All Forum Posts by: Dale Guidry

Thanks Rocky. Assuming you set aside an amount of capx per rental what would you think is a safe amount. 5K 10k 20K? I have set aside 10K for my current rental and building for the potential second. I have access to more if needed in a pinch but this is my capx/maint bank.

My area doesn't have many multi-units and they are never for sale...and no I don't have the capital to build. When I say 15% COC that's using the rental analysis spreadsheet and their metrics....my true COC is 25%. I'm conservative by nature so I don't want to extend myself over my means....meaning if all else fails my "day job" income can cover all mortgages. I realize this isn't the quickest way to giant wealth but the security is easier on my anxiety! My market has plenty of economic drivers so SFH is just as stable if not more than multi! Most people here make enough to have a mortgage but have terrible credit. Thanks for the input Greg.

Hi everyone! I'm fairly new to this...except I have owned and rented a few mobile homes several years ago but this is my first attempt at making a viable income with reasonable skin in the game. I'm 36 and for the past 10 years I've been very fortunate to have a well paying job with benefits and a retirement plan. So my real estate goal is to have at least a dozen SFH of decent quality at early retirement age(55) to carry me to full retirement(62) without having to have excessive early withdrawal penalties. We recently purchased our first rental with a COC return of 15%. We are currently looking for our second because we have enough cash on hand for one more. We estimate that we can pay off the first in about five years and the plan is to use its equity to buy more. Assuming we keep our income stable and never have to pocket any rental income we will always snowball the oldest mortgage to purchase more properties until I reach age 55. At 55 I would need to reevaluate the question of weather or not to continue to build wealth or retire and never miss a dollar of steady income. What would you do?

Completely agree! Our county sales' in to ways....straight sale(clear title) and subject to sale. All sales are immediate cash or 3 days with with line of credit. I plan on meeting with the attorney who handles all the bank negotiations next week to get a better insight of all the working parts.

Well I didn't buy anything but the things I learned in three hours are worth a lifetime! I attended the auction as an observer and have to say I'm even more curious than before today. I arrived a few minutes early and was able to pick the brain of the Sheriff sale department's captain for about 10 minutes. During this little chat he gave me the office number to one of the auction directors(who also works for the sheriffs department.... I just forgot her title). I later called her and she was just as helpful to answer all my questions and gave me other leads to informative people in the parish. Long story short....go out and do, network, get answers, most of all have fun!

Also from Prairieville and have recently purchased my first rental. What is this RING you people speak of?

One tool I've been using is rentometer.com for area rental comparisons. Hope this helps.