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I have 7 months of mortg payments set aside to cover any expenses. I'll have to get back with you on the IRR.

Detchu

Prices are so high in CA. That's what I thought last year so bought out of state. Missed out on some good opportunities here. Now houses are sitting longer and prices are dropping. What's the best strategy in CA. at this time.

Detchu

No PMI, I have 1st and 2nd on both. But doesn't sound like it will change much in your eyes. Thanks for your input.

Detchu

Iv'e read most of Rich Dad's books but haven't attended a seminar yet. Curious about Rich Dad experiences. Also, thinking about buying Casflow 101, anyone have input?

Detchu

All Cash,

The down was 10% on both. The other numbers on the post are all my expenses. Closing, flight from CA. gas, food lodging everything. It's all fresh and ready for the Tax Man. Sorry my first post was incomplete, I'm new to this. Rates are 6.2% 30 years.

Detchu

Wow, awsome feedback. Just to add a few things I forgot to post. I bought the 1st property about $15,000 below average comps in the area. The 2nd was a REO that I got for almost $18,000 below average comps. Another thing no PMI and taxes and insurance are figured in the numbers I submitted.

Detchu

I think it would be great!

Hello,

I'm new in the game. I'm from CA. and recently bought 2 properties in OK with a little CA. equity. Renters are currently paying the mortg with a little left over. I grew up and graduated HS there 20 years ago.

Excited to join the site.

ouch! I appreciatee your honesty.

Requesting feedback or constructive criticism on my first RE investment. I bought two properties in OKC last year. I have a property manager that charges 8%.

The first was $110,000 3/2/2. Rents for $995 with $787 mortg. I put $5,000 tile, carpet and paint & paid the first 3 mortg payments. It’s been rented out since Sept 05.

The second was $94,000 3/2/2. Rents for $850 with $663 mortg. I put $11,000 tile, carpet, paint & appliances and paid the fist 4 mortg payments. It’s been rented out since Oct 05.

I learned a lot and feel I could have negotiated lower prices but they are renting for a positive. The $94,000 could probably rent for $950 but I lowered it because it took a while to rent. Also, I didn’t have to spend so much on tile and carpet, but I wanted to tile most of the houses to avoid further problems.

I’m trying to talk my business partner/wife into repeating the process. Any constructive criticism is welcome and appreciated.