All Forum Posts by: Bruce Martin

@Bryan C. Sorry for the really delayed response.  I haven't logged on here for a while.  So I did end up purchasing 4 of the Layton Drive properties.  I ended up using a commercial loan since they were individually deeded.  The area has some issues, lower income, no uniform management for the whole place, etc.  I was aware of this going into it and I'm aware that there won't be a great amount of appreciation but it is cash flowing well.  I even have four inherited tenants still in place with minimal issues.  One guy has been late a couple times but he always pays last minute prior to filing for eviction.   

Thanks Devil Dog, @William Donnelly.  I haven't seen them in person but I definitely agree with the fact that none are selling being a red flag.  They are approved for section 8 also. For $60-65k per unit is not that great of a deal too compared to all the duplexes that I see in the area.

@Pat Heidingsfelder If it isn't a hassle for you to drive through, I'd greatly appreciate it.  I did the Google Street View and the place doesn't look bad, no junk cars or congregations of people sitting on the porches, etc.  Things could have changed since then though. 

I was also looking at the duplexes listed in Todd Cove.  There's two for sale and one just came on the market for a much better price (96k) than the other. 

Thanks for mentioning the loopnet site. I have never heard of it and it appears to have some additional deals that aren't on the MLS.

Hello BP Community,

I am moving to Ocean Springs next month so I am in the market for a new place to live. I have been looking at multi-family properties in the area. My plan is to start off with a duplex utilizing the VA loan (for no $ down purposes) and save the equity from my current house for other deals. I prefer to purchase rental properties instead of flips.

So my question is what areas would you recommend?

I would prefer to stay closer to Ocean Springs but there are few multi-family properties here. Some do pop up on the MLS but there are definitely more in Biloxi or Gulfport.

One area that has caught my attention is the Layton Drive properties in Gulfport (South Hampton Townhomes). Many 2/3/4-plexes are available in here - actually the whole development appears to be for sale. I have spoken with a realtor and got the tax, rent, and insurance info for the properties but I am still a little leery because they are all for sale and none have sold.

I will not be limited to one property either so I have thought of a buying a couple SFRs.

I have researched the area as much as I can without physically going there so feel free to chime in with any advice or recommendations.

Thank you

@Bryan O. I will get off the fence and start saving for another. Afterall, we don't know where prices will go in the future. I don't self manage and RE isn't that big of a deal to me. I have job that I love so I am giving it 14 more years. I do consider free and clear to be low risk but I think I could make more by leveraging. 

@David Alvarado Thanks for the welcome. I think there will be a move in my near future so I'm not doing anything in the DMV area as of now.

@Doron Nissim  Thanks for the advise.  It does make sense to move forward with both goals in mind.

Hello everyone,

I know this is the all too common question that depends on one's strategy and tolerance for risk but I am still uncertain about which way to go forward.  I have a townhouse that is cash flowing and I have been paying it off very rapidly.  The specifics are as follows:

Purchase price: 78K

Mortgage: 54,600 @ 20 years, 4.5%, 5/1ARM 20year amortization = $430 monthly

Rent: $950

Minus property management and HOA = $146 cash flow

The mortgage was started on 5/2015 and I have already paid it down to 24K.  On my previous townhouse, I paid it off completely in a similar fashion.  I was planning to do the same with this until I started to educate myself on the power of leveraging and using other people's money to make more for yourself. 

So my question is, since I have committed to paying it off quickly should I follow through and keep doing it to free up another $430 a month?  Or should I let the mortgage ride out and pay the minimum while building up my cash for my next deal?

If I stop paying extra now, when the first rate adjustment occurs I will only owe $12K and it will be paid off in 6 years. 

Hello everyone,

I figured I would finally create a profile and start taking advantage of the wealth of information on this site.  Actually, I have already been educating myself with the podcast/blogs/forums for quite some time.  My mindset leans more towards the buy and hold investments and I am simply interested in achieving financial freedom.  I live in Northern Virginia but I have no ties to the area other than my job with the federal government.  I do have plenty of family and friends in the Myrtle Beach, SC area.  I have two townhouses there that are long term rentals and they have been treating me well so far.  Multi-family properties are limited in this area so unless I venture into some new markets I will more than likely be sticking to SFHs.