All Forum Posts by: Jim Doine

Sheena, i would sell immediately for 240K, pay off your mortgage at 33K, stick 7 k in your pocket for a rainy day, and purchase 4 turn key duplexes(rehabbed with tenants and property management in place) for cash(50K each). With rent for $600 per side so figuring 50% expenses, each one cash flows $600 per month with no mortgage. $600x4=2,400 per month cash flow 2,400x12=28,800 annually for a 14.4% return on investment. :D Jim

Summerhomes, I can't believe you rehab to this level in bad neighborhoods. I recently had a break in at one of my units, they damaged both front and back doors beyond repair( nice metal ones). They did me a favor by stealing all the old dirty stained carpets.(saved me from having to pay to do it.) Unfortunately they also stole my furnace. I'm certainly glad I had not finished the remodel with appliances in place or I'm sure they would have disappeared also. Just a word to the wise to not overdo it in these neighborhoods. Jim

Louise, You won't find any 4,500 dollar houses in Vancouver Washington LOL. I used to live in Portland area, just south from Vancouver. The entire Pacific Northwest provides a beautiful place to retire. Many mountains, hills and forests.If you could elaborate a little more on what you are seeking I may be able to make some suggestions. I have lived in Oregon and Washington most of my life. Several states in the Midwest offer properties, such as your 4,500 dollar example. I would assume it would need a lot of repairs and would be located in a bad neighborhood. You would have to do your due diligence.

Munir, I to live in an area with terrible cash flow opportunity such as yourself, I began investing out of state and in spite of a few bumps in the road my business plan is moving ahead nicely. You need an excellent team of quality property management, Realtor, contractors, and I have found a local person in my investment area to be my eye's. This team needs to be in place before you begin investing. I made this mistake once but never again. The Midwest in my opinion is the place to go. You can buy buy 10 multi-family properties in my area that that will cash flow $100 per door easily (using the 50% rule) for what you would have to pay for one decent single family in your area.Kind of opens your eyes about cash flow potential in the Midwest. :D Jim

Jessica, you've gotten several good suggestions, personally I would try something in between the way it is, and replacing it with new. You didn't say if the cabinets look nice since you painted them white. If they look ok and are serviceable I would install new cabinet hardware and replace the counter top (not granite but something modern and attractive. Assuming there is enough cabinet space I would have a dishwasher installed. ( today's retail buyer does not want to wash dishes by hand) I would have a professional refinish the old tub to make it shiny again. I would remove the glass enclosure and install a nice shower curtain, I would replace the tub surround. By doing it this way you will save a considerable amount of money over buying everything new and I don't feel it's necessary unless your property is in a high end neighborhood. :D Jim

To Will Barnard, send me a PM I'd like to talk with you. :D Jim

Hi Will send me a P.M. I'd like to talk to you. :D Jim

Will, I sent you a colleague request. Jim

Denise, I also would be very interested in hearing the answers to your questions. :D :D :D Jim