All Forum Posts by: John Irvin

@Clint G.

According to Google there is a Habitat store in Corpus Christi.

Just bought my first property and picked up enough new subway tile to do the whole backsplash in the kitchen for $9.50. Found new in the box toilets for $20.

Worth a shot if you can go there.

I am 50 years old and have decided to get into rentals to supplement my income and possibly retire at 60 (any earlier would be icing on the cake).

Is anybody else in a similar situation?

Curious about strategies that others in my situation with similar goals are utilizing to get there?

My wife and I just closed Wednesday on our first rental. It's a single family, 2 bed, 2 bath. Looking at $5-10k to gut bathroom and fix some flooring in the kitchen. Paid $25k cash. ARV should be $65k-$70k. Rents, based on talking to a friend who has 3 properties in the same town, should rent easily for $650-$700/ month.

I’m looking at pulling equity out with a refinance and looking for my next property.

The town only has population of 7,000, but towns of 100k within 30-45 minutes drive in all 4 directions.

Anybody investing in similar markets out there?

I think there is a lot of opportunity. Curious about other small town investor insights.

I’m thinking of pulling out

Chad,

Thanks for the reply!

I'm looking at doing a HELOC cash out on the first property and putting that money into the second property. Essentially pulling my cash out. I would have to get creative with the rehab budget on the second property.
I may wait before plunging into a second property to get my feet wet with the first one.

Kenton,

Thanks for your reply!  I’ve factored in repair and cap ex at $100 a month.  And I plan to put 8% in for vacancies.

My plan is to pull out all the equity to reinvest.  Another property came up on the market for $29k, with 3 bedrooms, 1.5 baths.  It will need roof, new HVAC.  I have to go look at it for more of the inside work needed

A house 2 doors down that is recently renovated is for sale by owner for $112k.  

I’m 50 years old and have been wanting to invest in real estate for quite some time.  Finally talked my wife into getting a rental property.  My goal is to supplement retirement income and possibly retire a little earlier.

We live in a small town 7,000 to 8,000 people.  But have towns of 100k within 30 to 40 minutes in each direction.

We found a property and close in two weeks. The deal is $25k cash. Looking at between $10-$15k in repairs/renovation. ARV should be at least $55-$60k

 Based on comparable rents we should be able to get $600 to $650 a month.  Property taxes currently at $950 a year.  Calling my agent for insurance about $65 a month for insurance.

Putting numbers into the BP calculator I should have positive cash flow.  
Everything seems to suggest it’s a decent deal.  Just looking for advice.  Did I miss something.  Any advice or tips on rental property for a newbie.  Especially from anyone in similar markets.