will change later on

Hi everyone, I'm new to BP and have conducted a lot of research through this site and books on getting started in real estate investing. I wanted to outline my plan for getting started below and get your thoughts/feedback on my situation. 

A little background on me, I would consider myself a pretty frugal person and somewhat of a supersaver, I'm 28 and at this point I have zero debt besides my mortgage (100k) along with a 6 month emergency fund. I make a decent salary and am able to save 20-25k/year now that I have no debt, plus I have a roommate that is helping pay down the mortgage. My goal is to replace my income with rental income in the future, roughly 60k year. My current plan consists of the following:

1. Apply all of my savings towards my mortgage and am willing to get a second job to pay it down even faster. 

2. After it's paid off next step is to start investing in my first rental property by either putting the mandatory 20-25% down for an investment property or making it my primary residence and putting down 3.5% or so and renting out my paid off house. 

3. Aggressively put all savings/rent income into second property to pay it off and rinsing/repeating the process. 

Effectively I would only be carrying 1 mortgage at a time which I would be comfortable with. I know this is something that is going to take time and won't be done over night. However, I was hoping to get some opinions on this strategy or just your general thoughts. I would appreciate any and all feedback, Thanks!

-Mike