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Nyc couple with $0.5m in income who feels average

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Nyc couple with $0.5m in income who feels average

What do you want to do when you reach FI?
401k Roth or traditional 401k?
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Congratulations OP!! Where are you located?
wow which city is this
Where are you buying houses for 83k with an ANNUAL mortgage payment less than 4k?
Prob cinci. Detroit. Cleveland. Some of those markets can buy rehabbed foe 80-90k and rent for same.
My parking space cost $20k more than this house. Where are u located? Also, no offense, but the hassle and risk of 5 houses is way too big for only netting $1700/mo. Couldn’t you achieve the same with one more expensive property in premium location?
It’s less risky but more work. Having a single tenant is absolutely higher risk.
OP! Come back to us!
If I were him/her I’d be out buying as many of these “83k” properties as possible…
Lmao OP tried to flex and peaced out when the room called BS 😂😂
How does one get started and how does one purchase an investment property?
D1 typically you just need the capital for 20 percent down
However, strongly recommend saving up capital now as it’s still a sellers market with prices/ square foot insane throughout the US
As soon as things start to slow down, then you can acquire a few properties at once with favorable terms
After you get your first couple, it”ll snowball quickly
Various ways to get capital via HLOC or cash out refinance to name a few
KPIs/ Metrics to look for- Cap rate and cash on cash return
Hope that helps! Good luck, it’s a lot of fun when you get the hang of it
Where the hell is this? Lol
Coach
If you’re paying cash for all these houses, i recommend you go upmarket on the 5th house with a loan. Stretch that leverage a bit. It’ll hurt your cash flow up front, but long term it’ll pay out more
Coach
Oh, I see P&I now. Missed it.
83k barely gets you a trailer round here. Where is this??
D2 - what city? What’s a limp deal
My duplex I bought for 100k rents for 1500 total
I’m from the area but there’s turnkey companies like www.turnkeyohio.com
The yield here is crazy (13 percent) and this doesn’t even include potential property appreciation. What city?
Great deal for cash flow. Just if you hit the wave of rising hot market, like Texas, appreciation in one year could be worth multiple years of appreciation.
Are you buying turnkey out of state? If so, where are you focusing?
It’s possible if you look at Detroit or Cleveland. This def doesn’t exist in dense populations though. I would think it’s c or d class neighborhoods. So tenant issues are high for sure