All Forum Posts by: Justin Dyches

Investment Info:

Single-family residence buy & hold investment in Statesboro.

Purchase price: $45,000
Cash invested: $7,600

Bought my first investment property recently and received the first of many rent checks this month. It’s never felt better to see the reward for putting in all of the hard work associated with my 9-5 job and rolling that into preparing for my future!

What made you interested in investing in this type of deal?

I needed to act and not sit on my hands and do nothing. You sometimes need to jump and grow your wings on the way down. Experience is key when retaining knowledge

How did you find this deal and how did you negotiate it?

My realtor found it for me. Did the normal haggling but made sure to keep my number at or below what I needed it to be.

How did you finance this deal?

Bank lending

How did you add value to the deal?

I raised the rent by $50 per month.

What was the outcome?

Currently being rented by a young professional couple.

Lessons learned? Challenges?

You won’t get anywhere in life if you don’t step. Even if it’s a small step, you’re still moving. Learned a lot of the hidden fees and expenses when purchasing rental properties.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Ronald Love of Century 21

@Alex Mao

Purchase price is 100k. So I could finance $85,000 for 20 years at 6% or finance $80,000 for 30 years at 6%.

I could get about $1300 a month in rent so yes this is better than the 1% rule.

Expenses are: tax-125 insurance-75 HOA-75 Vac-100 Repairs-100 CapEx-100 PM-100 Mortgage-480 or 610

@Steve Hall

1) Thanks for that!

2) No I haven’t but I’ve had much experience in seeing what they are capable of since I lived in a college town for my whole life.

3) I know a general idea of what it is.

4) Ok so when is it figured in?

Thanks for the help! I really appreciate it! I’ve had a nervous feeling about it and your knowledge and experience definitely help with my decision.

I've found a SFH which is a 3bd 3ba house that would typically rent to college kids. My realtor says it would rent for about $1300 a month. My problem is that it seems that after running my numbers, my expenses are at $1285 (including repairs, vacancy, and CapX at 8% = $100). I would be putting down 15% and getting a loan for 20 years at 6% interest rate (mortgage = $610) or I could do 20% at 30 years at 6% and mortgage would be $480. Then I would be cash flowing about $150 per month. What would you do in this situation? Let it pass or do one of these choices?

Are there any REIA's anywhere near the Statesboro area?