All Forum Posts by: Colby Fryar

@Christina L.-  can you DM me the property manager you used?  Thank you in advance.

Awesome info Keoki- looking forward to hearing about the refi! 

Hi Patrick-  that cap rate seems really low. How are you financing this?

It is a small town which is likely a big part of the reason it has been on the market so long and it is very old-  1941 according to Redfin and that can't be far off by looking at it.  I would go in expecting a lot of deferred maintenance-  part of the headaches Michael mentioned.  Check that roof because it never rains there right?

@Price Paramore  City-data.com includes vacancy rates and a lot of other great data as well.

Welcome Jarret-  it is still intimidating to me as well.  Good luck in your investing journey!  

You are way ahead of the game.  I only wish I had read Rich Dad Poor Dad earlier.  Start there if you haven't already and read, read, read but most importantly get in the game...  Changed my life.

Alex-  the expenses seem really low to me.  Typically they are 50 percent or above if you use a property manager.

The statement from the Property Manager is pretty revealing. Loop-net is typically a waste of time. You are off better off looking at a local realtor's site or searching off-market. 

I would get a qualified contractor to see if anything is salvageable and go from there.