All Forum Posts by: Julian Greenway

Hi Jim,

I appreciate the comments.  We had to eventually hire a PM for the same reason on another property. Doing it remotely had too many risks.  Your insights into investing around bases seems spot on! 

Thank you Jesse and Anthony.  My wife and I really appreciate your great comments.  I will let you know how it goes.  Have a great weekend.

Anthony: My gut says it is a good deal for not having to put money down.  And the inspections didn't reveal any major issues with the roof or A/C. 

Jesse: Yea, I agree with you. Since the market my property is in has low comps, the instant equity could be an issue. We did extensive research into properties that were fixer-uppers and had a FHA 203K loan on the back burner. But we couldn't find a good property within the time we allotted to search. Although, your comment makes me think about those plan B situations.

-J

Hello everybody,

Just need some second opinions on a deal. My wife and I found a SFR, 1,628 sq/ft home in Temple Terrace, FL. The home is in a good location and has low crime compared to similar blocks within the city. It was built in the 50's, but had undergone a recent major renovation to include terrazo floors. It's a 4/2 with a bonus room. Inspection reports didn't reveal any major repairs. Purchase price is $163,000 with seller paying all closing costs. My intent is to rent it out after three years of living in the property. Temple Terrace is a town in Tampa, FL. I'm using a VA loan, 4% for 30 yrs. I used the deal analysis spreadsheet floating around BP and I should net $100 a month after all expenses and reserves for capital expenditures (monthly repairs, property manager, etc.)

Since the property is in good shape, it should require much to rent it out unless a tenant trashes the place.  

Does this look like a good first deal for a buy and hold?  Especially since I will be living in the property for about three years with my wife and kids.  

Thanks for the help BP community, y'all ROCK!!

-Julian