All Forum Posts by: Barbara G.

Hi  James,

I see no reason why you can not do well.  You do not mention whether you and your friend have a family?

I think starting this out as a joint venture partnership really doubles your chance of being successful.  You will keep each other motivated, You will more then double your chnces of doing well if you do it right.

Perhaps you can think about getting a part time job at a Home Depot kind of place.  That would also add to your information bank plus give you construction discounts?  Do either one of you have any construction skills?

The fact that you know the area is a plus.

The fact that your partner has been flipping is another plus.

Getting your real estate license is a super idea.  Get much more active on BP  it will bring you customers.  Start a Florida blog.  Welcome all new Florida people in your area.  Get great bussiness cards.  Maybe you and your friend can start a PM bussiness to begin with?  You will figure something out

Start  a diary right now.  

A Diary of this complete change in your life.  We all want to hear about it

we all wish you good fortune.

If you have not quit your job see if you can get approved before you quit as many have suggested.  The idea of buying a multi faamily is perfect.  One way or another try to accomplish that.

Join several Real estate groups down there and if you are not moving immediatly start both those things here.

Condos are very cheap there?  Maybe a distressed Condo might work for your residence , You could live in it while you fix it up and then flip it/

Keep us informed

If section 8 pays $1,200   I would  figure my rent at $1,200 and and look at the property as having a  $2,400 income.   So it looks like $224,000 is not  a  big bargain.   It does give a little more then 1% of the 2% rule.   If the Seller offers financing with no money down or a small amount down  the property would be worth a little more,  

Your property is 63 years old so unless things have been updated you are going to have higher then usual cappex and maintanence replacements.  As in what year was the roof replaced? 

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You really have to run the numbers.  That tells you if it is a good deal.   How much is the house and what are the rents?  Way are the expenses.  Where are you on the 2% rule?  Are  you over 1%   Where are you n the 50% rule?  You have to figure your apartment at the same rent as you are charging the other 3 people since you have to pay rent no matter where you live

How much is The Mortgage (interest and principal) .  What are the total expenses including Interest and principal  (I don't see the principal ?), Insurance,  vacancy,  repairs and cappex

How old is the duplex and what are you putting side for capital improvements?  Do you think you should figure for a PM even though you are not using one right now??

The Vanity looks fine

What color and material is the top?

How is the kitchen update looking?

I think the many things we all demand of new tenants is pretty overwelming for many people.  The screening by an agency, etc etc

We just advertised one of our apartments and found it very difficult to rent.  We did select someone that normally would not be our first choice but we took 2 young woman sharing the apartment.  Not our favorite choice but we were getting nervous

I would also upgrade the kitchen.  Those granite counters are usually expected plus the stainless steel appliances.  What  does the bathroom look like?    Hang a plastic liner on the shower pole, that costs nothing and looks good/better then nothing,

better pictures and talk about the view

Could you use a new vanity in the bathroom and could your mirror be better/  How about your counter top there?

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It cash flows $ 13,000 + a year without figuring cappex (its pretty new) or maintanence or PM.  We do the maintanence and so far there has been no maintainence or cappex and we do the PM===================================================================

Right now it is too early to refinance but as soon as we get it together we will try to refinance

Right now we are finishing up a duplex (A BRRR) that we ran $25,000 over reabbing for $50,000 instead of the budgeted $25,000.

We paid $72,000 + 50,000 for rehab total $122,000.    We are hoping it will appraise for $150.000 and we get $105,000  and our down payment will come to $17,000.   BUT that's just a hope on the appraised value.  Its renting for $2,000 total a month

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It cash flows $ 13,000 + a year without figuring cappex (its pretty new) or maintanence or PM.  We do the maintanence and so far there has been no maintainence or cappex and we do the PM

We bought one duplex that we expected to put 25% down and were jockied into putting 30% down.  It is cash flowing but  We are unhappy about putting the 30% down but we got involved with it and did it.   It's a newer house/duplex and turn key with tenants paying $!,100 rent each (total $2,200)  and it cost $199,000.  No cappex on the horizon and very low maintanence expected and we also self manage.

How bad a deal is this??  We are OK with it?