 what would you do? (by ed [NY]) Jul 14, 2019 9:33 PM
 what would you do? (by NE [PA]) Jul 14, 2019 9:51 PM
what would you do? (by Deanna [TX]) Jul 14, 2019 9:56 PM
what would you do? (by ed [NY]) Jul 14, 2019 10:20 PM
what would you do? (by fred [CA]) Jul 14, 2019 11:22 PM
what would you do? (by nhsailmaker [NH]) Jul 15, 2019 7:06 AM
what would you do? (by S i d [MO]) Jul 15, 2019 7:16 AM
what would you do? (by razorback_tim [AR]) Jul 15, 2019 7:17 AM
what would you do? (by DJ [VA]) Jul 15, 2019 8:44 AM
what would you do? (by Frank [NJ]) Jul 15, 2019 10:16 AM
what would you do? (by AllyM [NJ]) Jul 15, 2019 10:51 AM
what would you do? (by #22 [MO]) Jul 15, 2019 10:56 AM
what would you do? (by ed [NY]) Jul 15, 2019 12:51 PM
what would you do? (by Landlord ofthe Flies [TX]) Jul 15, 2019 7:57 PM
what would you do? (by Laura [MD]) Jul 15, 2019 9:34 PM
what would you do? (by ed [NY]) Posted on: Jul 14, 2019 9:33 PM
Message:
so I just picked up a 2br 1ba house for 65k on a street where I have 4 others(slightly bigger houses that go for almost double) when im done with reno ill be into it for 80k...what would you do? flip it and pocket 10-15k for a month of work or rent it and bring in 400 a month in profit and have a house that's now worth 95-100k? --72.231.xxx.xxx |
what would you do? (by NE [PA]) Posted on: Jul 14, 2019 9:51 PM
Message:
Need a little more info. How much would it rent for? If it's worth 100, why sell for 80?
Right from the jump, I wouldn't have paid anywhere near 65 for it.
Your market may be totally different. --50.107.xxx.xx |
what would you do? (by Deanna [TX]) Posted on: Jul 14, 2019 9:56 PM
Message:
Where are you in your growth? Are you aggressively expanding; are you maintaining; or are you downsizing due to age/health/etc?
If you have that $10-$15k profit after fees/taxes/whatever, what will you do with it? Are you able to use it to buy something better?
The other ones-- when they "go for almost double", is "double" their rent rate, or is "double" their market value?
If it was me, I'd keep and rent the house, so that it didn't earn me just a one-time flat profit (how quickly does $10-$15k evaporate in this biz?), but that it earned me $x/month indefinitely. Then, after it's grossed back its initial purchase + renovation two or three or four times over-- then I'd be at a point where I'd consider cashing it out. --96.46.xxx.xx |
what would you do? (by ed [NY]) Posted on: Jul 14, 2019 10:20 PM
Message:
my cost will be 80...im not looking to sell for 80...id sell for 95-100. id rent it for 1200-1300 and profit 400 per month.
Deanna...im in my early 30s and ive been in rentals for 4 years. this would be my fifth rental and ultimately the goal is financial freedom and living off of my rentals. the 15k would be nice but im leaning towards adding this one to the portfolio and letting it earn a little each month for a long time. the other ones in the area are selling for 115-125 but they are 3 bedrooms with slightly bigger sf. --72.231.xxx.xxx |
what would you do? (by fred [CA]) Posted on: Jul 14, 2019 11:22 PM
Message:
ed NY,
You're on the right track.
Rent this one for the cash flow, refi for quick cash to continue buying more rentals. --99.59.x.xxx |
what would you do? (by nhsailmaker [NH]) Posted on: Jul 15, 2019 7:06 AM
Message:
I would sell everything and MOVE from Stalag NY --24.62.xxx.xxx |
what would you do? (by S i d [MO]) Posted on: Jul 15, 2019 7:16 AM
Message:
You may SELL for $10-$15k profit, but since you've owned it for less than a year you'll pay normal income tax rate on it vs. much less long term capital gain rate if you hold it for at least one year. Keep it for at least one year, then decide. As for me and per your goal, I'd keep it. Rentals are great ways to achieve long term wealth. --107.216.xxx.xxx |
what would you do? (by razorback_tim [AR]) Posted on: Jul 15, 2019 7:17 AM
Message:
Sounds like keeping it moves you toward your long term goals more than selling it would. --107.77.xxx.xx |
what would you do? (by DJ [VA]) Posted on: Jul 15, 2019 8:44 AM
Message:
It must be a decent rental neighborhood if you already own a few there. By owning houses that are near each other, you can help control the quality of the neighborhood. With your stated goals, I vote keep it. --68.10.xxx.x |
what would you do? (by Frank [NJ]) Posted on: Jul 15, 2019 10:16 AM
Message:
As long as the long term outlook for the neighborhood is good I would add another horse to the stable. Management on the same block is easier. --174.225.xxx.xxx |
what would you do? (by AllyM [NJ]) Posted on: Jul 15, 2019 10:51 AM
Message:
How's the heat? Does it look like it has any insulation? Ask yourself if it's worth keeping over a northern winter. Who pays the heat? --173.61.xxx.xx |
what would you do? (by #22 [MO]) Posted on: Jul 15, 2019 10:56 AM
Message:
Looks like you've answered your own question. How does it fit into your long term goals...that's all that matters. --174.234.xxx.xxx |
what would you do? (by ed [NY]) Posted on: Jul 15, 2019 12:51 PM
Message:
i only pay water and trash so the tenant pays heat. I think ive decided to close on it Thursday roll up my sleeves get dirty and add it to the stable and make much more than 10-15k --184.74.xxx.xxx |
what would you do? (by Landlord ofthe Flies [TX]) Posted on: Jul 15, 2019 7:57 PM
Message:
There's a lot to be said about owning the whole block. Buy the whole block, make it a gated community and raise everybody's rent even higher. --108.69.xxx.xxx |
what would you do? (by Laura [MD]) Posted on: Jul 15, 2019 9:34 PM
Message:
As others have said, keep it and refinance money out to reinvest in the business. This is called laddering .
--75.112.xx.xxx |
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