All Forum Posts by: Joel Mitchell

still working on my three E's as well.

Education

Experience

Excess Cash

I willing to bet that the deals will come to me when I have these.

I cannot tell how much you help means. Thank you!

That is interesting. Cheap education that the tenants pay part of.  Not worth hassle means a lot though. Do not have a clue what I am doing for sure. Last thing I need to do is be behind the 8 ball right off the bat. I don’t think they would take the offer in this market.    To Hot!

bumped the vacancy to 8% and the rent to 700 per unit. 

Cash flow at $100

I am thinking with all of the help I have getting from bigger pockets I am thinking I need to wait for a pull back on the market and build a large down payment. I don’t want anyone to think I am throwing up my hands by any means. Just trying to be smart on my first deal. I even hate the idea of timing the market. Just may not be the wrong time but not to the best. Need to buy whenever everyone else is running for the hills!

$18.00 a month cash flow with cash on cash at 5%

$625 was the old rent but my market is to hit to be honest. I know a flipper that is considering building due he can build it cheaper than he can flip in this market. I wish I could add photos. My realtor has been in contact with owner and is stating that $750 is pushing it and will result in longer vacancy. But still rentable. Location is ideal as well. Will post results in just a second. 

No funding fee for me due to my disability rating. Plan to live in one side and use the rent to build equity. I also have a “beautiful” income that could really use some depreciation etc as I have no tax breaks. I have enough emergency fund and income to cash flow most repairs. Not much I can’t fix, but if I do I work in construction and have all professions covered with cheap weekend labor. 

rentometer has the median rent at $750

I have access to a VA loan with no fees.