All Forum Posts by: Hunter Jones

So my wife and I just closed on our first rental property. Built in 2002, all brick It is a 2 bed 2 bath, 962 sqft condo in an area where the city is building new restaurants and entertainment venues and in the path of the new development for the city. The condos around it are mostly seniors but its not a "Senior" establishment. The immediate neighbor to the left pays $800 and to the left of her pays $725. 

My question:

My purchase price was $75K cash, and the condo is in good shape but needs a good cleaning and a fridge. Otherwise, move in ready....but at what price point. My brain tells me to paint, new toilets, new vanities, new ceiling fans, door knobs, paint cabinets and new counter top....and then, I can ask 900-950. However, that will cost me $4k and I have to wait 3 more weeks before I can post it for rent. If we just clean and put a fridge, it seems I can get $800....but the appliances are tired.....My brain can justify both options, my gut says add a fridge and toilets and get $800......

For what its worth, Zillow estimates the rent at $950.....but thats zillow.......What has worked for you veterans?

I will be shopping around for sure, I just had an off the market listing call me today for a 4 unit package that I would love to get, but I am not satisfied that that interest rate is the best....

So I just purchased my first two units this month. One was a cash deal on a condo in a hot spot of town, the other is a 3/2 1770 sqft brick home on the other side of town. The 3/2 is financed for 30 years, but the interest rate is 4.8...my lender said the rate was so high because it wasnt my primary residents/ its a rental property. I am hearing that debt is cheap right now, but it doesn't seem to be in my case. I put 20% down and had to pay some kind of new FEE that the government put on secondary properties? What the heck am I doing wrong?