All Forum Posts by: D D

Hey all. After looking at about 50 properties over the past year I believe I may have finally found one in Phoenix, AZ. Here are the details:

Property type: Duplex
Purchase price: $35,000
30% down payment: $11,000 (rounding up for simplicity)
Loan Amount: $24,000
Debt service: $160/month

Monthly rental income per unit: $500 (minimum rental in that area)
15% maintenance
15% Vacancy (already have both units rented)
Monthly Water/Trash: $50/month
Taxes: $142/month
Insurance: $50/month

Using a real estate investment spreadsheet the numbers do not look bad but I would like to get some opinions on what I have missed. The units are move in ready so little repair is needed. Thanks!

Darek

A brief history before my question:

I recently obtained my realtor license and have been looking at investment properties for the past several months. Mainly, in the duplex/triplex market i Phoenix, AZ. Nothing has blown my doors off yet since my limit is only $90k but I am also considering starting a small computer repair/rebuild business. My question is this:

Should I form an LLC for each venture or group them into one? Of course it would be cheaper to form one but I am in the beginning stages of each but I like to form a firm foundation and make sure I am ready for each before I dive right in.

Why would I pay $250/yr for MLS access as a realtor and give everyone access for free? MOST people will take advantage of my generosity and buy a house from right underneath me. So now am I out on your business but I have also violated the MLS subscription rules by allowing you access.

And yes I am a new realtor . . . but it doesn't mean I act like the rest of them :)

I realize I am new to the board but I do have several years of higher education under my belt. For those who do not know, "Finance" major IS a business major. Most colleges don't have "business" as a major but have several disciplines in their School of Business ie. Finance, accounting, management, etc.

However, if you are considering becoming an investor and catering to investors I would highly recommend staying right where you are at. A college degree, especially one in finance, ensures credibility, plus, it provides a very solid foundation on which to build upon.

Hello all. I am a newb when it comes to real estate investing although I do significant research regarding investing and I am currently taking real estate classes to obtain my license but I have yet to purchase a property.

However, down the street from my current house is a similar house that was put up for auction by a private firm only to be taken off the block days before the auction took place, at least, according to the auction firm. No other details were given.

My question is this: How can I find the current holder of the property? The house is vacant and the only sign on the property is the auction firm's and, of course, they are not providing that information.

I think this would be a great first investment property for me since it is within my price range and within walking distance from my current home. Any ideas on finding the current holder is appreciated. Thanks.

Yes I concur. After looking at 10 houses myself I found one that required only a little maintenance before it is move in ready. I put an offer in and when the counter came I chickened out and backed away.

One reason was because I wanted to see what the Feds were going to do
with interest rates since I will need to open a HELOC to afford a down payment but mostly I just crumbled on the whole thought of getting into something bigger than I am.

I have done months of research and am currently taking real estate classes to get my license in Arizona but for some reason it was scary pulling the trigger. I consider myself an intelligent person but it's what I don't know that frightens me.

How do you newb investors "know" when the time is right to act?

Thanks for the story and the updates. It's very exciting listening to your story and should give every new investor a realistic idea of what to expect including the bad as well as the good. Keep us updated!