All Forum Posts by: Mark Greathouse

I will definitely be on the lookout for November's. Thank you! 

@David Chapoell I found it on Facebook marketplace that turned out to be held by Odell Barnes REO.

@Greg Rulfs thanks!

Thanks @Jason Goretzki! Yes, I will be managing myself with the help a friend that is a contractor/handyman.

Closed on the first of hopefully many rental properties today! It is titled as a 3 bed, 1 bath but needs an egress in the basement to be legal. Planning on $10k reno (making it a 3-2) for an all in of $39k. Rent in the area is between $850 and $900 for a total CF of about $400 and 15% cash on cash ROI. Comps in the area are between $60k and $90k for renovated 3-2's. Thank you Bigger Pockets for giving me the knowledge and drive to start my real estate investing!

Thanks James! I did drive by the place and found that it is not the greatest part of that neighborhood. I passed on that deal, but found a better one in an area that I know. As a matter of fact, I just signed the contract! Cheaper, better condition, better neighborhood and higher rent potential!

@Bryan North thank you for your input! I have not gotten an insurance quote yet but that was close to a friends insurance payment around the same appraised value. They claim that the property was just rehabbed but even with the 50% rule, I should be safe. After 3 too late offers, this may be my first deal. I’ll keep you posted when I make an offer.

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Thanks for the explanation Bob! 

When getting your first deal (lets call is a BRRRR). When should you start putting money away for the CAP EX and other expenditures? It seems like it is a dedication from rental cost, but what if reno's are taking longer than expected and things like taxes are building up? Close to my first deal and want to get an idea before I take a loan to cover Reno's and other expenses.