All Forum Posts by: Paul Sanders

I've made a post on craigslist so you can see the photos: 

http://norfolk.craigslist.org/reo/5568292110.html

Sure thing. For *us* it was our hell house because we bought it at the peak of the bubble before we knew what we were doing and with too many updates needed. We bought it at $213,00, which anyone here can see that number and already know we paid more than it was worth without even opening a calculator. At this point, we've done all the updates and it has cost us a bunch. For a buyer right now, they'd be getting a fixed up house that we funded the updates. 

We did the following: 

- Ripped up carpets, refinished the floors ($6k)
- Installed a new kitchen ($11k) 
- Rebuilt a 2 story porch that was rotting ($12k)
- Updated a bathroom, some electrical, storm windows, fencing, tree overgrowth
- Dealt with a tenant who didn't tell us they had pets, to find out they had 7 huskies. SEVEN! :) Surprisingly no damage from that, was just funny they tried to get away with it. The other tenant complained of course. 
- We haven't lived in the area in 6 years so it's been difficult to work through much of this from afar. 

But now the updates are all done and someone else will reap the rewards of our hard work. 

We pay on average about $200 for water and trash.  The tenants pay the rest. Here's the PDF of that report so you can see everything (in the report I have this $200 listed in the 'misc' expenses): 

https://www.biggerpockets.com/calculators/shared/4...

My wife and I own a duplex that is rented out. We are wanting to sell it for what we owe right now ($180k). I've posted the numbers below from the bigger pockets rental property calculator using $180k as the sale price, 20% down & 4.5% rate. We are having to travel a lot for our jobs and don't want to maintain this any longer. Good deal for someone willing. Portsmouth isn't the hottest market, so we're putting it up for sale at a price we hope will sell fast. We have a property manager in place as well (not included in these numbers). He charges $63 per unit and does a nice job. Nothing on the property needs repair at the moment, but the garage is old and only really good for storage. Inside the floors are newly refinished hardwood that show really well. Big kitchens. We had the front porch rebuilt last year as it was old wood, so that's shiny and new. Happy to answer any other questions. 

I have my eye on a property in Lakewood, CO. I like it as a house my wife and I could live in, but we aren't able to be out there until later this year or next year. 

It has 5 bedrooms, so I'm thinking we can rent 3 of those out to individuals for $900/mo each to cover the mortgage plus a bit, and leave the other 2 open for us to visit or airbnb them on the weekends. 

My question is: Anyone have any good or bad experience, opinions, thoughts on doing this? Any tips to save me from some issue I'm not seeing?

Thanks

Alex,  what I've found in Charlotte recently is too many single family homes are bid up by eager home buyers making it exhausting to find anything with decent roi. 

90 mile radius, you still get good renters out that far or are you just flipping? 

What is the actual strategy here?  I thought the brrrrr method started with buying the property with cash outright first. Would someone mind telling me the 25% down method? 

Thanks for the reply Kyle! That rentometer site is very helpful!

Is there a public website or tool to find accurate rental comps on a property you are analyzing? I have to keep bugging my realtor for rental comps and she is slow getting back sometimes. 

Thanks