All Forum Posts by: Corey Woodruff

calculate all the numbers to a t and get all the data into a usable spreadsheet that is also organized with the terms laid out in that as well. (Expenses, income , demand analysis, supply analysis, etc. ) if you want to buy an apartment building you need to read abcs  of real estate... this book will change your whOle outlook on how to perform these types of business investments and give you a ton of confidence because the author lays it out in a very readable way...

Good luck 

have you studied the market the home is in? What are the comps? Because without knowing the ARV i can't tell you whether or not it's a good deal. Because we don't know what you could sell for. So find out the arv. By comparing similar houses in your market

I personally like the buy and hold strategy better if your just starting out less room for mistakes. 

Good luck

read  the book on rental property investing by Brandon turner. Also make sure the numbers work and you account for your actual expenses. Most new people forget hat every month th 50% roughly of your rental in one Ned's togo towards your expenses. Not in your pocket. If the numbers work then it should work if you plan properly.....

Question.....is there an HOA FEE TO OWNING THIS TOWNHOUSE?

So based on the 70% rule which means that you should not pay any more than 70% of the after repair value (158,000) minus rehab. So 70% of 158,000= 110,600 which means that your repairs should be around 20,600 for it to be a good deal (on paper anyway). BUT! dont go based off of what the property is assessed at, go on sites and find what homes in your area that are similar to the home you are looking to offer on ( similar, square footage, bedrooms, bathrooms, acres...etc) Do your own homework to find out what that house will sell for NEVER take someone elses word on it. (the book on flipping houses By. J. scott i believe thats the title) But from the all the podcast with flippers on it it seems the averages you want to remodel in is about 30-90 days because the longer it takes the more holding cost you will have to carry. After you are finished with the remodel hopefully it sells within 60 days. whatever your planned cost are make sure you HAVE A RESERVE FUND because when it comes to flipping houses you can never be 100% accurate! I dont know his full name but they had a podcast with Danny ?? and he was amazing!!! 

go to zillow and realtor.com. dont go off of there zestimate but you can use these sites to show you houses in the area that are for sale and that have also already been sold. this can be a great way to guide you in finding comps for the market you are interested in learning. 

I am to from a poor family, went to college got a good job and am now right at the brink of shoving into this business by saving every dollar i can and making sacrifices you wouldnt believe. Just because you come from poverty does not mean thats where your heading. Keep your credit score good and start building on it because a good credit score is key to have if your looking to jump into real estate. IF your credit is not good THATS NOT A BIG DEAL. get a free credit report from the government site that offers one free report a year NOT CREDIT KARMA OR THOSE OTHER SITES. 

GOOD LUCK BUD. 

i think its awesome that your so young and are already looking to build a solid foundation for your future! 

BOOK READS:

The book on rental property investing 

Abcs of real estate

HUD HOMES website and auction.com is a good source of homes to wholesale. If you want to wholesale homes you need to listen to podcast 136! This guy made a lot of sense and i dont even want to wholesale and it made it sound very attractive to me even.

good luck

Your monthly payment is 487 a month and all of expenses including insurance mantaince, hoa fees, vacancy, repairs will total about 450 dollars a month leaving you with 63 a month in cash flow. Cash flow is very low but, you have nothing invested making that a 75 ROI! Now im going to tell you why i would jump on this deal all day. because after 12 years the mortgage will be paid off and you will be cash flowing 525 roughly every single month a property you have 0 dollars invested in!!!!! not a bad deal and at the end of the day tenants paid your mortgage and in 12 years you have a house worth more than 90,000 with appreciation owned free and clear.!!!! awesome deal !!!

any recommendations in saginaw michigan?

I am in the Saginaw, Michigan area and am looking for a referral for a Real Estate Attorney and a CPA (AGGRESSIVE CPA) I would appreciate it a ton. If you dont know any names specifically where did you find yours? google? there is something about just searching google that makes me nervous of getting a slouch. I want aggressive sharp people even if they are more money. 

Hud homes and auction.com are good sites. Listen to podcast 136 that podcast is a must listen for anyone looking to wholesale. it is jammed packed with information you cant do without!