All Forum Posts by: Doug P.

Yea a lot of neighborhoods in WPB I wouldn't live in or really feel that comfortable visiting at night but isn't that expected? Aren't most of the neighborhoods you guys have your rentals in lower income and not really the best neighborhoods? I see people talking about section 8 all the time on here and I'm assuming those people on section 8 aren't nurses/police officers

I have found a couple website that list houses in south florida at whole sale prices one of them being wholesalepropertylist.net are these type of sites a good place to look for deals that will cash flow?

Wait... it seems like it would be very hard to find a property that you could use the 2% rule on. wouldn't it always cash flow way more then $100/mo?

ok got it, but now an even simpler question. with that 2% rule it says you should rent a property with a total acquisition cost of 60k for a $1200/mo.

How reliable is the 2% rule do you always follow it?

so where do you figure in the repair cost for a house you are planning to rent.

like lets say there is a house that is listed at 50k and your mortgage at the full 50k would be $300/mo you would need to get at least $800/mo to rent it out and cash flow the $100.

But it needs 10k in repairs before you can rent it and you have to pay for them cash. Would you say the house really cost 60k and you mortgage would be more like $350/mo so now you only would cash flow $50mo at $800/mo rent making it a bad deal?

so how do you use the 50% rule when after you buy the property you have another 25k for repairs?

lets say you find a property for 50k you plan to fix up and rent. do you need your own cash for the down payment and repairs?

Thanks for all the reply's but I think I have decided it will be safer for me to get a rental or two before I take on a rehab.

For those of you that buy property with renting in mind. Do most of the properties you buy need a lot of work before you can rent them? or are they ready to rent?

Thanks a lot Eddie heres what I know.

I want to flip the property, I would expect when I'm done and sell it at least 20% of that selling price be profit. ARV would most likely be under 200k.

How does that sound?