All Forum Posts by: Justin Larese

You'll never know how tall you are until you've been in over your head, then you learn to sink or swim.

For Springfield: Drury Property management (417)830-6020. Chris Lock for a realtor contact # 417)773-2075. Use Mirowski for home inspector. Most thorough home inspector company in town. Chris knows the area very well, very much a go getter. If you need a roofer, I highly recommend Roofs for Less, they have prices beat by over 20%. I 2nd what Sylvia said, avoid Gatley or 417 prop, known slumlord and properties are condemnable. Need any other recommendations let me know. Happy Hunting and welcome to the Midwest market.

I would German shmear the brick and call it a day, it would match existing white and give it a fresh look. 

Adam my wife was in your situation with 100k in student debt. We house hacked the first house by renting a room out to cover mortgage, eventually sold a property for a profit and paid off one of her highest rate loans. Less than 5 years after her graduating we have it closer to 30k left. She would be in the 80ks if I didn't use real estate as a financial tool. No matter which route you take it's going to be a long uphill push. good luck.

if you can get it for 10k, what would be the appraisal for the home? How much equity could you pull out? You could take an equity loan at a low interest rate say 5% and use it to pay  off some of her high interest student loans on top of having a rental. Or she could use the equity for her refinance as collateral which should provide her a lower rate. Something to consider, but if it's in your name only and she leaves you after, that's your monkey now. You need to tackle the student loans. You are trying to pail buckets of water out of a sinking boat full of holes, you will stay stuck until you can lower the amount of water coming in. In regards to high crime. Plex for plumbing replacement no one steals plastic pipes, may need to live in property to ensure no break ins until rented.

I agree if your property is that close a sign in the yard will be your best tenant funnel. You could also look at advertising thru the college within their off-campus housing. Per room on one lease for the year so you aren't eating summer expenses.Typically the tenant students will help line up new tenants for potential vacant rooms to have a say for who their roommates will be. You could also give them a discount on a month's rent if they provide a replacement for their room. 

@Kevin Sobilo good perspective. I work maintenance for a living and had rental in VA when I lived in South Norfolk so I feel good about digging back into the trenches, I plan to take point on this property to pay myself the 10% PM expense I've included for down the road when I decide to hand off, coworkers willing to do work as well so I can defer some repair work at a discount price.

@Dennis M. that's the only advantage I see with the duplex is if one is vacant the other side will cover expense mortgage and etc. 

@Jason D. That's how I feel, but the Midwest is so different from what I've seen even in Memphis. If I lived in key west still I'd be living in a 30k houseboat spear fishing off the back, but even the vacation housing areas out here are filled with trailer homes on lakes, which loses appreciation. 

Only advantage I have found is I can obtain a better cash flow for a 60k duplex rather a 60k SFH. I'm focusing on the multiple colleges within the city to funnel student tenants. Better class homes are on the outskirts of the city, Higher quality multifamily homes are overpriced. Even with a nice SFH it seems limited on potential rent income based on Midwest market, which leaves no room for cash flow.