All Forum Posts by: Nicholas L.

@Mariah Porter I am not seeing that this one makes sense long term - something that rents for $1900 a month typically isn't worth a $306K purchase price.  And you'd want to account for property management after you move out.

And, just because an apartment will rent for $700 a month doesn't mean a room will.

Where are you located?

@Asher Richardson this is all very personal to you and your spouse, and so no one can really tell you what to do here.  I'll make one more comment - you seem to be talking in abstracts here ("more freedom").  Have you run any numbers?  Run some numbers.  Create a few scenarios - buying a primary first then a rental, a rental then a primary.  Waiting 2 years then buying.  Etc.  Maybe you'll surprise yourself.

Also - waiting 5 years is not a long time.  It just feels like it because you're on BP, and everyone else is investing - because this is a forum for investors - but if you spend that 5 years learning and saving, you'll be ahead of the pack.  Good luck.

@Asher Richardson lots of upvotes to the post by @Account Closed

Whenever I see this question, as he alluded to, I always wonder if the poster is asking from a place of financial strength.  Do you own or rent a primary?  When you said you would "look to buy," was it on a primary, or an investment?  If you bought a rental, would it jeopardize the purchase of a primary?  How much debt do you have?  Do you both have secure jobs in your area?  Would you move to invest?  Would you move for a job?  When you say you have "more left in the bank for savings," is it... $500?  12 months of living expenses? Enough to have reserves on a rental, PLUS a down payment on a property, PLUS living expenses?

@Evan O'Brien make you sure you are saving up some cash that's not stuck in an investment account.  You will need it for down payment, reserves, etc. 

I've heard good things about the Lehigh Valley area in PA, but I don't invest there myself.

@Jacqui Whalley seems like you're asking both about how to pick a market and how to think about BRRRR. How did you select the area where you're looking?

@Nick Ruffini make sure all of the utilities, lawn care, trash etc. are truly split and paid for by each tenant!

@Johnson Yu yes.  But anything but your own cash is more expensive - the interest on the HML needs to be added to your cost basis.

@Eli Etzioni congratulations on getting under contract, but as others have said this seems like it will not cash flow.  Do you plan to self-manage?

@David Evans where in PA are you located?  There is a lot of value in choosing a market that you are near, or have a personal connection to.

@Christina Hall congratulations.  How did you finance the purchase and rehab?