All Forum Posts by: Tyler Darby

I currently have a property I am living in. Mortgage is $1205 a month. I am renting out two of the three bedrooms for $500 per month so it is almost paying my mortgage. I bought it for $168K and did a complete re-model of both bathrooms, flooring, walls, ceiling, kitchen and garage. I have only been in the house for a year though so I’m not sure I could get another loan for a second property. My end goal is to buy a rent a few more single families bought I currently don’t have the capital to buy anything cash. I am curious as to see what some of you out there would do for your next move if you could put yourself in my shoes? Save more money? Try a hard money lender? Pay down the house more while I am hacking it out? Lead me in to a direction here! Thanks!

I need some guidance to start my dream of being financially free. Here are all my debts, savings, etc.

Debt: truck note -10k

Mortgage - 160k with 20k in equity

Student loans - 40k

Savings:

10k cash

Should I pay off al debt first? Should I get another mortgage on a good deal and rent out the property?

I make about 115k a year at my place of employment and can save quickly if needed.

Thanks in Advance!

What would you say would be more efficient?

Pay down debt before investing further to open up your debt-to-income ratio, or:

save up cash to purchase a rental property for instant cash flow and use the income to pay debt.

I am currently house hacking my rooms out in my primary residence and I am looking to buy my second property soon but don't know what my next step should be.

Thanks!

I am new to real estate investing and I want to purchase a second house. Here is my situation: I bought a house about 8 months ago for 168K. I put about 18K into the house for updates and now live in it with two other roomates that pay me rent monthly. The mortgage is $1205 per month and I receive $1000 a month total in rent from them. I have been on a quest to pay off all debts lately and as of now only have my truck note and student loans left before I am completely debt free (besides the mortgage). I currently have about 10K saved up and my question is... Should i: 1) Continue to pay off debt to help my debt to income ratio and up my chances of getting a second mortgage for a second property to rent? 2) Continue to save more in order to buy a house with cash and use the BRRR method to rent or flip it? 3) get a cash out re-finance loan for quick access to cash and use as a down payment for a second house. I am really looking for some wisdom here, all positive advice is welcome. How would you go about this? Thanks,

@Joe Villeneuve 1205 is total with taxes and insurance included.

Any advice is welcome. I recently purchased a home in a hot area for 168,000. I put about 18,000 in the house and it’s completely redone. My mortgage is currently $1205 and houses in this area are renting out for upwards of $1700 a month. It’s a three bedroom two bath 1600 square-foot house and a nice older suburb. My question is if I rent the house out for 1700 a month is that a good return on investment. I paid 8000 and closing cost