All Forum Posts by: Joe Gravelle

Thank you, everyone for the replies and for running some numbers. It sounds like I need to keep looking and keep saving. 

Sorry for the error in the first sentence - the duplex is listed for $310,000.

I found a duplex listed for $31thought Each side of the duplex has 3 bedrooms and one and a half bathrooms. From the pictures on the listing the property seems to be well kept although the kitchen could be updated. I drove by the property and the exterior of the building and the rest of the property seems to be well maintained. Rent comps in the area give me a low rent per month estimated at $1200 and on the high and $1400( that's for one side only), maybe more but I'm pretty conservative. 

One positive is that the property is close by my home and I intend to manage the property on my own.

I have about $50,000 that I can put towards a down payment. I realize that does not give me 20% down. If I were to offer on this property, I would not offer full price, and im not sure what I would've offered considering I have not seen the property. But let's assume I get it for 290,000 dollars. 20% down would leave me with a 232k mortgage and PITI of about $1430. Assuming I obtain a rent between my low and high estimations($1300 on each side), I would profit just shy of 1200 dollars per month before expenses. assuming the 50 percent rule with regard to those expenses my estimate for profit per month would only be several hundred dollars per month.

Any insight or critique, is very much appreciated. this property is located in the Denver Metro area.

Thank you BP community in advance for your thoughts.

P.S. Please excuse the typos. I dictated this post on my phone!

Thabks ramon!

thank you Lori. I hope you enjoy the site as well and hopefully it can help you in your real estate business out in CA!

thank you @MinhL,

I think you made a very good point about being patient enough to wait out the next cycle. I'm very excited to buy, but the right one is worth the wait.

Take care.

Brian, thank you for the tips. I am looking forward to getting involved with a local REI group. Its great to see how everyone is so welcoming and helpful. I look forward to passing on what I learn to new members in the future. Thank you again and blessings on your endeavors in the Bay area!

Hey Brian! Thanks for the welcome. I am open to either residential( single family homes) or commercial. The commercial real estate idea seems like a great wealth builder, but it seems it also takes more cash to get into. So to answer your question - I'm hoping for a mixture of residential and commercial, starting with residential first.

Hey everyone,

Just wanted to introduce myself. I work and live in the Denver area and I am finally ready to take the plunge into real estate investing beyond my own house. I have already learned a lot from the BP website and I am sure I will learn more. Looking forward to being part of the community here.