All Forum Posts by: Dan MacDuffie

I started investing in real estate 16 months ago.  I currently have one rental and I am closing on my first flip on Oct. 5th.  I want to become a full-time investor and my goal is to move to the Carolina's/Florida area in near future.

Thanks for info and detailed response!!

I am near closing on a house.  My plan is to buy house and rent it for 675.00 per month for the next 24-36 months and then sell the house (I will not own it for more than 5 years and maybe even less than 3).  The cost of the house is 45,000 and I am putting 20 percent plus paying for all closing cost.  My monthly mortgage will be around 450.00 --I just read about 5/1ARM type loans-- would this be a better option for me?  Please help-- Dan

Thanks for the responses... I am thinking of bailing because, I think 13500 for a 45,000 home seems high.  I am new to real estate and trying hard not to make costly mistakes.

I am near the closing date on a house that I am purchasing for 45,000. I am going to use it as a rental and charge 675.00 per month and I have a renter starting Sept. 1st. I put 20 percent down and paid for closing-- the house is move-in ready and they left all appliances.  I am getting a mortgage on the house.  Bank called today and informed me that I owe 13,500 on day of closing-- 20 percent down plus closing cost.  I was expecting closing cost to be around 2,500--Can anyone tell me where I went wrong and is this still a profitable deal? The house was appraised at 46,000--I am starting to question my decision and thinking of walking away.  Thanks for the help- Dan 

congrats -- eric--- good luck w rehab and keep moving forward!!!

Thanks for reply Craig--- my email address is [email protected]. Trying to connect with as many people in our area as possible.

Trying to connect with other real estate investors who are on BP and who live in the northeast area of Ohio. I am looking forward to meeting new people and starting business partnerships.

Thanks-Kyle

I am planning on purchasing a rental property for 68000 and will be able to charge 800.00-900.00 per month for rent. I have the ability to put 20% down. Should I put 20% down or 3% and why?