All Forum Posts by: Mike Thomas

Hi @Allen Ellis, 

Great question.  I hope you find the answer/advise your looking for.

I happen to agree with @Richard C.

When I read your post that was my conclusion.  Your not priced correctly.

If you were it would have sold.

Is this your personal home, flip, rental etc...  ?

If you invest 40K in fixing up the kitchens and bathroom ( which are usually the best rehab/remodel investments ) does the home still comp well?  Or will you be overpriced?

Bottom line is if your not getting offers, then something is wrong.  It could be lots of things.

I just finished listening to podcast #130 yesterday.  You may want to give it a listen. 

@Will Barnard talked about things you can do to make a house easier to sell.  The best places to invest in a renovation, etc...

@Kyle Scholnick 

@Petra M. 

@Jay Hinrichs

This is why I joined Bigger Pockets!  Fantastic Thread.

Kyle, way to go man.  Great question.

Petra, thank you for your honesty and relating your experience.  

Jay, I'm off the fence.  You are a straight shooter.  I appreciate your honesty.  And, I look forward to reading and learning from your future posts.

I am still sitting on the fence, studying real estate, trying to learn as much as I can, reading books, BP podcasts/forum posts, etc.  I am looking for local deals (Denver) not having much luck, but I think when it happens, I'll be ready.  

A couple of things (several really) mentioned in this thread really got my attention.

It seems really difficult for a newbie to understand syndications.  At least it does for me.  Where do you find these multi-family investing seminars?  I'm not quite an accredited investor yet.  So I can't do realty shares.  That seems like a great investment opportunity. 

I think I'm close, and I will probably get there in a couple of years, maybe sooner.  I am a software engineer with a really good job.  I don't necessarily want to invest in SF, mostly because of the extra workload it would entail.  That is why I was looking at Turn Key.  

But, I'm not sure it makes sense to break even or just barely cash flow on a B/C class property.  Maybe in some locations it does.  It seems to me that those properties would require too much in renovations when I want to sell them, and that would eat into what I gained in paying down the note, and the little (if any) appreciation.  

I really like the idea of JV/Partnering/Syndication to get into multi family rentals, apartment buildings, or commercial real estate. Any advise of how one would go about meeting those types of folks?

@Rollan Dizon very nice!

I am originally from Alabama.  My family still lives there, about 1hr. North of Birmingham.

Your turnkey success has peaked my interest.  I will likely be contacting the folks that did so good by you.  

Congratulations.

Hi Korey, 

I moved from Utah to CO, a few years ago.  I was just back there a few weeks ago.

My daughter transferred to the Y this summer.  I was thinking maybe I could find an apartment for her to live in, and we could use it as a rental.

I found the prices to be really inflated.  I was unable to find anything near 1%.

Good luck with the search.  I would love to hear if you find something.

-MT

@Christina R.  

@J Scott

@Bill Coleman 

Great post! very educational for me.  Thank you for sharing your knowledge.

-MikeT

I'm really new at the real estate investing thing, but want to learn and understand.

How many people rent a $300K home?

Wouldn't the market for folks looking to rent a $100K-150K home be a great deal bigger than the market for a $300K home?

Where would one look to see what the rental demand is for $300K homes?

Thank you @Jon Holdman

I found the post very informative, as I too am looking for deals in the Denver area.

Thank you @Wayne Brooks.

The thing that queried my interest was seeing closing costs of about 8%.

I guess the GFE would spell it all out, if I were to get that far.

Hi folks,

I am sure someone out there knows the answer to this... 

What are depreciable closing costs?

I think this means the seller is trying to get the buyer to pay for the depreciation that he has taken on the property.

Was I close?

Don't beat me up too bad, I am a newbie and learning.

I was analyzing a potential deal, and ran across this.

I am a newbie, and I am considering getting my license as well.  

I recently listened to a Podcast, I can't remember which one now, but one of the things that I took away was to find one thing, become an expert at that, and then move on to something else. 

In the end, I probably will get my license, and my spouse will too.  But right now, I am focusing on my business plan, and goals.  I plan to purchase and hold real estate for cash flow.

My short term plan is to do what @Doug McLeod  is doing and let realtors and wholesalers bring the deals to me.