All Forum Posts by: Zariyan S.

Hello,

Myself(28) and wife(25) currently gross 160k we max out our 401k, Roth IRAs and HSAs. No kids.

Our mortgage is paid off and the house value is 320k.

We have 40k liquid cash and have a HELOC of 250k.

The house in the DFW area particularly Euless.

we’re planning to have kids in the next 2 years and school district is important for us. HEBISD (for those familiar) to me is a terrible school district. I would prefer our kids go to GCISD. however, the cost of homes are significantly higher. 

Here are our options:

1.) stay in current house, use HELOC to buy investment property and put it on rent. (Might be hard to find cash flow since DFW market is hot)

2.) get a nicer home in a better area around us.(grapevine/Colleyville) 400k range. So we have a property in the school district and don’t have to stress when we have kids, And put our current house on rent. (We can get $2300 a month in rent)

3.) Should we downsize and get another house and rent this one out for $2300? (Further drive away from my work, closer for my wife...area may not be as great as where we are now) (we’re thinking either Arlington or Grand Prairie) and then get another property in the nicer school district after 4-5 years 

Yes unfortunately it is that much more expensive in this area. I’ve gotten 3 different quotes and all have been unfortunately in the same price range 

Hi,

Currently wife and I are living in a house we’re planning to rent out perhaps 2-3 years from now.

The expected rent is about $2200 in the DFW area.

We are currently remodeling the kitchen and have either the options of going with granite or quartz.

Cost wise granite will be $2700 and quartz is $4200

We quarts is basically maintenance  free but is the price worth it? We’re worried about tenants who could possibly not take care of the granite.

What do y’all think?

Update: the mortgage of this property is paid off and we do not plan to sell it.

Hello,

I currently have a paid off house and a HELOC Worth 250k, which I will be using to buy a rental property.

My wife and I were thinking to get started we should buy another house where we would consider living for 4-5 years, and rent out the primary house to pay off the new one. Do you think this would be a good strategy for someone who is interested in getting into real estate investing, considering the fact our house is already paid off?

Also when we move to the new house what happens to our line of credit? Will the line of credit still stay with us? Should we even tell the bank. We don’t want to lose the line of credit in case another deals comes up in the future.

Hello,

My question for today is, would you ever partner in a real estate investment (rental) with someone you knew who had good cash flow but bad credit??

If the loan was in both names, it doesn’t seem like the other person would care if the worse thing happened and only his credit was shot (since he already had bad credit)

How would you go into a partnership with that type of person who has bad credit but good cash flow.

We are thinking about HELOC's for a short time. However, aren't HELOC's variable interest? And with interest rates going up wouldn't this be a very bad deal?

I’m assuming we would convert the heloc to a commercial sometime in the future? What’s the strategy going this route?

Hello,

My current house market value is ~$350,000 and paid off. My wife and I are interested in buying an investment property to rent. However, we don't have a sizable downpayment at the moment.

Would it be worth refinancing our current house to buy an investment property ~$180,000 and renting that out? Or should we save until we have 20%?

Not sure of the best way to approach this.

Regards,

Zariyan

Hello,

I need some financial advice. I'm deciding between paying off my student loans or saving for a rental property.

My current house is paid off and I have no mortgage.

I have $350K in Equity in my house.

Here are details about my student loans.

Loan 1) $2,800 @ 3.61%

Loan 2) $6,200 @ 3.15%

I don't have 20% yet for a rental property, but I'm deciding if I should pay off the student loans.. or at least loan 1 for now? and then save for the rental property. What do you think?

Thanks,

Zariyan

hello,

I'm 25 years old. Income is about $4,200 a month after taxes. After contributing to 401k, car, helping parents  I'm saving $1500 a month.

I have $20,000 in student loans.

$8000 is at 4.4%

$12000 is at 3.6%

I have been fortunate enough to inherit my grandparents house. My grandparents are still alive and are around 84 years old. They still live at the property around the Dallas Texas Area.

The house value is about $280,000. But it needs significant remodeling that I have been dumping my money to the past 6 months.

From my estimates I may need another $20,000 in remodeling. 

Now the property is not going be a rental property until my grandparents are gone from this world, which I hope won't be anytime soon.

But I like thinking long term in case anything happens.

From my understanding the average rent around this area is $2000 a month. Property Tax is $6000 a year.

I don't want to be in the situation where if I have to rent out this property tomorrow and the house is not ready to be rented yet lose 3 months in potential rental property. (Time it would possibly take in remodeling and listing the house)

So what should I do.

Pay off student loans first. Or remodel house first so in case we need to rent it out tomorrow it's in good shape. And then focus on student loans.

Thanks,

Z