All Forum Posts by: Michael S.

Thank you! I will definitely check it out

wow that was quick!  I plan on self managing and it should fetch 850.00 a month.

I will have my personal property payed off in about 3 months. I plan on Purchasing a new home to live in and use my payed off home to rent out. how should go about the transition from home to rental? im a total newbie!  where do I start? how would you pro landlords do it?

so you think that this home is ok the way it is? the kitchen is nice just really old looking, don't have pic of it. I don't want to put a bunch of money in it. the only thing is that it smells like moth balls and old people.

Heres some pics. it needs updating for sure.

@Michael Seeker its off Dixie highway south of the Watterson.

@Bill Halliday My brother is a Loan officer at century mortgage company. here's a link

http://www.cmcloans.com/DANIEL-SHULTS.html

I think he's certified in Alabama and Kentucky. Maybe Illinois, not sure though

its funny you mention that because the sewer line was invaded by tree roots but was repaired years ago. my personal house had the same issue too.

there is a clause in the offer concerning if home inspection turns out ok. I really appreciate the information though. I am extremely new to this and I read every article the BP blog puts out. I love being on the negative/realistic side of investing because it keeps you from getting burnt.

even renting out at 800 it still wouldn't be a terrible deal. to get an idea for average/median/high rent www.rentometer.com is pretty accurate. I checked craigslist, trulia, Zillow, and realtor for similar rentals. all around 900.

the fact is I have a lot of knowledge by reading books and blogs but I have no experience in any of this. I would never jeopardize my family for this. to get experience I figure I just have to "do it' you know? my yearly income is 50k and my only debt is my home which my payment is 540 a month. the payment for this house with mine is going to be 915 a month. so I could handle it on my own if its unoccupied for awhile.

Thanks for all the lectures and tips! I need em!

Haha so true. I have been looking for a property for 6 months to find the best one. None of them were as good deals than this. inspections are very important I am not disregarding that, I plan on getting one. I have all the inspection tools and went through the house with a fine comb and to me I found nothing major. I will put down on the forum if he finds anything.

it never fails I forget information....

Built in 1954, I found it on the MLS.

its part of an estate sale between 3 daughters whose Mom just passed away. She was a realtor and kept the home in very good condition. it was listed for 75K but we have been battling w/counter offers

Location is in a mostly blue collar area. Not bad at all. I would rate the neighborhood as B- Most of the people that live there are older 55+

Regarding inspections, I have not had it inspected yet but I am actually training to be an inspector and I tested all outlets and plumbing and foundation stuff. I have a pretty good eye so I doubt there's nothing huge that I missed. it could use some updating that's about it.

I got the rental number from www.rentometer.com it just shows what houses around you with the same criteria are renting for. the average rent for this home is 955.00 but I try to be conservative and use 900.

to be conservative I will just say it needs 2000.00 in repairs but I doubt it.

a couple of months ago I sent what I thought was a deal to Brandon turner. turns out it wasn't at all and he let me know (I was crushed). so i've searched high and low and found this one! What does everyone think?

$52,500 my payment is 375.00 - 30 year. (T&I included) down payment 11,000

Single Family home - 4 bed 1 bath 1000 sq ft

Should rent for $900

Needs NO repairs

Near Highway and lots of amenities.