All Forum Posts by: Nancy Brook

One tip, check rents on Craigslist for the area. That tends to be more accurate than Zillow in my experience. I also have a fantastic inspector to whom I can make an introduction. 

Hi Chris - I invest in St. Pete area, which is right across the bay from Tampa. I do have wood frame homes and they are doing OK. I believe the concern is termites. As a distant landlord I'd suggest you need hands on assistance beyond what a broker could offer. I travel a lot and I have my handy guy in field check out potential places, repair costs, and the areas before I even consider making an offer. He's in Tampa and would probably be available to give you a fair assessment on any property. 

What specifically are you looking for with this property?

I'd say that there is a benefit to self education and a benefit to having an experienced investor "coach" you. One way saves money. The other way saves time. Love Bigger Pockets podcasts but the forums can become quite snarky. 

Those are the numbers, Joshua. Obviously, repairs will be needed the longer one owns a house. That's true with any house. But we are making 15% net ROI after taxes, insurance and property management fee and one month vacancy budgeted per year.

The question was whether anyone has heard of these guys. Yes, I have. My boyfriend and I have done business as clients. Our experience has been positive. The returns have been great. The buying process was hassle free. I'd recommend them. If you want to argue the strategy of cheap houses, that's a whole other thread! 

I should also mention that we buy houses based on ROI on rental receipts. Appreciation is a bonus!

We are talking about Columbus, Ohio, related to the $35k house. But Interesting you bring up South St. Pete. I say it depends on the area. We invest in clean, working class neighborhoods. There are some houses in South St. Pete neighborhoods that fit this bill. Our approach is to drive the neighborhood, look at how other houses are kept up, see if there are a lot of people lingering around during the day, note the cars people drive. The house we just purchased in South St. Pete was sold for $150k in 2005. We picked it up for $38k. So don't see how what you are saying about houses not appreciating applies universally to the south side.  

Looks good! How long did it take you to do the countertop?

And where did you come up with only making $100/month profit? 

I've personally found that if I provide a nice, clean, updated place, I attract a better quality of tenant and they tend to treat my places better. I make my places look nice when I do a renovation. 

I've had problems when I've bought a property with deferred maintenance and tenants in place. We got places for a deal and paid when the tenants left. As far as capex, any investor should know if a property will need a new roof or other major expenses upcoming. That's doing your homework.