All Forum Posts by: Jerimy Justice

The age of the home shouldn't be a deterrent because its still not very old. I'd make sure you are getting a good deal on it and that should help you with the updates. I would have a contractor walk around the property though to make sure that the bones are good and you don't have any unexpected expenses. Good luck my friend!

I understand wanting to get something in the LA Market but this wouldn't be the deal for me. This would be tons of work for a little return. I suggest maybe looking in other area's of the country?

I think the sooner you start to gain knowledge and to know your market the more successful you will be. It's never to early to get your feet wet. I'm in agreement with finding the people in your area that are doing what you want to do and pick their brain as much as you can. Also, building relationships is crucial to your success in finding deals. I'd also suggest you find a mentor in your area. If I was your age I'd save as much as I could and maybe even get a loan from a family member. Then purchase a single family home and rent out the rooms. Not only will you have a great experience with having your friends living with you but you will also have other people paying your living expenses and paying down your mortgage.

Thanks for sharing! Keep your emotions in check really hits home for me. I remember when I was getting in to real estate I was so concerned about not making the plunge and just being someone that researched but had no action. I saw my first deal on paper that looked great! It was a wholesale deal. I got attached to the 1920's home and the price so I bought it. I should have done more due diligence because I had to buy a new air conditioner, roof and part of the kitchen slopes a bit. I was just so focused on that first deal..This still has been a good deal but lets just say it started out rough.

I actually got in to a disagreement about this with my mentor recently. He did not want me to renovate the kitchen or any of the floors in the house. But my thing was I got such a great deal on the house and I knew that Renters would pay a premium. He thought that I'd only be able to rent the place out for $1000 a month and because of putting in the new wood looking tile floors I'm getting an additional $400 a month. I was able to get the floors done at an hourly rate.. it worked out to be like $2.15 a sqft. Also, if I decide to sell it in a year or so its going to demand $$$$$$ Do what you think is right for your situation! Good luck my friend!

Once again, I think it has to do with your goals and your market. It's not smart to force something just because you want a Multi. At this point I can say in my market MFH are way to expensive to get a good ROI. The problem is their is just not enough of them and everyone wants them. I go with SFH's all day. Better tenants less of a mess and most of the time they only sit vacant for a week or so if that. It probably would be worth noting that I buy in B Area's.

I'm currently at around 60% of my Networth in RE. Which is strictly SFH rentals. I'm currently at 37% Cash & Indexes. Misc is 3%.

I moved to Lakeland a years ago with reserves. I had always heard negative things about Lakeland but when I got here I couldn't believe how much they were growing on the South side and the North side. It's a beautiful place with plenty of business growth. The downtown area has been revitalized with trendy bars and plenty of quality restaurants. They just had the grand opening today for Douglas Park on the North side which Ray Lewis from the Ravens sponsored. It's also just a 35 minute drive to Tampa which isn't bad at all. Buying new properties right now isn't really ideal for me but my buy and holds are doing well.