How did you get your first rental property?

like
Posting as :
works at
You are currently posting as works at

Upgraded to a bigger place and rented out our previous home

likesmart

Bought a house and then moved another state. We had money for another down payment. My parents would get a loan and take money out of one house to buy another. You can put 5% down on a second property.

like

Yep, traded up from starter home after 6y, kept start home as rental. Bought second rental property a few years later.

like

Saved money, bought a multi-family building with 6 units earlier this year. When it came time to closing I received so many credits (taxes, rent rolls, safety deposit, etc.) that it significantly dropped the cash I needed to purchase.

like

Bought out of state in a more affordable market. Bigger pockets podcast is a great resource

like

I put down 5% on a 215k 3 bedroom home that I lived in and rented out the other rooms to local law school students while my now husband was in law school. I was rarely ever there as I was on the road and my roommates were essentially covering the mortgage.

Eventually moved out and rented out the entire house and then eventually sold. It didn’t appreciate much, but I essentially was never paying rent for the years I lived there and other people were paying down the mortgage so all the equity I gained went into my next investment home.

Bought a duplex as my first home with basically no money down. Just sold it recently and cashed out 200k for a 12x return

Likewise. About 10k down

Bought an entry level home, moved, and did it a few more times. Sold one and turned it into a 6 unit. Never more than 10% down and all on 30 year notes. 2 under 4%, 1 at 6.24% and just refi'd to a 5.75%. Most of my portfolio was bought in 2023 (more than 80%). Buy one home (especially if you are young or single) and move a few times so you can build a good portfolio before you settle down.

Trust fund

Related Posts

What is the minimum salary required to be able to save 3 lakhs per month in Glasgow (wife is not working)?

like

Does Boston Consulting Group have the following?
- HSA
- After tax contributions to 401k w/ in plan Roth conversion

I’m joining in a few weeks and doing some planning on how to adjust my existing accounts/strategy.

Thanks!

like

Alright this bowl has convinced me I need to buy a Rolex. Where do I begin? I know my brother got a Batman GMT after about a year at a jeweler he never purchased from a few years ago, but was he just lucky? Do I need a relationship with an AD in today’s market for a Sub or GMT? Based in Seattle but would prefer to buy in Oregon to avoid taxes

like

Noogler question: are approved Amex expenses from concur directly paid by google to Amex? Or I gotta to pay? My expense was approved but has not yet been fully received in my account..

like

Those who moved nyc to nj- assm min change in rent, how much did you save on an avg cause of taxes etc.?

like

Does EY let you keep Amex rewards points?

like

Specific question for fish based in the UK.
Could you let me know what your employer contributions to your company pension scheme are?
For instance, they contribute half of your contribution up to a maximum of 3%. Before any tax incentives etc.
Interested to see the variances, it seems to be substantial from what I've seen. If it changes with level/seniority, please make that clear as well so we can differentiate between companywide averages and individual circumstances / positioning.

like

Any CA in the community who can help me with tricks of saving tax?

like

When switching employers, is it better to roll your 401k to your new employer, or move it to an IRA? I don’t know what to do!!

like

Possibly legitimate or yet another failed altcoin? What do you guys think? -http://bitcoinr.org/

like

My firm doesn’t match my 401k — still worth opting in?

like

Needs some ideas for scenario planning optimizations! Currently have a model to predict conversions given media spend, I can adjust spend up and down to create different budget scenarios and send to model to get respective conversions. Thoughts?

like

Is it okay to buy a home worth 660K for a couple earning 325K TC together? The HOA and taxes for this home bring the monthly payment up to ~4.8K which is ~32% of our monthly take home after tax…we’re first time home buyers, any advise is appreciated!

like

what’s the ratio of equity/stocks to bond/fixed income in your Merrill lynch 401k plan?Do you make any modifications or just use recommended distribution? First job with 401k and not sure what to do!

like

How much are your biweekly paychecks after taxes, insurance, 401k contributions, etc. and how much of each paycheck do you tuck into savings?

likesmarthelpful

What’s better the S&P or a total stock market index fund?

like

Can I get a commercial loan without 25% down?

like

i’m at work literally stressed about $3.5k (spread across there states) and this is why i can’t stand state taxation.

how you gonna shut down a business license over $100?!

likefunny

Has anyone used an online accountant/back end company to manaage all of your invoices, billing, taxes, etc?

I’m debating using Collective or Bench but would love real reviews.

like

Looking for a good personal finance or similar book to read. Any suggestions?

like

More Posts

How many days would I be able to stay If I Country if I quit (not fired) my job that I have a h1b for? Moving to Canada and need some time to close up shop here.

I feel like I’ve been neglecting this bowl. 😔 I’ve been doing keto with 16/8 intermittent fasting for the past month. By the time it hits my eating window, I’m starving and I don’t have time to make instagrammable meals. Like the one below 😄: Eggs and breakfast sausage with Spanish and Buttered cauliflower rice, and a salad. Not very exciting, I know. But what’s exciting is I dropped 15lbs!!! 😁

Post Photo
like

Can someone explain why alcohol is so debilitating on your health? I had a single drink and the next day at the gym I could feel that drink just wreaking havoc on my workout routine. Anyone have any tips on getting a balance?

likefunny

Anyone else struggle immensely with the lack of sunlight this time of year? Been an issue my whole life growing up in New England, but working FT and remotely have only exacerbated it :/

like
funnylike

I take care of clearing all medical claims for a home health office in Lexington, Kentucky. What is the salary range for someone else with a similar position?

like

Hey folks my dog is wondering if you’re interested in helping her owner unlock DMs. She accepts likes and gentle petting.

Post Photo
like

Does EXL have an internal forum where employees sell out the cars after lease is over?
Or even lease transfer?

like

Hi folks!

I'm new to this platform. Brief Intro - A B.A (Tourism and Travel Management) grad from BLR, total 5.8 years of experience in Customer/Client focused Services and Business Development. Working for an Ed-tech as a Business Development Manager. (2+ yrs)
Currently pursuing Product Management course to switch n scale my career.
Would really appreciate any guidance/reference for Internships, or Associate Product Manager roles.

like

Hey fishes,
Which laptop is offered by
Natwest group to software engineers?Natwest group

like

It’s been ages since I’ve taken college statistics. Can anyone recommend an online course where I can review and brush up?

like

Just a note that this is a good time to clean their AC coils. Just did mine and they were terribly dirty.

like

One of every 850 people in the state of North Dakota has died from COVID. We are a terrible country.

likefunny

What are fun things to do for 2nd date in Chicago?

like

Help? Anyone working as a project manager or Pharmacy Applications Analyst at Kaiser? I have been a Pediatric Oncology Pharmacist at Kaiser for the last 10 years. Am moving to project manager role and am about to negotiate my salary. Any advice? Not sure what range Kaiser employees earn for this position.

like

Any one here from magneti marelli account?

like

I’m pretty passive when I’m disrespected by creative but I think it sets a bad example for my team. If any of my reports were spoken to the way I was I’d raise hell...how set example?

Looking to specialize in privacy and was considering getting the CIPP/CIPM/CIPT. I already have my CISSP and CISA. Is it worth it?

like

I love my SO. We’ve been together for nearly a decade and are talking marriage. I know being with him though will require living far from my family. I love my family and dread the thought of being far from them. My SO has been transparent about wanting to return to his home country. I don’t want to lose him but I also dread being far from my family. What’s the right call here? Fwiw he’s lived in my home country for about a decade now but has been able to visit his pretty easily (cont)

like

Do you believe influencers have just as many efficient marketing skills as someone in the field?

like

Additional Posts in The Real Estate Bowl

The threat of nuclear bombs flying over cities should crash the real estate market

like

My clients wish to write a testimonial/review for my RE broker services. What is the best site/medium for this? Yelp? Google Review? Zillow? Facebook?

like

How long did it take you to purchase your first rental property once you started looking? I’ve been working with an agent for about a month with one offer not accepted, feeling discouraged

like

For those that built higher end homes, what kind of appliance budget did you have?

like

I recently bought my 1st home in TX. I want to get into real estate and eventually own/rent out multiple homes. Are there any good recommendations/tips on books/articles/websites that others have used to get started?

I've read about HELOC and cash out refinance to get a 2nd home but articles are so scattered that it gets confusing which is better in terms of tax benefits and immediate costs, etc. Anything others have found helpful that summarized how to get started would be great!

like

I am wanting to start investing in real estate in the new year… I’m using this month to read up on it and familiarize myself with it. I am a true beginner and wanted to ask for any tips, tricks, advice, books, videos, magazines, podcasts, etc to start? Please let me know!

like

Thoughts on buying pre-construction homes in markets that are popping and flipping selling them when construction is complete?

My uncle does this (he’s a realtor) and usually gets 2-3x return. Obviously there is huge risk because property prices can change a lot in 1-2 years, but at the same time the upside is hard to ignore.

Anyway I protect myself against the downside risk? (other than loosing my down payment)

like

I'm a first time home buyer and got pre qualified back in Jan. Hard pull on credit docked me a few points. I wasn't able to close and now considering another hard pull for a different mortgage company offering better rates.
I'm new to this and this may be a stupid q but I'm looking for input from the bowl on whether to do this hard pull and get pre-qualified with a few more mortgage companies. Any advice is appreciated. Thank you

like

Finally got an offer accepted on a home I love! (In DC) Spent months searching. Next thing is getting to the closing date.

Now I feel super anxious about everything going thru and getting the keys. How difficult is that process of getting to close, have heard the underwriting portion could be a headache?

like

Any downside to buying a 1bed 170k starter house instead of paying 1.5k in rent for a couple of years? Living with parents and thinking of getting a new place post covid.

I'm able to buy the house all cash or at least 50% down (credit is low) and assuming closing costs are not that big a deal at this price point. If my math is correct then buying comes out to be better in this situation but I've never owned any RE before so wondering what else I might be missing.

like

Hi - any good books recommendations for getting started on real estate investing?

like

How did you get started with your personal investing in stocks? I am 26, F, have some money in savings, 401k, stocks and just started my own business albeit small. I’m extremely interested in real estate investing have been reading and listening to podcasts. Any advice?

like

My assumption is that one makes money in RE with leverage. So, would you never let your equity in any given property get above certain% (I.e re-leverage and invest elsewhere) or would one eventually want to own a property outright?

like

Due to a family situation we are looking to move to a different state. Normally we would sell our current home and buy a new home in our new location. However, with todays prices and interest, will it make more sense to rent out our current home and rent a home ourselves vs. selling and buying immediately when we move? We are moving from Vegas to Sacramento and we are not sure how long we would stay in the new area. Thoughts?

Bought a 300k end unit townhouse in Atlanta, 14 months ago with 10% down (3.65% interest rate). Prices in subdivision have been increasing over that period. This month 2 non-end units listed for 330k and sold right away. The opposite end unit on my 5 unit building was listed for 340k and is currently pending. What is the best way to stop paying PMI since since I should be at 20% equity?

like

Having trouble selling my (retired) dad's house. It needs a lot of work, but has great character. What if I buy it myself for a low, low price? Then I would be able to get a FHA 203k loan to do the updates. Rent it out or put it back on the market in the spring.

like

Thinking about investing in a 3-4 unit building in Chicago (Jefferson Park, Avondale, Bridgeport, etc.). Is the upcoming winter a good time to do so?

like

I have over 12 years in B2B sales/sales management experience along with a graduate degree. I am wanting to shift gears and I am at a point where I can invest time in myself to learn through practical experience. The new industry I am wanting to pursue is real estate investment. I have read all the books but want some hands on experience on the property management side. How could I best leverage my skills for a role in this, and what should my expectations be for negotiation in compensation?

We just moved into a 50 year old house. We got the popcorn ceiling removed in the garage plus had the walls done. We didn’t use an official asbestos expert because of the price.

The horrible, dirty people that lived there before us left us a crappy mess. Hope we are not exposed, nor the neighbors.

like

I heard you need to show a net worth of 100% of the loan amount. Have you heard about this?

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Scan your QR code to download
Fishbowl app on your mobile

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal