All Forum Posts by: Ricky Stafford

You have 7 rentals that you own outright.

Those 7 rentals pay for your living expenses + savings.

You want to move but don't see how you can? What am I missing here? It sounds like you have plenty of savings to make a move and get a job somewhere else. Even if you don't currently have a property manager, it doesn't sound like it would cut down your income too much.

Make the move! Get a "job"? Maybe you're business ventures weren't successful because you're in the wrong area? Maybe move, increase your savings rate, get a job to get your savings going even more, and go from there. Even if it means renting for a while.

I'm like everyone else here, I just don't see the problem.

If you've made it this far (7 rentals) by yourself, then the next steps should be obvious.

Does anyone know of any specific neighborhoods?

Single family, I would be renting out a private room.

Here's my situation: 24, recent MIS grad from East Carolina University. Solid GPA but around ~3.5.

I want to move to a city with tech opportunities and somewhere that is clearly growing. I don't want to waste my time renting because I'm already invested in property elsewhere and I just can't see wasting any money in rent at all, even if the market isn't prime for breaking even on cash flow.

I am considering buying a property in Seattle but I can't find anything that will cash flow. I guess that's why most people are not buying there. But, I would be investing in myself. I would use money I make from a (hopefully) good job to aggressively pay off the mortgage. The problem is I live literally completely across the country and I can't just go apply to jobs every other day.

My plan is to do short term vacation rentals on Airbnb to help cover costs while working full time to pay it off. I feel I could have something great there once it's paid off.

I'm seeing several houses in my area on the MLS listed as tenant occupied. One listing was $45,000 with long term tenant paying $650/mo.

What are your thoughts? I know all of the due diligence work would still apply like looking at the least and meeting the tenants and getting an inspection. But, are there any automatic rules to stay out of "deals" like these?

I have a few questions about today's market...

1. How much do you seasoned investors usually pay and then proceed to rent the house out for? I am talking about today's market... not the one where you were getting houses for half off. I am just curious how much house I would need, for instance, to get a $1000/mo rent today in a good neighborhood.

2. Is it better to pay cash or to borrow to leverage your money? Would a good strategy be to buy a few properties with down payments and pay the ones off that are returning good cash flow provided you have the cash to do so?

3. Do you rely on sites like Zillow to start your home search or do you immediately contact a broker and give them your intentions?

I am very new and have never purchased a home but I have the cash to do it, I'm just wondering how much I really need. I am not concerned with the absurd 10-20% net returns that some are getting. I am fine with 6-8% honestly. I know I can get this in the stock market but the idea of owning property appeals to me more.