All Forum Posts by: Sylvia B.

Thanks, guys! Being patient is hard, we just really want that next property! I just keep telling myself that it won't hurt us to wait, and they may be that much more willing to agree to our terms.

We're looking at purchasing a SF home for rental. We found one that is practically turnkey - it could be ready to rent in 2-3 weeks at most. We estimate $500-1000 for improvements/repairs because it needs very little work, so we are budgeting $5k above the purchase price to give us a little wiggle room. We'd like to be in it for no more than $75k when all is done. The list price is $82,500, and they've been trying to sell it for over 6 months, first on their own and now through a realtor.

Here is how the negotiating has gone so far:

Verbal offer 65k ~ verbal counter 75k+ we pay all closing costs

Written offer 70k ~ written counter 75k + we pay all closing costs + they keep the electric fireplace.

That was a bit annoying, so we didn't answer right away. Today our agent came to ask us about it because she said they've been calling her every day and want to know if we have a decision. We told her we were rejecting their counter and why. She asked if we'd consider $72,500 if they came back with that and we told her maybe.

So a little while ago she called with a verbal counter of $73,500, we pay closing & we keep the fireplace. We told her there is another house we want to see first, and then we might consider that deal.

So here's my question. Are we quibbling, or should we stick to our guns?

Thanks, Jon!

It currently rents for $650, but we could be getting $700. It was a rookie mistake, settling on a low number before we realized the demand. We had 30 calls about it after renting it.

We went over budget on the remodel by $7500, so we have $72,500 in it, and market value is about $80k. Taxes run $37/mo & insurance $42/mo, no debt and we manage it ourselves.

The main way our coin business helps with RE investing is providing the money to invest! Our building is owned by our properties llc and rents it to our coin llc. All of that plus as much profit as we can pull out is going into RE. We are 52 & 55 and are trying to build up the passive income for when we want to stop going to work every day.

The business also provides us good contacts. It's the kind of business where people like to talk about everything under the sun before they hand over their money.

Hi!

Hubby and I live outside a small (2500) town in MO where we own and operate a coin store. We sell used money. :-D

We sort of fell into real estate investing.

We bought my mom's house in 09 and "rented" it to her for $100/year so she could afford to stay in her home after my dad died. Then in 2011 we bought a strip of land bordering our own residence, and it came with a house. We only wanted the land, but it was all or nothing.

So shortly after that a friend said he'd like to rent it because the house he was renting had sold and he had to move. Yes, I know renting to a friend can be perilous, but this has worked out well.

At that point we started thinking about intentionally investing in RE. Our town has lots of what I would consider substandard rentals, but very few 3-4 BR rentals for professionals. That is the niche that interests us.

Last August we bought an older (60+) 2200 ft² home with detached 2 car garage. We got a good deal, but put a little more into the remodel than we should have. We finished the work in Dec. and found good renters for it right away.

Now we're looking for the next house. Just 8 more to go to reach our goal of 10 in the next 10 years.