All Forum Posts by: Steven Bays

Thanks Harry. I really appreciate the break down and I will have to sit down and write it out for me to understand one hundred percent. I think with my extra part time job and saving, I can save closer to 2k a week to pay off the credit card and other debt and start another fund, since my current emergency fund is already saved, for my next property. It's a long road but the excitement had me staying up late at night. Definitely fulfilling to know I have the support from ya'll. Thanks again

I appreciate everyone's feedback. All of these different equations are a bit confusing.

Rick I appreciate the feedback. I was certainly lucky to find this one. The fiancé I mean. What would you all suggest a goal fund for a next house purchase? 20k? Financing is very interesting to me and very curious about learning more.

Correct me if I am wrong jon. If taxes are 3400 I would subtract that from my mortgage and count it as part of the50%. So as it stands. 3900 is income per year for one side being rented out with 8888 as my yearly p&i. I can safely assume my property is not cash flowing even if I were to rent both sides out yea?

7800 / year rent on one side

Not sure if the 50% rule includes all expenses?

12288/ year for taxes and mortgage

Linda I was a but confused. Did you want the interest amount for all debts.

I got this house for 3.25% 30 year as my first time home buyer loan. 4,176 is the interest in my house for the first year. Like I said mortgage is 1024 including tax and insurance and rent is charged at 650. Did I miss any other information? Thanks for your help

I bought a duplex for 128k when the market suggested 140k. I have an amazing renter for 6 more months. Before I stopped thinking about real estate investing and starting applying action, I made some decisions I may have regretted. Some opinions would be great. I have 18 k student loan debt 7k ring payment, just got engaged. And now a huge house payment (1024) a month. I rent the other side for 650. My fiancé also has 40k in student loans. I understand that I need to pay off debt and build cash and that's why we have written our expenses and eliminated a lot of them and I have taken on a part time job. Should I sell this property to find a better deal on MFH? Also, it will be a long time until our debt excluding the house is paid off. Am I putting my nose to the grindstone for years until the debt is gone before looking into another property. I am definitely overwhelmed with all these questions. Thanks all

I am new and I have come to the realization that there is really no alternatives when starting out then your own money. I purchased 128k duplex where I live in and rent the other. I have student loans and a fiancé. I just picked up a second part time job to pay some debt down quicker so I can start my real estate journey but I feel completely stuck right now until ring payments and student loans are gone. I really think I will sell my place and find a cheaper MFH. I know Jon is 100% on the money on this one though.

I think this is a great post. Eager to hear some of the responses seeing I just have started myself for the first time