All Forum Posts by: John Weir

You could maybe do a substantial down payment and a short term loan i.e 3-10 years, that way you aren't paying a ton of interest. However, it is always best to pay all cash if you're able to. Like I said my property around the same price only rents for $750, so the numbers look great unless the insurance and taxes are just through the roof. @Dave Bauer

Hey @Navya Rajput I am only 20 and have had enormous success as a real estate agent and investor. Let me know if you need any advice! Best of luck!

That's a great deal, I have a property that I bought for right over $50k and it only rents for $750. Numbers look great at $1200/month!

Thank you @Andreas W. my other three are paid for and have a ton of equity. Just don't have the money in my pockets to pay cash or a $60k home or a $125k home. I think I'm gonna do a HELOC to get a large down payment and go from there. The numbers are there and look great to me, just trying to figure out the finances.

In my opinion that price seems high, I'm debating on a quadplex my self that rents for approx. $2200 and the list price is $135,000, this is in SC though. I would shoot for the upper 500s or low 600s. Are you paying cash or financing?

Thanks @Daria B. I have purchased my previous three rentals all with cash, all three were foreclosures and I got them at a steal of a price. Approx $125k for all three. Now I'm wanting to expand and those two caught my eye I just don't have the funds to pay cash at the moment but I would put about 20% down on either to avoid PMI. Then I might use the equity to buy the other or vice versa.

I would say 4-6 weeks unless you're doing a hard money loan and having to pay interest by the day. Then maybe 2-3 weeks. 

I'm a real estate agent and property manager and I enjoy both. I only manage 4 properties at the moment so it's not a lot but I have good relations with all the tenants and my clients love me as an agent. Whatever you put into it is what you'll get out of it. If you enjoy personal contact with people then you will do fine, and probably enjoy it like I do! Best of luck, don't get discouraged!

At a cap of 18% it definitely is something look at and consider! Owning your own contracting company definitely helps to.

I forget the exact #s I think the main larger unit was $650 then two were $500 and the final unit was $450, but the previous owner was also paying the power and water bill and not sure exactly how much that was, so right over $2000 a month then minus the mortgage which was gonna be around $450/month and power and water bill, then the taxes. @Justin Spaulding @Daria B.