All Forum Posts by: Nicholas L.

@Suyog Patel looks to me like you've got it.  Borrowing more money = higher monthly payment.

@John Huynh I would exclude retirement accounts from this calculation.  And, you need personal savings AND reserves for the property.

@Stephanie Ro on that first one... that's a low-income area.  So rents are going to be low.  And an unfinished Pittsburgh basement is NOT a dream.  =)  And the landlord pays water, sewer and trash.  

Sometimes properties can sit because the seller is holding out for an unreasonable price.  Or, as you noted, there are issues, AND the seller is holding out for an unreasonable price.

Your profile says you're open to different locations in the US - is that still the case?  Or have you narrowed it down?

@Savannah Esposito 

What is the purchase price of the duplex?

Have you estimated the expenses vs. income, both for when you are living there and then if / when you move out?  (Use the BP calculator or watch a BP webinar.)

Do you have copies of the leases?  This should tell you who is responsible for which utilities.

Do you know for sure that there are hookups for laundry?

Who is responsible for lawncare?

Are you working with an agent?

Are you working with a lender?

@Nick Ruggieri is this property on the MLS? If it's on the MLS, and just sitting, it's likely that it's not a great deal... but maybe as you pointed out you could configure for student housing.

@Andrew Clark I can't speak to whether the accountant was "right" or not because I don't know what detailed information you provided him with.  If you asked him "will rental income be taxed?" the answer to that is yes, but only net income, as you correctly pointed out.

Have you done a work-up yourself of what expenses you think offset the rental income?  For example, mortgage principal is not an expense.  But depreciation is.

As always.... need more info =)

@Chris Levarek congratulations.  It seems like there a few inflection points in your story - what was it like jumping from the 5 to the 13?  That seems like a big one to me (although I realize you then went to an 84!)

@James Rador 301 with Alex Felice and 327 with David Greene

@Monica Ponton post the numbers.

@Jorden House-Hay great post.  This might have been implied somewhere but how heavily did you weight "rent %"?