All Forum Posts by: Jeff Thillemann

The property I purchased a few months back (7 unit with a storefront) I'm questioning my rates. Now I've done complete remodels to the units and went on the slightly higher end of things in hoping to get less maintenance calls. Now a 2br in this particular location (3 blocks from downtown and 3 blocks from uptown) with heat included goes for around 600/650 a mo. Now I did rent out my first newly remodeled 2br unit for 675/mo. Heat,running water,hot water, and WiFi is included. I received about 80 contacts within the first 24 hrs with about 25 people who actually came. Rented right away and I was able to pick and choose my tenant. My downfalls of this property (tenant wise) is no off street parking and I do NOT have on site laundry, which I am in the process of trying to setup. Am I charging much too low with this amount of feedback? I have spoke to many (investors, renters, and nonrenters)and I get mixed reaction. I have a philosophy of making the units nicer for longer term tenancy.

Sorry for not clearly specifying the 401k plan. I mean not withdraw just stop investing in it basically. I'm actually looking more at the rental being my retirement or even passing it along to my children. So the investment goal is long term (>20years). Rental market is great. Housing does not stay for rent very long here. Basically to make it rental ready I would install vinyl plank flooring, paint(in and out), update a few fixtures, and install new appliances. I would do all the work myself.

And as far as the loan goes I have 90k equity on my current home. I just didn't know if that was the proper route to go with the loan. Another real estate guy I know was telling me about helock loan but I guess I was not 100% undstanding him. And also should I go more towards the 30year term or 15 year? Basically with all factors I would be adding approx $650/mo to my current real estate bills (for mortgage,insurance, and taxes).

Hello everyone! I have been doing alot of research into this topic and I've found some valuable information so far. Basically I'm looking into getting into the whole rental property investment. 

A little about my situation... I am an Overhead crane tech. I have a great mechanical/electrical background. I make approx 65k yearly. My company offers Roth 401k @ 1:1 up to 3% then .5:1 the next 2%. Totalling with my investment of 9%; Which i take full advantage of. 

Basically housing in my market has plummeted in decent areas. Currently I am looking at houses. Both are around 60k. One has a new roof but built in 1909 (the house is actually in good shape just outdated). Rental for homes in the area median ed around 1000/mo. Houses at this price in these types of areas are listing more and more frequently

My question is.. is a property like this worth the investment? Should I stick with my 401k or bail on it and invest my money into rentals? And what loan should I typically go for in this situation?

Just a little side note - I've done alot of reading into the forums on such topics but it seems every situation is different. I am the type of person who is very leary on spending. I'm definetly a saver and I also take very HIGH pride in my credit.