Welcome to the IHoP v.2

[Adrian_D 520]

And again my date flaked out. I'm actually starting to get used to this. So instead of going to the date I went for a ride, topless, to the uni for a lecture  

[nem 2,019]

Thanks Adrian and Matt.

[nem 2,019]

If Sean would just buy that Porsche you guys could be here in to time.

[stevemead08 752]

Where ya going Steve? Good luck on your adventures

had many options but Dallas made the most sense.

[///M5 2,833]

Where ya going Steve? Good luck on your adventures

had many options but Dallas made the most sense.

WAY cheaper than here.

On that note, I am basically no longer moving myself. Sad about it, but at least the house is "finished"

[///M5 2,833]

I can't find dick for less than 1.5M

[Penguin4x4 1,761]

I can't find dick for less than 1.5M

 

It's only like 5 bucks down here

[Penguin4x4 1,761]

[Penguin4x4 1,761]

[stevemead08 752]

Think I'm just going to rent my house out. I can get about 700 more a month than my mortgage payment

[///M5 2,833]

Think I'm just going to rent my house out. I can get about 700 more a month than my mortgage payment

Why not

[dem beats 1,223]

Think I'm just going to rent my house out. I can get about 700 more a month than my mortgage payment

Good plan. That's a car payment. Or a mtg payment for the new house.

[stevemead08 752]

Think I'm just going to rent my house out. I can get about 700 more a month than my mortgage payment

Why not

positive cash flow

[dem beats 1,223]

And again my date flaked out. I'm actually starting to get used to this. So instead of going to the date I went for a ride, topless, to the uni for a lecture

Track day bro!

[stevemead08 752]

Not sure how the bank will like seeing 2 new trucks and an existing mortgage.

[sandt38 448]

All back together.

 

 

 

Looks amazing Neal. The color is fantastic.

 

I can't find dick for less than 1.5M

 

Shit, mine is free for the right person. I'm a cheap whore.

 

Think I'm just going to rent my house out. I can get about 700 more a month than my mortgage payment

 

I know there is a lot about positive cash flow, but I hope you will listen to some advice.

 

If it is a nice house in a nice neighborhood, don't do it. I have several rentals and I went against my previous boss's advice on my last home. I decided to rent it instead of sell it. It is a nice house in a nice neighborhood in the country. The lot is ~2 acres, a 2 car attached, 4 BR 3 BA house with a large storage building in the best school district within 100 miles. Does it make money when it rents? Hell yes. Does it stay rented? Hell no. I will rent it easily between July and September but if it is a short term it will usually be vacant just after Christmas. Sometimes I get lucky and get mid year job transfers, but it is a 50/50 shot. My longest tenant was a tad over 1 year, but they got out too late for it to rent again. It stood vacant for 8 months. I have lost with regard to rent, but I will hold it until I stand to make good money off it. I bought it a bit high, but it is currently worth just a few grand less than I paid for it. I have found that my renters on it tend to be professionals who are building within the area or looking to buy. They want their kids in the school district they are planning on building/buying in in time for school to start. They want short term leases (3-6 months is easiest to negotiate) and do not stay. Seriously, I strongly suggest against renting a nice house in a nice neighborhood. You will see a shit ton of unrented time with it

 

My houses in the city are in fairly poor areas (I bought the houses for ~$35K on average) and they are always rented. I find people who can afford my rent but little more. They cannot afford to move (coming up with 1st and last months rent + deposit is hard) but they can afford to pay for housing. I look at rental history and job history and weigh them. Long term rentals over a period of time with stable job history (not necessarily a long time at current jobs, but little to no lack of very similar paying employment... in fact semi-frequent job changes is good as a week or 2 without a job here and there wipes out any savings) are fucking winners. The rentals in the city are all paid for. I may just get $4-600 in rent apiece, but it is all profit at this point and incredibly stable income. Plus I outright own several houses, which will kick ass when I am ready to retire to Italy.

[///M5 2,833]

Not sure how the bank will like seeing 2 new trucks and an existing mortgage.

That is a problem. Need to have a renter for 6 months before you buy...

[///M5 2,833]

Balls or none?

http://www.youtube.com/watch?feature=player_embedded&v=jmB3KecuS9s

[stevemead08 752]

Not sure how the bank will like seeing 2 new trucks and an existing mortgage.

That is a problem. Need to have a renter for 6 months before you buy...

that's what my neighbor across the street had to do. Figured it was just his income. I was hoping my income would suffice.

[///M5 2,833]

Not sure how the bank will like seeing 2 new trucks and an existing mortgage.

That is a problem. Need to have a renter for 6 months before you buy...

that's what my neighbor across the street had to do. Figured it was just his income. I was hoping my income would suffice.

If your Debt to Income is under 54% after the new purchase INCLUDING paying for your old house and cars AND you have 20% down it'll be no problem. Otherwise you are going to have to wait.

[///M5 2,833]

Or pull some magic.

[stevemead08 752]

Debt to income only counts "credit" accounts right? Not insurance utilities and daycare stuff correct?

[stevemead08 752]

Income gross or net? Shouldn't matter but just curious.

[stevemead08 752]

The only credit debt is the wifes Edge, my new truck and a small mortgage on this house. Fair amount of available credit in case of emergency, but no balances

[nem 2,019]

Thanks Seth.