All Forum Posts by: Chance Cooper

If you guys have a email address I can send it to that, or if you know of a way to post it on here I will.

Richard I have a powerpoint presentation that I put together, I pitched it to my wife. Its so Barney style a two year old could understand it. I could send it to  you if you like. Maybe it would help or give you some ideas.

Vonetta

When you say "I spend hours on the MLS, look at properties left & right, analyze until my eyeballs ache—" I completely know what you are saying. I am not on the MLS but since I learned about this website I have been completely addicted...I love reading stuff on this website.

I currently have one rental property and own my own primary residence. After this deployment I will have some cash saved up and I plan on putting 20% down on another. I have to say since renting that first rental out in 2006 Ive only had 3 tenants and Ive never had any major issues. You select the tenant! I am a firm believer, it does not take long to have a conversation with someone and find out where there head is...

When I screen a tenant, Im looking for an older mature type couple that has their head on straight. I have to say I am nervous about getting another property too, but if I can have the success Ive had with my first Ill be golden!!!

Good Luck!!!

You can put her on the deed and not have to put her name on anything at the bank...My wife is the type of wife that if Im buying properties without here involvement she is gonna think I may leave her one day and she is left with nothing...Some women just have this security thing, Im sure if she was the bread winner and didnt want you on any of her stuff it would make you have second thoughts about your relationship as well.

A couple years ago I opened a business and when I went to get incorporated I wanted all the shares in my name....OMG I still hear about that crap...I guess it just comes down to the type of relationship you and her have, she may not care if you put her on it or not. But in my state putting her on the deed is not an issue....

I had just got out the Army and bought my first home at 26 years old for 65k. I lived in it for a while never intending to get into the rental game. Long story short I came back into the Army after realizing the economy sucked...I had no choice but to rent that house out because I didnt want to sell it.

Once I did, I realized I was onto something. I seen I was making money every month and as soon as I put it on craigslist my phone began blowing up. Since 2006 Ive only had 3 people in that home, everyone has rented for a good period and they were good tenants. I hear war stories of people and tenants and ive never had that issue.

If I could do it again, I wish I had a better job from 2006 until now so that I could have bought more properties. Now I am back in the Army and have a very stable income it will be easy to buy more properties, where before I didnt have that option. Now I plan on building my empire over the next 5-10 years. I have learned so much since 2006 until now...And Im still learning.

@Sonny Ngo I have thought about it but honestly I dont have time. I am in the Army and just cant put that much time into rehabbing etc. My goal is to buy a home for 80k, put down the 20% and only finance roughly 64k. Payment should be around $480 monthly. I can rent that property for $850.
Ill generate  $370 a month. Thats my plan.

@Sonny Ngo when I buy the property I plan on buying  pretty much ready to rent...I dont want to spend time going in there and gutting it etc...I figure as far as closing cost the seller can pay that...Is not completely on me to pay all that, thats what I planned on negotiating.

For anyone out there that has had experience in both of these strategies can you share your thoughts on each?

Pros vs. Cons?

Which one do you prefer and why?

@Sonny Ngo so this may be kind of personal but Ill throw it out there because I need to know. I am currently deployed, when I get home I should have around 35k saved up. I currently own one rental home (a profit of $382 monthly) and I own my primary residence.

When I get home my target homes are going to be 80k, after a down paymet of 16k Ill finance 64k, with a payment around $480. These houses will rent for $850-900. I guess my question is, how much do I need to have in reserves (rule of thumb) after this purchase? If I have 35k after this deployment and drop 16k on my next home that will drop my reserves down to $19k. Is that good?  Or should I have more reserve money?

I just wanted to know if there was a magic number that all you guys like to have on hand for whatever you may need so you dont start robbing from Peter to pay Paul...

Thanks!

Welcome! I am an investor from the Myrtle Beach area. A small town just west of MB called Conway is my hometown. I want to continue to buy properties around Horry County if the price is right. Good Luck!