All Forum Posts by: Michael Olesky

Just to put some quick numbers to what everyone above is saying, don't know about quebec so i'm using some general florida numbers:

puchase:

purchase: 13900

closing estimate: 3000

renovations: 1000 - you didn't say if it needed work but it will need something

monthly:

rent: 600

property tax: -1000 

management fee: - 60  (even if i plan to manage myself i include this)

insurance: -67

capx: -60

vacancy: -50

Totals

Cash to purchase: 45,700

Net monthly income: -207.11

@Robert Blake  - Haha!  A joke only a local could appreciate!

Come hangout in florida and we can go surfing and sailing!  

Hey @Steve S. 

Shop around for mortgages, I can get 15% down on an investment prop here in FL.  

Hey @Stephanie Muhammad, what about switching jobs to something in the real estate industry?  You didn't mention what kind of work you do, but if you were a secretary at a title co., mortgage broker or attorney's office you'd be getting valuable experience and meeting other professionals in the industry every day when you went to work!

NEVER RELAX

After one month of no contact i would have flown to atlanta and knocked on his front door to have a chat... ever see the movie Snatch? (https://www.youtube.com/watch?v=wyKBSy6rgdY)

 You need to get there ASAP and secure your house, I bet Andy is living in the house!

Best of luck!

Mike

Hey @Nicole Pettis - sounds like you've been giving it your best, so be proud of that and congratulate yourself.  Most people won't put more than 50% into something and then complain when they don't get to where they want to. 

I describe the feelings you expressed in your original post as feeling like I'm trying to push a boulder up a hill.  When i find myself there, i usually take a step back, drop my effort level and mentally "catch my breath".  Then I look for a way to change up what I'm doing or do something a little different, even if it is only temporary.  I find changing my focus gives me a second wind and reignites my drive.  And it's an opportunity to learn/explore a different angle that may be helpful before getting back to my main focus.

Not sure if any of that will help you, just remember to spend more time focusing on how to make progress than you spend focusing on the progress you haven't yet made.  It's Friday, give yourself the day off, allow yourself to feel ok with not trying to accomplish anything and go have some fun with friends or family tonight.  Then when you catch your breath, get back to hunting for deals with a refreshed spirit.  

I feel lucky i surf, it's impossible for me to get out of the water and not feel mentally refreshed and physically exhausted.  If you are into any sports or exercise, see if you can get a similar benefit.  

On a side note, I'm overly trusting and have wrestled with it in the past.  I came to the conclusion that i would rather trust people and get burned occasionally than live everyday not trusting people.  Trust your gut more than what someone tells you.  There is an episode of the tv show Brain Games about trust which worth a watch, very interesting the way our brains work!

Best of luck to you!

Mike

Here is another good mapping site that uses census data, the data is down to the neighborhood level for some datasets.  After you select a state you can select the dataset, there are alot of good datasets to pick from but a few good ones to look at are vacancy %, % owner and % rental.

http://www.city-data.com/

Hey @Joey Vasquez , i second joel's comments.  Make sure you are comfortable with your decision and where you are financially.  If you need input on whether or not you are in a good place to start investing then ask the question here, among a like minded community.

I have noticed that no matter what you want to do, at least half the people you tell will be negative about it.  Family and friends seem to be the worst since they actually care about you.  I remind these people that I appreciate their concern, but i've done my homework and am prepared for the worst case scenario so I'm comfortable with the risk, not much they can say to that.  

I dont usually try to justify my decision with any facts, i just leave it as "I'm comfortable with my decision".

Keep at it Joey, you're heading in the right direction!