All Forum Posts by: Josh Nabors

I decided to pass on this deal. I have been continuing to email craigslist rental adds. I have had great success. I find that most of these people actually have multiple properties that they would be willing to sell. Since I have been able to find leads, I am being a little bit more selective in the process.

I am a recent college graduate who works in health care. I make a healthy salary but would also like to get into real estate.  I have been following these forums for a while  trying to gain knowledge. 

The hardest problem I have come up against is finding "Deals." Once properties hit the MLS, they don't seem to have much value. Instead, I have been emailing craigslist "room for rent" adds and seeing if the owner is interested in selling. I have emailed 10 people. I have received 7 replies. 5 of which have told me a ball park amount that they would accept as an offer.

I would be doing an owner occupant FHA Loan with 3.5% down. My very minimum goal is to live for free and pay down my student loans quicker. If I cash flow , then all the better.

 One deal in particular perked my interests. Please help me analyze it. 

Triplex-

1 unit is a 2 BR/1 BA that gets $750/month.

2 units are 1 BR/1 BA and get $695/month each. ( I would live in one of these)

Total rental Income of property each month is $2,140, or $25,680/yr.

Monthly expenses are:

RPU - $150

MN Energy - $120

Trash - $20

Insurance - $140

Taxes - $151

Total monthly expenses: $581/month or $6,972/yr.

He told me that he just had a market assessment done and with a realtor it would list for 175,000k. Knowing this information, what type of offer would you propose? 

I'm a 24 year old medical professional in Rochester MN.  Currently working at the Mayo Clinic. 

A little background Info: My father, My stepdad, and my grandpa all invested in single family homes. They would buy foreclosed homes and do 80% of the rehab work themselves. Fortunately, they always asked me for my help. Thus, I have learned a great deal about fixing up homes. Sometimes they would fix them up and then rent them, other times they will fix them up and then sell them. My mom is a loan officer, so I have learned some aspects from that side of the business as well.

My goals: . My  salary is currently 70k .  I want to buy a Duplex/Triplex/Fourplex. I want to live in my investment property for a few years so I can gather experience and also pay off my student loan debt that I have accrued. I do not have any baggage and do not want any kids. I feel that I will be able to pay off my debt in a short amount of time if I am able to live for "free" in my investment property.

I hope that this head start that I have will enable me to be a successful and prosperous investor! I look forward to future interactions with you all! In the mean time, I will continue to follow post and gain insight into this motivating and exciting field. This place has an unbelievable amount of resources and I plan to use every single one of them.

I look forward to meeting and connecting with like minded people. If anyone from the Rochester area wants to connect then let me know! I would love to learn more about the market in this area.

- Josh

Very nice!

I fully expect a small fee, but BP surprises me yet again..free-99!

I've been trying to find useful resources to help me decide where to move. Ideally I would want to live next to a hospital, But I also want to live in an area prime for REI.

I do not know. However, Do you have any suggestion ? Are you a nurse too? Fortunately for me, I will be able to get a job wherever I move.

I wish I had the resources to get started on something here, but I simply don't have the capitol or financial backing to start on anything.

@Zach Schwarzmiller

Your implementing the exact model that I want to follow! How old are you...if you don't mind me asking.

I have already read both of those! Great reads....I should probably read over again! It's exciting being apart of this community.

Unfortunately for me, my family is not as close as it used to be. So I don't neccesarily have the mentors that I would like. But I am thankful for the things that I have picked up along the way.

Just curious...What exactly are the "meetups" ? Just a way to network and propose ideas?

It sounds like the seller isn't that motivated or might be hiding something if he is unwilling to show you the upstairs. I understand the whole tramping through an occupied unit....but a 5 minute inspection might save you thousands of dollars later on. Again, I'm sure you know this. It's like buying a car when you haven't even heard it start up. Dicey.