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re: Real Estate Investing......... New update pg 7
Posted on 3/23/15 at 7:28 pm to stevengtiger
Posted on 3/23/15 at 7:28 pm to stevengtiger
Just wondering, what are your plans for this monthly excess cash flow (1300 - 710 = $590)?
do you plan on putting toward your loan principal, saving for repairs, allocate towards another property, etc?
congrats btw
do you plan on putting toward your loan principal, saving for repairs, allocate towards another property, etc?
congrats btw
2
Posted on 3/23/15 at 7:56 pm to good_2_geaux
He should be saving most of that for expenses (vacancy, capital expenses, repairs, taxes, ins, etc).
Conservatively using some quick rule of thumbs based on what he stated he could pay himself about $100 a month.
Conservatively using some quick rule of thumbs based on what he stated he could pay himself about $100 a month.
Posted on 3/24/15 at 8:09 am to good_2_geaux
quote:
Just wondering, what are your plans for this monthly excess cash flow (1300 - 710 = $590)?
Our plan is to let it build up in our account for repairs/maintenance. We have plenty of capital on hand if something major comes up but don't want to dip into it. I am not going to pay out any money to myself or my dad for the first few years. We are planning on paying either one or two extra payment on the mortgage a year to help pay off in 12-13 years instead of 15.
Our main goal is to have about 10 properties in the next 2-3 years similiar to the first one. In 15 years, hopefully all paid off, I will have 18 and 15 year old girls and I will need all the extra income I can get.
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