All Forum Posts by: Jon Horton

Wanted to say thank you for all who replied.  Upon further drill down and more information, I think this would be a nightmare start for me as many of you have suggested.  Talking with a realtor friend who was somewhat familiar with some of these properties, suggested that I pass.  They are in need of makeovers  inside (and out) and it would just be way to much starting out.  I am in Kansas City and these are in another town (Topeka KS) about 1 hour away.  With that being said, I am back to looking for my first investment property, get the experience I need with it, then gradually start building my portfolio as I learn.  Thanks again everyone!   Much Success!

This is probably really bad timing or great timing.  I have been educating myself on investment properties over the past month.  I feel I'm 85-90%% there before diving in, maybe a week or two.  Then, I had this opportunity (maybe) drop into my lap.  A owner or 96 rental properties wants to retire and is offering all homes in a package deal.  This is a true friends network where this came from, the homes are not listed.   I received the homes taxes, accessed values, a lot of information, monthly rentals, pics, addresses, property management fees, etc..  The average assessed value is around 21K (small and in pretty good shape, but know there can be some fixing up to increase the rent.  Also  9 section 8 shelter care plus homes.  They also have zillow estimates which are actually low to what they on zillow.  Two million dollars is his asking price (close to the assessed value price, and zillow has total value at 3.1 million.  Talk about getting started one house at a time...this is overwhelming.  What would anyone suggest or how would even begin to break this down.  I could come up with 10 - 15% down but that really is a lot, almost an all in for me.  Overwhelmed and any suggestions would be welcome.  Thank you.