All Forum Posts by: Tracy Schultz

Is this group still meeting?

@Jason D. I currently have about 60k in equity in the house. Also thank you for the response. I was estimating 10k to ensure I had enough in case something was need capital wise. The house was built in 2008 and still has its original roof and HVAC.

I'm planning to have about 30k saved up to put down on my next house which should be about 20% depending on the house. Trying to setup measurable goals to keep myself on track to make the move, part of which is learning and part of which is making the small repairs I need to have my current house rental ready.

@Chris Sellers

Thank you for the feedback. It’s worth 180 currently. I hadn’t thought about including those and will do that.

I've been doing quite a bit of reading on BiggerPockets in an effort to start learning and prepare for the jump into REI.

With that in mind I'm looking at the angle of using my current house as my first rental property with the plan to buy a new house as my primary residence.

So with that in mind I've tried to do some basic numbers to help me start learning how to judge things. Looking online I'm finding that properties in my neighborhood appear to rent for about 1,600 a month.

With my mortgage payment (this includes the escrow of taxes and insurance) I'm paying 1090.00 a month. Add to that a yearly HOA dues payment of $300/12 months and I have expense of 1111.00 a month.

I'm thinking I should cash flow $489.00 a month.

Ideally I know I should have 10k set aside for repairs and maintenance just in case as well as probably 2 months of rent to float things while looking for a new tenant?

Trying to make sure I understand correctly on this part before I start learning and researching other areas.

Would newbie investors be welcome at this?

Is there a local group that meets in the area?

@Jeff Bateman Thanks! Have none under my belt yet except for the one we're currently living in. Figure I'll just learn for a bit before I get ready to make a move. I can easily see lots of opportunities around here.

@Mitchell Benson

Thanks! I've noticed it's a veritable ocean of information.