All Forum Posts by: Michael McDevitt

I agree, start your REI career right where you are. I assume that you are interested in buy and hold as a strategy, as you mentioned you have a rental unit already? So, get out there and find good properties, get them under contract, rehab if needed and get them rented. Even if you get sent to another duty station, you can leave the local properties with a good property manager and start again where you go.

I wish I had a wife with her RE license!

Hi @Brittany King, I am in Colorado Springs too.  Which college are you attending?

I am a CPA and took business & accounting courses in college. Those were very helpful in my REI career, as I am quite comfortable reviewing the numbers on a property and making a decision based on that work.

No matter what estimates you use, they will not be 100% accurate.  You are just trying to make a best guess at what they will be.  Some are easy to get - like the RE taxes are easy to get online from the county assessor's office.  The mortgage payment is another that should be easy - there are lots of free mortgage calculators on the internet.  Some of the others are harder to predict.  Experience plays a big part in how much to estimate.  Try asking specific questions here, like - how much should I estimate for repairs for a 40 year old duplex in decent condition?  The more specific your question, the easier it is for other REIs to give you some help.

I have had the same idea (and many here have too). Have 24/7 access to the MLS would be the reason for me. I have no interest in being a RE agent.

The thing that holds me back, is all the costs associated with having your license. From what I read, all in it can cost you several thousand dollars a year.

Does the new property have an opportunities to increase the number of bedrooms in some/all of the units?  That would be a good way to increase rents.

Have you checked the MLS? If you don't have access to the MLS, try Zillow and search for land.

Personally, I wouldn't do it.  I would not feel comfortable buying a property, unless I could see the property for myself.  I would be okay getting a property management company to manage it while I was away, if I were there to see the property first.  Even with a turn key property, I would insist on seeing it first.

It really depends on the owner.  I know that some owners get so frustrated during an eviction or immediately after, that they might accept a cash offer.  Others would only accept a "regular" acquisition.  You would have to assess the owner, ask good questions, and decide how best to proceed with your offer and terms.

Welcome @Amanda Holden. I am a part-time REI down in Colorado Springs. Good luck and let me know if I can help in any way!

Welcome @John Roe. My REI strategy is pretty close to yours. Good luck!