All Forum Posts by: Colin C leamy

What would you recommend for a bare minimum then?

The first purchase would make or break me. Is there anything like the Clayton Morris service without the negative reviews?

How do I calculate the "numbers" exactly? How do I find out the local average wage, whether there is a rise in job opportunities in the area, whether the tenants will be good, ect?

If only I had the knowledge and skill to reno CT houses, alas I'm about as nooby as it gets in these things.

That seems to be true of any rental though isn't it? At least this way I'm paying a minimal mortgage.

I have a difficult time believing a local credit union won't allow a sub $50k loan. My credit score is good.

My grandmother lives in Port saint lucie so I know that area. Lots of retirement communities and lots of shops, malls, restaurants, close to the ocean, etc. That is where I'd prefer to start.

I've seen Jacksonville mentioned a lot so I was looking on zillow up there too. 

In both areas there are tons of sub $40k houses that seem to me to be plenty big enough for renting. I'm trying to figure out the catch.

What constitutes a "crappy" area? Jacksonville and Port Saint Lucie seem alright to me. There's tons of sub $40k homes in every section of Florida.

What's wrong with Clayton Morris?

Let's assume I have my finances in order. back to the original question. Is there something wrong with buying $40k or less rental homes in florida?

How much reserve are we talking? Reserve for what? I can easily pay the mortgage for a $40k house if I delved right into it.

I'm tired of barely scraping by and I've decided to give the BRRR thing a go. The most I can afford is a $40k-50k home. I live in Connecticut but the prices here are insane so I decided to try Florida since my grandmother lives down there and she can be my local connection.

I see everyone talking about $100k+ homes in Florida, is it not a good idea to buy $40k rentals in Florida? I also notice there are a lot of houses sub $20k in Florida that seem decent. Are these bad targets? I don't really have any current debt but my earnings are barely enough to get by at the moment. I can't afford much but I'm hoping to use this BRRR strategy to get out of poverty.

Thanks.