Skip to main content

Need some of your advice

Hey everyone! I am looking for some advice on real estate that I have been dwelling on for some time now and it's starting to bog me down and I can't seem to get any good ideas. I bought a house in October of 2018 for $225,000. I was living with a girlfriend in her house and was renting out a room in my house for about 6 months before deciding to rent out two of the four bedrooms. When my girlfriend and I broke up I moved back into my house and live in one of the spare bedrooms renting out a bonus room and the master for $1320 total. My mortgage is $1310. The market I am in is absolutely on fire and there is no sign of it slowing down anytime soon. That being said I have what I would guess to be anywhere from $60,000 to $80,000 in equity now. I want to be a real estate investor and want to continue gaining properties but don't have the capital for a down payment. Only have about $10,000 in savings right now due to me putting myself through paramedic school. I make a good living of around $70,000 a year and love my job.

My question for you guys: I am able to bring in about $14,000 a year in income from the renters. I want to buy another home to rent out or to live in and rent my current home out full time, not just rooms. Would you continue to pull in the rent income until I can put a substantial down payment on a home or would you sell the home to pull the equity and put on another home? I am a big home reno person and would like to flip homes until I can afford to buy them outright and feel like I could get some decent deals to flip but I am already making some decent money off of rent that I would really like to keep coming in.

submitted by /u/Trader_Gambler
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/jl9r3p/need_some_of_your_advice/

Comments

Popular posts from this blog

North Carolina – “One to Buy; Two to Sell”

I realize I will likely have to contact a real estate attorney but also hoping to hear insights and experiences from others! I have a house in NC that I bought by myself in 2009, and paid off, in full, in 2022. I got married in 2023. My spouse and I have not lived in the house as our "marital residence". We have maintained separate residences even after we got married. (That a separate topic!). I am now selling this house. Realtors have told us that my husband has to sign the deed at time of transfer but I am not convinced since the house has not been our marital residence. The realtors like to use the phrase "one to buy; two to sell", which seems like a broad-stroke statement which is not applicable under all circumstances. And of course, the realtors don’t realize the details of my specific circumstances: I purchased and paid for the house in full prior to marriage Only my name is on the deed And most importantly, we have never lived in the house as a marit...

Question With Tricon "Pending ID".....

My wife and i, along with 2 other peopl applied to rent a house, and our application says "Approved, Pending ID". Anyone else know what that means? Do we pretty much have the place or are we missing something? submitted by /u/Itskrueger [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1orixqj/question_with_tricon_pending_id/

warning about Biggins and Scott Brunswick

his is a general warning for people who use this agency to rent a property. I am going to share a disgusting experience that I had with the above agency. I was new to the rental experience after a marriage breakdown so I answered a add on Real Estate .com and met a guy in Maribyrnong to look over a apartment . He suggested he was not only going to be my roommate, but he also worked at the company in Brunswick. All looked good and myself and a lovely lady moved in to the apartment in late March. Everything was going well ,we were paying our rent and things were moving forward with 3 people coming from different age groups and different upbringings. Then on the 25th of June out of nowhere 3 Breach Notices appeared on my email from my roommate but on Biggins and Scotts letterhead. I was completely surprised and after trying to reason with the sender of these documents, I then decided I had to call his boss the Director of Biggin and Scott in Brunswick. David told me that he was ...