All Forum Posts by: Michael Morin

congrats. Sounds good. 

that sounds illegal and a lot like discrimination. Not a lawyer but I though religion was on the no-no list for refusing someone. 

I own no properties yet. I don't see an issue of everything else checks out. They make money. Lived next to a stripper when I rented she was a great neighbor. I would only guess that the lease hopefully or should have some sort of clause for only people on the lease living there. Other than that sounds fine. 

to be honest I believe success is being happy. Don't think it's just financially. I mean if you are happy and love your life no matter how wealthy I think you've reached success. There are many wealthy people who aren't all that happy and many people with a lot less who love their lives.  So I ttilt believe it's being happy. Whatever that means to each individual. 

I'm a captain of an offshore supply vessel. Love my job. Love the area I live in. Love my house even though it will be sold to start investing. I'm still working towards my success. I'm close and moving in the right direction just not fully there yet. Lol

ok been a while since I've posted. Super busy. I have made the decision to sell my house. I have a realtor working on everything. When sold I will buy a duplex and pay off any revolving debt. The duplex will be bought on a 15 yr note which will hurt the current income some but will be paid off faster. I plan to do this 3 times having all rentals paid for in 15yrs. After doing this 3 times I will go back to buying a canal house for me to live in. 

I live in Cape Coral. Although wanting to get into REI for a while just recently getting very serious and learning as much as I can about it.

That's exactly what I'm thinking. I'm trying to keep estimates on the conservative side. I'm thinking if I sell mine I would be able to basically buy 2 right away. 1 FHA as owner occupy and one conventional. Just where my brain is right now.

My house is a nice house. 3/2/2. Not huge at 1453 sq ft but space is well used. Split plan with huge master. Large screened lanai on back. Dock with a 10k lift. No pool which is one thing that generally drops value. Garage is 2 car but oversized at 24x27 with an 8ft door. Garage floor epoxied. Replaced chain link fence with white 8ft PVC privacy. Sprinkler system. Laminate hardwood floors. Carpet in bedrooms. Could use stainless appliances and granite.  Brand new a/c system in aug of 13. House built in 03 I think up to latest hurricane codes with mitigation report. Shutters but they have to be out up not roll down. In se cape near viscaya and del prado. No bridges or locks. 

thank you. Great article.  However I'm not really deciding between selling mine or renting it. My house would likely not flow cash to me. My piti is 1531. 3.75% so wouldn't get it lower. Maybe could rent it for 1800 so the numbers just don't work.

It's more about selling to gain capital or just continuing living there and saving for capital.  Wondering maybe what others would do or have done. If mine would flow positive I would do that in a heart beat. 

ok so I want to get into REI. I don't have a network or team. Wholesaling sounds interesting but in gone a lot for work. So I would definitely need a team to make that happen.

So a little background on me. 35. Recently divorced. I own a waterfront home with a boat lift in Cape Coral fl. This is the area I'd be interested in meaning southwest Florida. 

Would it behoove me to sell my current home. In asking this I don't have enough equity to take a 2nd. However I owe 188 and could sell for about 240. (Zillow says 280. I doubt that) After all is said and done realistically I could walk away with $30-35k in hand. 

Now if I did this I could potentially fha a MF and live in one while renting out the other. This would also give me some left for another cheap MF that I could go full rental. 

I understand finding the right deals are paramount and have been vigorously looking. Down here tenant pays all utilities so that isn't a concern. I've found one 4plex that peaked my interest. 329,000 list. 4 2/2 885 sq ft. Agent says rents are at (3) 675 and (1) 575. Looking at comps for 900 sqft and 2/2 rent should be closer to 800. Not site why 1 is at 575. According to all numbers I've read on here this place will not cash flow. So kinda lost interest. 

Basically what would be my best play? Saving down payment and continue living in my house or selling and expanding. If selling is your choice what method of investing would work best? Also my current income is right at 100k

Sorry for the long post wanted to give as much info as possible and I'm sure there will still be many questions.