All Forum Posts by: Eric Taylor

Great position to be in.  The conservative answer is to save the cash flow from the paid off rental and add in a little to amount to 20% for a down payment for another property.  However, by using BP resources ie podcasts, articles you could look at other strategies using equity and perhaps a lower down payment.

Welcome to BP

Taxes on my 600K property in Texas is 18 to 20K.

Taxes on my 600K property in Boston is around 6K.

Texas has no state income tax, therefore property taxes are higher.

I prefer Boston because I know the city a bit better than Texas, and I can anticipate a bit of appreciation.

I have been trying to figure out my ultimate goal in REI. So I ask what is more important Net worth or financial independence? Would love some input.

Way to go Beau.  Roslindale is a great location for a two family.  Boston market is on fire.

Congrats on your decision to enter the world of REI. If you intend to pay your portion of the rent, then it might be possible to purchase cash flow properties in Allston or Brighton. You may have to purchase a house since condo HOA fees are 300 to 550 plus in order to make the deal work. Use the Biggerpockets calculators judiciously as you scout out your properties. Good luck.

Born and raised in South End, but educated in Baltimore.  Been living in Texas for 10 plus years.  I inherited a two family in Dorchester that I am trying to fix up and rent one of the units with family living in the other unit.  I have a 4 BR in Back bay/Kenmore square, 3 BR in the south end, 2 BR in the Fenway and a 5BR in Allston.  I use a property manager because I have zero appetite for talking to renters.   I chose Boston because I know the city well, and Texas property taxes are high.    I am 4 months into the roller coaster ride.  Wish me luck.

The Book list was incredible.

The podcasts have been awesome.   I am still intimidated by the concept of flipping houses.

After sitting on the sidelines for several years,  I recently plunged into the Boston market snatching up 3 condos, 1 single family, and am currently renovating a multifamily.  All within 4 months.   I am risk averse and have adopted a buy and hold philosophy primarily targeting students and professionals.  The Boston market is indeed tough, but I think I have selected the right properties to start with.  Biggerpockets has helped to assuage many of the fears that I had prior to taking the plunge.   Great to be here.