All Forum Posts by: Timothy Scott

Sorry was more leaving this open to see if I overlooked anything. Would like to grow my portfolio but with a house being hundreds of thousands. So while the books are helpful they are a bit dated. Things have changed. I always like to know all possible angles the best I can.

- Did I overlook anything? 
- Did I properly account for the unknowns that I am not aware of yet?

Like I said I am overseas so going to a group event really isn't an option.

I am looking at a potential new build. We currently have a 7yr old town-home that is a rental. I am current stationed overseas. My wife and I both work, besides the current house we are debt free. We could pay off the house but have been holding onto a chunk of $ to see what (was hoping for some more stock volatility). It is currently a little over $300K in a money market earning ~4.2%.

The current house we have a mortgage for about $170k at 7.25%. At this point it has just been a tax write-off. I am currently slightly negative every month after mortgage. That is because I make an additional payment on principal every month on top of the normal mortgage.

We're looking at buying a new town-house in the same area. Done what research I can from overseas. I would again be managed by my PM. It is currently going for $250K. Was thinking about putting 50% down and traditional the rest.

I have read plenty of books by Turner, Keller, and a few others. One of the biggest things I see is don't just read, do. So I am trying to do. However, I am still new at this. With such a large amount of money, I would rather ask for opinions than make a mistake, if I can avoid it.

Things I have also thought of:

- I plan for the worse and hope for the best. So I can float my mortgages if I need to w/o renters

- toyed with different down payment options

- Rent would go for about 1500-1700 so not a 2% or even really a 1% but I am looking at the long game. Not planning on tossing the house after a few years.

- I managed to get my property manager to drop their fee by 1% per property since I am working with them on this deal currently (currently 10%)

The HOA is slightly more on the new house (70$ a month). But it includes the same thing as my previous (clubhouse, fitness center, lawn care, roof and external property care). the new HOA also would have a pool. I know some people are really anti-HOA, and I am not a fan myself, but it makes scheduling lawn care or relying on a tenant one last thing to worry about.

Hope everyone is doing well. Got a question for the group and just putting it out to see what I get back. I have already done some due diligence so wanted to see how my thoughts/research stacked up with what others thought.

I currently have a home in NC. It was a primary residence but shortly after got a job in Germany, I took that position now I have that house as a rental. My wife and I are looking at buying another house as an investment/rental. We have been discussing if we should put all our eggs into one basket (buying another rental in NC) or if we should diversify and get a new place in Columbia SC.

The challenge is I know the NC area well. However, I do not want to risk a fire/flood/tornado/alien/etc. destroying both our properties in one event. However, my challenge is with going to SC is I do not know the area, I cannot just drive down for a weekend and scope it either. I do not know where the good school districts are, low crime, and lower potential natural disasters (those are just some of my location choices, won't go into my house list).

How have you gone about expanding to find a new house in an unfamiliar area while considering your area and housing checklist. Especially when you cannot just visit it anytime.