[SLOFOX]

Originally Posted by BigJnSA

thats a nice neighborhood, just awefully close to those railroad tracks. congrats on the casa!

Thanks man, hopefully its not too bad when the trains come through. We're right in the middle of the neighborhood so at least there's a little buffer zone.

Originally Posted by X2CRAYZIX

just thought id help out but pffffffffffffffffffffttttttttttttt

I appreciate the offer bro.

[95 GTS]

Originally Posted by SLOFOX

haha, I would but the house is too small to have too any people over. Its a good starter home for us to stay in for 5-10 years, then move into a bigger one.

It will be best financially to rent it out when you go to a bigger home.

collecting rental properties throughout your life will be much better than the build equity until we can move up and up and up until we are "mortage poor" method.

[95 GTS]

Forgot to say Congrats!

[SLOFOX]

Originally Posted by 95 GTS

It will be best financially to rent it out when you go to a bigger home.

collecting rental properties throughout your life will be much better than the build equity until we can move up and up and up until we are "mortage poor" method.

Our plan is to stay in this house 5-10 years, then move into somethin a lil bigger that we can stay in a really long time. We plan on our second purchase to become our last purchase but we'll just have to wait and see what happens.

[T5killa]

you'r epretty close to me then. My house is right behind the wash tub on judson.

[SLOFOX]

I know where you're at, I used to live further up Judson at Lost Creek Apartments, right there at Judson and Stahl.

[Agent Jones]

Originally Posted by 95 GTS

It will be best financially to rent it out when you go to a bigger home.

collecting rental properties throughout your life will be much better than the build equity until we can move up and up and up until we are "mortage poor" method.

but what about when you go through a couple omonths of not having a tennant. You have to be albe to afford 2 mortgages at the same time.....

[Agent Jones]

Congrats on the purchase....i just started ground breaking on my second home

[SLOFOX]

Thanks for the congrats everybody, my fiance and I are really happy. Picked up the keys this morning, wooohoooo!!!

[95 GTS]

Originally Posted by Agent Jones

but what about when you go through a couple omonths of not having a tennant. You have to be alble to afford 2 mortgages at the same time.....

in 5-10 years, the houses value will have appreciated a bit and the rental rate will be higher for that house. If its also 10 years from now, which is along time to stay in a house, The should be close to 20% equity and they will no longer have M.I., however property taxes will be a bit higher

The hosue will need to be rented to cover motgage + property taxes and a little buffer for incidentals and ultimately cashflow.

you are right there will be some gaps.... This is why duplexs are great investments, even if you live in it for the first few years and rent the other side. You should always have one tenant with a duplex or fourplex as a rental. Later on in life when the mortage is paid off, It is pure cashflow.

If we were doing some type of planning for a client that had a rental property such as this, a reserve for vacancies and repairs would be part of the recoomendation I would make. Over 5 years, they could save this so it is not a lofty goal.