All Forum Posts by: Zachary Ray

30 year term is the strategy with the tenants paying it over time. The longer the term the lower the monthly payment. When you charge higher rents you will cash flow more. Shorter terms are great if you follow a Dave Ramsey mindset of having no debt when investing in real estate. The leverage game is long term cash flowing with appreciation strategy. 

Having tenants pay your mortgage is the short story of house hacking. It is a great strategy if set up well. 

Why wait? Real estate will always be there one way or another. Invest while you can. 

Sounds like a solid plan. With that income you can continue to grow but if you choose you can pay them off over time. You can also bank your savings and up retirement accounts. Your sitting real pretty. Best of luck to you. 

Basically the tenant they had was using a packet that must be filled out by the landlord. After everything is accepted an inspection must occur by their inspector. So you most likely will need to fill out a packet with a renter and your own lease if this doesn't renew. 

We can't give legal advice, but you can start an LLC by services like legal zoom or filing yourself. An attorney may assist you in setting it up as well. The main thing you need to worry about is landlord insurance and or umbrella. This will cover the liability of managing rentals. The LLC in itself won't protect you.

Nathan is right. A real estate attorney can guide you through this process. Do what you can immediately and start the process to avoid losing more money.

I would say selling as well, 250 is nice and dandy for smaller investments but you have some serious appreciation in the asset. Perhaps consider a 1031 before you can no longer do them lol. Or just take the cash. 

If the deal works than why not. Good deals can weather bad situations. Yes the value may drop but I will eventually go back up. Buy and hold is where the money is. Control those assets or someone else will. 

Now the Texas market is different than Florida, however adding one couldn't hurt the investment. May beautify it in some way. Best of luck to you.