All Forum Posts by: Gary Waddle

@Kevin Mika, $500 is the lowest rent I have seen in that area. I would say conservatively I could get $750 if the property was improved a bit. New carpet and paint for sure. I never considered offering discount rent in exchange for property management, that's really smart.  

I'm not sure what else I could add, because I haven't seen the inside. I asked for more information on the property and was told that the owner decided to fix it up himself so he could sell it at a higher price. They are refusing to show it right now. Not sure what changed, they dropped the price less than a week before I asked for more info. 

On to the next one I suppose. I plan to touch base with the realtor on this one next week. 

Thanks for the input everyone. 

@Neel Jain, I have driven by it, but haven’t seen the inside yet. I hope to do that in the next couple days. 

@Neel Jain, thanks for the input. The new construction is single family housing. I have family in that neighborhood, and I lived in that neighborhood several years ago. It is in Carlsbad NM. 

I haven’t looked into financing yet. I’m guessing it would be a conventional loan. 

In 10 years I think the neighborhood will be about the same. It’s an older, established, middle class neighborhood. 

Great questions! Got my mind racing. 

Thanks Michael. Should I go look at it first, or try and secure funding? 

Thanks Dennis and Migeul. I’m going to look into it. 

Thanks Migeul, I didn’t consider that before. Maybe just add value on the exterior, then as the tenants turnover work on the inside? 85 K is actually the number I had in mind. It’s really not a bad neighborhood, I would say it’s closer to B than D. There’s new construction about 3 blocks from this property. Actually, this is the worst looking property on the block. 

Thanks for the reply, Bjorn. I do plan on using property management. Part of me agrees with what you're saying. I might be biting off more than I can can chew. The other part of me thinks this might be a good first property because it's cheap and should provide plenty of learning opportunities. I also think there's some opportunity to add value. 

I'm trying to get started. I'm looking at a fourplex in my market, just not sure whether or not to pull the trigger. Each unit is 1 bed/1 bath. This market is very hot right now, we have a rental and housing shortage. 

Asking price $119,000

Current rent $500/unit 

This is an older property, looks to have deferred maintentance. 

In a C neighborhood (I think). 

Any help will be greatly appreciated. 

Thanks Jesse, I appreciate that. I’m glad to hear you say that it’s not as hard as I might think, because honestly I’m kind of intimidated having never done it before. Where do I find these resources you referenced?