All Forum Posts by: Account Closed

I didnt expect all these replies - I will answer everything as briefly as possible.

David Beard House 2 I believe I can make 20k at the very least with minimal work. I planned on buying 1 home to start (the bigger one that needs a lot of work)..put an offer in and was accepted. Literally, the next day i saw another one got listed on our real estate program and by seeing the pictures, i put an offer in without even seeing the place. (This was about 15 minutes after being listed). I put in a low offer in that I knew wouldnt get accepted so that I could tie down the property before more interest came. No one even had time to view the property but me. Hope that clears it up.

Douglas Larson I am from Canada. That is a helpful link, I will try and find a canadian site similar to the one you posted.

Steve Babiak K. Marie Poe - yes, i might not be experience but we've owned a construction business for that past 20+ years and I have been in real estate sales for several years. I wouldnt exactly say I am going in blind folded.

Correct me if i am wrong... (I dont have my exact mortgage/property tax numbers) and yes, i do realize things will break and it will cost money to fix but it wouldnt cost me as much as the average person.

House 1
Mortgage + tax = 420
Rent = 800
Difference = 380

House 2
Mortgage + tax = 340
Rent = 750
Difference = 410

I could probably get more money for my rent as most homes rent for 800-850 but i am more focused on finding a good tenant.

@k. marie poe - Both of these homes were bank repos. House 2 sold 4 years ago for $105,000 and I picked it up for $63,000. The market in my area has been very strong and the strongest in recent times.

I also dont multiple my rents times 12 lol. I do realize things happen and thats just part of the business.

Tim RossmannI might end up keeping both for now. As a new landlord, this might be a good opportunity to see how I like it. Homes are located in a great area and the construction around the area will benefit my homes as they are adding more coffee shops, restaurants, etc.

James Mikel - I agree with the largest home on the street but I did purchase it for much cheaper than what it is worth.

Thanks guys...here is the run down.

Property 1 was purchased with 5% down, with closing costs i believe it was roughly $4800. This house needs a lot of little things....it wont cost too much to get it in good shape (Under 4k for sure).

Property 2 was purchased with 10% down, with closing costs it was roughly $8700. This house is in already good shape, lets say it will need $1.5k

Both of these homes are located on the same street and I could easily collect $750/month + utilities. I would be making somewhere in between $300-$350 a month after my expenses.

I believe I could get approx. $100,000 for each home if I was to put them on the market.

My goal is to make a living off of rentals but I definitely would like to flip a few in between...

Any opinions?

I am a 25 year old Realtor and recently purchased 2 homes for investment purposes. Both of them were bank repos and are located in a great area. My goal was always to get as many rentals as possible.

House #1 - One of the bigger homes on the street but needed some work (new flooring, fixed up the kitchen, and A LOT of minor work. Purchased $65,000

House #2 - average sized home on the street but it is in mint condition. Original refinished hard wood, granite counter tops, etc. Purchased $63,000

I could rent both of these pretty easily BUT I could also make a decent profit if I was to sell them both as homes in that area sell between $85,000-$115,000. I personally think I could get around the 100k mark for each home.

What would you do, rent or flip?

I recently purchased my first two rental properties. I placed an advertisement this morning and by the time i got home, i received 35 Emails.

What do I do now? I cant show this house to 35 people....do I hold an open house? What do I do?

Thanks in advance.