All Forum Posts by: Nicholas L.

@Ryan Dyess  yep makes sense.  When you say grossing $550/month in rent, I'm assuming you mean that's your net cash flow?

@Ryan Dyess

The short answer is yes because even if you have $0 of cash left in the deal after you refi, you still don't want to be making monthly cash flow of $4. Or -$2. The caveat, and part of the longer answer, is that the 1% rule is just a screening rule of thumb. Maybe there's a fantastic BRRRR in your market that doesn't need to meet the 1% rule post refi based on the specific numbers... but again, you still want it to cash flow.

@Emily De Armas get W2 job in RE or any other field.  Save up money.  House hack.

@Danielle Nicholas all of these are options.  You can definitely continue to rent your primary and buy an investment property - nothing stops you from doing this.  Yes, prices are high right now, so you would need to find a good deal.  "Issues with tenants" are a risk in any market condition, not just right now. 

With that said, it's tough to beat house hacking as a strategy for getting started.  You get the best rates on financing, you get to practice being a landlord, and when you move out you have a small multifamily as a rental.  Does your market permit this?  If not, can you move to a market that does?

@Jill Jay can you say what city this is in?  For CT, $173k for a duplex seems like you might be in a slightly rougher neighborhood.  And, if it's been sitting on the market, there may be something wrong with it, especially in today's market.

@David Lengeman cool, thanks for the update.  Are you working on any other prospects? 

@Gemma Collins cool - one area to focus on then will be your process for listing your rental, accepting applications, and screening applicants.  There is tons of info on BP for this - ways to list, products that will do screening, etc.

@Gemma Collins just to make sure I understand, are you analyzing deals or picking a market right now?  Or focused only on the PM aspect once you've placed a tenant?  Or all of the above?

@Joseph V. the short answer is: yes, there are tons of places across the US where you can find a 3 BR / 3 BA house in a safe neighborhood.  Is this for you to live in, or as a rental?  Can you narrow a little bit?

@Kayla Jones I use Zillow Rental Manager.