All Forum Posts by: Tami R.

Jon
If you have invested $25k into a property what do you think the ideal asking price would be.

So if I buy a house for $12k and put $13k into it - what should I be looking at sellint it for?
I can sell the house for $39k-$40k

I know my cash flow will not be the best if we rent our first investment property but we are still thinking about it... here's the facts.
Bought it for $12k - fully remodeling it with new roof, paint, windows, bathroom, kitchen, carpet for $12k (my fiance has a big construction company!) - so we are investing $24k into the house.

Based on the market and our location we could rent it for $450 per mo. but our mortgage/insurance is $270 per mo and taxes for the year is around $400. Everyone that I have talked to on this forum said it's not worth it but we keep thinking about renting it and then doing another rental or a flip next. If we were to sell it - we would be able to get $39-$40k for it.

We are just beginners, but have study the market and industry a lot and we are ready to dig into it.

Is there a formula you do prior to figuring out to rent or to sell. Any help would be great.

Still up in the air with that.

I live in Northern Iowa and $40k can buy a small fixer up. The neighborhood is not the greatest (but we don't have murders, killings, etc...) it's just a little lower end.

We got our first house for $12k - we are going to put $13 into it - so $25k invested (loan was for $20k - the rest we are paying cash). Interest at 7.25% 15 year.
If we were to list the house after our 4 week rehab - our realtor thinks we could ask $42k and get $39 or $40k or we could rent it for $425 or $450 per month. I know it depends on what we want to do but out of curiousity if we were to rent it say for $450 and our mortgage, ins., etc was at $250 should we pay $350 on the mortgage and put $100 in the account for that property?

I have my attorney working with the foreclosure company on clearing up all the bad taxes and liens.
I am paying $165 the rest of the expenses b/c we have to wait is being paid by the foreclosure company.
And yes after I thought about it, I would never show my title report to anyone that I do not know.
We were supposed to close today and it won't be another week or two - does this happen a lot with foreclosures?

I am very familiar with marketing, I worked for Clear Channel Radio for 7 years and I now work for a different radio outfit.
I think billboards are great but they can be expensive. There's a lot of expense and you have to compete with companies like Clear Channel. You are looking at land rental, putting up the billboard itself and artwork setup, changes and you have to sell it!

I do have a copy of the Preliminary on PDF - I don't know how safe it is to share with someone but if it's not that harmful I can email it or post it for some advice.