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Updated over 7 years ago on . Most recent reply
Making yourself actually submit an offer
I currently have two rental properties and they were both former primary residences. My short term goal is to have 5 rental properties (only 3 away) by the end of 2018.
Anytime I look for properties on the MLS and they have been there more than a few months I tell myself "Well, if it's still there then obviously something is wrong with it since no other investors have picked it up". Obviously I could remedy this problem with an inspection or walk through with a GC but at this point I usually talk myself out of looking further.
I take it I'm not the only one with this problem right? What did you do to get past this stage?
This is a property I was looking at earlier today. Based on my limited experience I know I should go for it. It's been on the market for 220+ days. It was purchased in 2015 for $17k and completely redone with almost everything being brand new (including roof, hvac, water heater). I would say the area would probably be given a C rating.
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$750 rent per month. NOI (annual) is $7,040. That's 22% of rent going to expenses. Hard to believe for a Class C property. But you know your numbers.