My first rental

[Martin S.]

So, I finally closed on my first property end of Oct, 2014.

Sarasota, FL

SFH 1500-1600sf living area plus oversized 1 car garage attached. $146k, 20%down. At closing I think the total we were out of pocket was like $35k. I rehabbed the house myself, new kitchen and baths with flooring, some doors and other stuff as well. Came out to $15k materials, plus maybe like $5k food, travel, etc... Currently similar houses are $200k-250k+ i'm guessing that many investors lost interest from initial MLS listing which was much higher and before the bank did work on the house to make it more appealing. it was a foreclosure... House is likely in a B area, there is a million dollar house next door and all other houses on the block are valued higher on zillow even though mine is bigger than some, and in my opinion more ideal. Great schools etc, I would actually live there, I actually did while doing the rehab...

Rented out starting March 1st at $1600, tenant pays electric, water is well/septic, no gas... Tenant maintains pretty much everything...

Taxes $1500

Insurance $1200

Mortgage $566/month

After mortgage, taxes and insurance, I get about $800 in my pocket...

Self manage, not much to do other than collect rent check from my mailbox and cash it...

Using 50% rule, i'm technically only getting $234...

What do u guys think?

Now my problem is that I can't find a single deal even remotely close to this. Trashed houses that are smaller are going for over $200k... And I really need/want at least 1 more property in Sarasota before I start buying in other areas/states... I'm only interested in 34231, 34233 and 34239... And I need a new buyers agent, mine moved to another state, and her boss, who I send my offers to now, seems to be slow and I think he takes interest in the properties I try to make offers on, he keeps telling me that there are multiple offers, to submit my highest and best and then a few days later the houses are already under contract and I never get a counteroffer or anything...