All Forum Posts by: Barbara G.

So you own the home outright and Renovation will cost   $25,000.  

Do you want to RRR (Renovate, Rent,  it Refinance it)   OR  do you want to sell it after it is renovated? 

Can you finance the property in its present condition and pull  money out for the renovation.

If you sold it right now without renovating it what could you sell it for?  If you could sell it in this condition for $75,000 it would be like selling it for $100,000 renovated.  Or would it be worth more then $100,000 once you renovated.  How much could it sell for renovated and how much can it rent for renovated.  

How long do you estimate your renovation will take and what would the holding costs be for the holding period?   Are you living in it right now? 

Just because the house next to you  is on the market for $87,000 doesn't mean that is the price it well sell for.  What are comps in the area selling for?  Is Zillow helpful for an estimate?

You talk about living expenses.  Do you have a monthly income to support yourself?

Once you know all these answers then you can make a judgement on how to proceed

Would you break out the expenses and the income.  Insyrance, Vacancy Utilities, Garbage water Mortgage (princial and Interess) Managment fee etc etc so we can get a better handle on what is being paid for what.     How much are the rents one ach apartment.  Where is the property and where do you live etc

I am located in Hartsdale NY and would like to be part of a Meet Up Real Estate group

It woud be a Meet Up Group where we could network around out interest in Real Estate Investing.  We could Meet in a coffee shop or at a Happy Hour Resturant.  

Instead of waiting for a large group to form  we could just make a date for 3 or 4 of us and how much interest there is in meeting.  We could use this forum to sign on if any of us are interested.

Just throw out any suggestions for a place to meet and an opening topic.  Hoping some of us are interested  

@Almeda  Why don't you invite Craig and the 2 of you set a date and a time in Bridgeport.   Meet at a coffee shop, or at table in a Happy Hour place.  Invite every one and see who shows up.  Do it a few times and see if it works.  In the meantime the 2 of you can net work.

Ask Karen and Audrey maybe they will give you at least a one time commitment to help you start out

Keep us posted and perhaps we can use your group as a role model

Sure if you want to up your learning curve.   its a good idea to join a club or two and or a Real Estate Meet up Group.  Network.  You will figure it out much faster and get more input the more you do.  You might even partner with someone for your first deal.  Start small

It's an impossible dream. You are going to have to solve this problem some where else.   Buy houses that need a minimun of rehab 

You learned a lot  on this deal

Just use ths deal as a refrence point when you are considering your next deal

Look for a new deal where the purchase price is less then this deal , and the expenses are much  less and the income is more.

We have avoided older houses although that makes finding an investment property more difficult.

The only advantage,  as I see it, in buying an older house is that they are more available.

ReportAug 24, 07:53 AM

Hey @Barbara Goodman, I think you may have added a decimal place there. The rule/guideline is 1-2%, so if you're invested at 40k, ideally the property will rent for $800 per month.

so sorry.  I knew math was  weak point

What was I thinking?

The decimal is certianly in the wrong place

Yes its very good

It all sounds too good to be true.  Definitley keep the fence.  Yes I was also thinking you can remove the barbed wire and you can landscape it. The bushes/trees will grow in no time.  What can be nicer.