All Forum Posts by: Chris Allen

well even at 7% looks ok, i dont mean to argue but thats just what my mortage company that i have now told me over the phone, so it looks like a good deal on paper? do you think i should try to find something that cashflows a little bit more/cheaper property. thanks for the replies!

ive already been qualified by my current mortage company at 5.25-5.5 floats around, the house im in i have been there closing on 2 years and the reason i bought it was because it was a steal, so if the deals there ill do it, its just my first rental i would like to be the best possible one for me.

Ok well im on the edge of putting in an offer on a property thats a couple streets down from my house,great neighborhood lakes and such great schools etc. 3bed 2 bath built in 01 about 1400sqf from what a have seen needs very min work -1-2k carpet/paint. there asking 70k property values are dropping like crazy here. i figure this and please correct me if im wrong.
on 60k purchase
276 mortage with 10k down at 5.25 30yr
154 taxes monthly 1854 yearly
40 insurance
100 misc repairs etc
i checked the rent on all houses in the neighborhood there 1200-1500 so im guessing 1000k worst case for me and 1200 good
cash flow at 430 month 5160 year.

now ive read about 10 rental/investment real estate books read on here alot etc. i have about 22k cash saved the problem is im simple scared, what if it doesnt work? i also am about half done rehabbing my own home bought a forclosure and so there is repairs there that will need my time/money/labor and i work full time, but i keep thinking i should save more/study/research more but then again im thinking just do something nothing will ever happen if i dont just get out there and actually START. this will be my first rental so itll need to work. a little inside about me im very careful with my money and try to figure everything out, i live well below my means so even if it was vacant i could afford the carring costs. please any and all advice is welcome. thanks guys chris

will look into that, im very good with money and a little on the tight side, i dont like having debt, so even the thought of having multiple mortages out scares me, im thinkin of rehabing 1-2 a year and if the ball starts rolling ill start doing more and more, but i see what your saying paying cahs for everything would take a long long time, plus my fear is the cash i accumulate would always be in a race with appreciation of thee houses, thanks for the advice

will look into that, im very good with money and a little on the tight side, i dont like having debt, so even the thought of having multiple mortages out scares me, im thinkin of rehabing 1-2 a year and if the ball starts rolling ill start doing more and more, but i see what your saying paying cahs for everything would take a long long time, plus my fear is the cash i accumulate would always be in a race with appreciation of thee houses, thanks for the advice

im knew although i have been browsing for some time, ill give you a short history of myself before i explain what i would like to do, Im currently 22 and at the age of 21 i had saved approx 15k for my first home, I had read every investing/mortage/real estate book i could find, before i really started looking, threw family i was introduced to a very respected and succesful real estate broker who has several offices, so i thought it was wierd that he was wasting his time with such (small fish) but he helped me find a forclosure,i bought a 1800sqft house 3 bed 3 bath etc for 112k, it was the ugliest house in a super nice neighborhood.(the house next to me sold for 275, even thow it is much larger and newer) but i am about half done renovating it and am looking to buy another when i sell this one, my question is i currently have 40k cash, should i save more maybe 60-90k before trying to tackle another, im looking to really get into this, and am hoping to find a higher end forclosure witch could yield more profit. what are your guys thoughts?