All Forum Posts by: Mickey Harrison

James- thank you for the warm welcome
Will do Ed. -Thanks

Saying hello to everyone out there and that I'm very excited to have found biggerpockers.com I'm interested in growing my rental portfolio, meeting fellow investors, and hearing advice and stories.

I'm excited about this site because it seems that most of my family, friends, and colleagues don't really "understand" what I'm trying to build. They hear me and support me but no one really seems to "get it." I guess to best sum it up I feel they smile and shake their heads in agreement but their eyes kind of say "man this guys crazy. He really doesn't think this whole landlording thing is going to work." However, this site will give me the opportunity to meet like minded people and learn.

Also if your in New Orleans, do you attend the New Orleans Real estate investment club? If so how is it? I'm going to try to make the next meeting.

posted this in the general topic board but figured it would have been more appropriate here.

Some info:
I currently own

1. Primary residence (has a efficiency attached which helps pay 1/3 of expense;mor,tax,in) owe 126k 27yfixed worth 165k

2. duplex with 70k 25yfixed mor (through SBA). worth about 130k
-This property when full rented has a positive cash-flow of 6k yearly and breaks even if only one unit is rented. CURRENTLY RENTED TENANTS PRESENT FOR 3 YRS.

3. Single Family Home 50k 15fixed. worth 63k
- positive cash-flow of 6k a year. purchased a few months ago CURRENTLY RENTED TENANTS PRESENT FOR 3 YRS. Tenant is enrolled in sec 8.

I do all management and repairs (except major ie elec, roof hvac). To purchase my second rental investment I used the positive cash-flow from my first property for a down payment. Now looking to build my portfolio. I was looking for some suggestions on strategy.

Is it recommended to:

1.Repeat the same? Take the positive cash-flow from both properties and purchase the next property with a mortgage.

2.Pay down my lowest mortgage ASAP.

3.Max borrowed loans from FHA of 4 and then start paying down.

4.Save more of the cash-flow to do the next deal all cash.

5.Combine cash-flow and Home Equity Loan to do all cash purchase (will a HEL be easy even though all properties have a 1st mortgage.

All of the above would be done after I have at least 6 months of mortgage payments in reserves (not including primary res)

With interest rates so low, what would some of you suggest. I understand there are lots of variables just looking for a pointed direction to finite my plan.

Some info:
I currently own

1. Primary residence (has a efficiency attached which helps pay 1/3 of expense;mor,tax,in) owe 126k 27yfixed worth 165k

2. duplex with 70k 25yfixed mor (through SBA). worth about 130k
-This property when full rented has a positive cash-flow of 6k yearly and breaks even if only one unit is rented. CURRENTLY RENTED TENANTS PRESENT FOR 3 YRS.

3. Single Family Home 50k 15fixed. worth 63k
- positive cash-flow of 6k a year. purchased a few months ago CURRENTLY RENTED TENANTS PRESENT FOR 3 YRS. Tenant is enrolled in sec 8.

I do all management and repairs (except major ie elec, roof hvac). To purchase my second rental investment I used the positive cash-flow from my first property for a down payment. Now looking to build my portfolio. I was looking for some suggestions on strategy.

Is it recommended to:

1.Repeat the same? Take the positive cash-flow from both properties and purchase the next property with a mortgage.

2.Pay down my lowest mortgage ASAP.

3.Max borrowed loans from FHA of 4 and then start paying down.

4.Save more of the cash-flow to do the next deal all cash.

5.Combine cash-flow and Home Equity Loan to do all cash purchase (will a HEL be easy even though all properties have a 1st mortgage.

All of the above would be done after I have at least 6 months of mortgage payments in reserves (not including primary res)

With interest rates so low, what would some of you suggest. I understand there are lots of variables just looking for a pointed direction to finite my plan.