All Forum Posts by: Yos W.

Hi, I'm a new investor and still gathering info before getting my feet wet.
my goal is to generate a positive cashflow, while hoping that the property also increase in value (not a big jump, but at least on par with inflation).

from the get go,my mind was set on a single family home or a duplex.. until recently someone mention that a condo might be a better investment for greater positive cashflow.

With condo, there's a condo fee but the price will be lower, and I don't have to maintain any lawn or replace a roof..

I'm trying to figure out if Condo is the way to go.

here's my current analysis of a Single home vs Condo:

Single home: Price $160K, tax 3600, ins 700. 20% down at 4.25% interest. it can be rented out for 1500/month

Condo: Price $45K, tax 1800, ins 350. will buy in cash. can be rented 500-600/month.

I know that the condo won't appreciate in value.. but it will need less work/maintenance. what else am I missing here? any condo landlord willing to chip-in? all my friends are single home landlords, not condos.

with single home, the depreciation value will help for tax purposes and it should appreciate as well (albeit in slower pace depending on the area. my observation is a low 2% per year).

Thanks!

Welcome Gary.. I'm new here and from the Burgh as well. :D

you're at least a step ahead with a property in sight. I'm still doing my homework. LoL..

Raymond B. Thanks for the link. I'll check them :)

currently looking at 2 possible RE:

a house across the street is probably going on Sherrif's sale next month, it was for sale in 2010-2011 but didn't sell due to the high asking price and a tree growing 10 inches away from the house (probably the root hits basement wall).

a 1 bedroom condo near university, located under a 2 bedroom condo (so it's more like the basement with separate entrance). no garage, just 1 assigned parking lot.. maybe there's a condo fee.. price at 80-90K, which probably NOT a good rental property considering the rent might only be around $650-700

Michael D. , I'm hoping Pittsburgh is a good place to start :)

Brandon Turner, Thanks for the info. will check my bank. I also agree to not DO it all by myself, must start searching for a good handyman.

Anissa Coury, the house was appraised for $135K in 2009, so I'm more than half way in equity. As for hiring professional for fixups, I think I have to do that for bigger jobs, but not sure if I will hire someone to manage the rental investment/property, I'm weighing the pro/con. As for the LLC and corporate veil, I'm not worrying too much on the creditor/debt law suit, but more toward the potential law suit from renter (been reading a lot of freaky renter stories). And yes, I'll attend ACRE meeting to get going..

Terrell Perrin - Thanks! I'll need the encouragement to move on with RE investment.

:) I'm also a new comer from the burgh, we're neighbor (live in Churchill).

still educating myself as well, and start to wonder if I should pursue some classes.. been only reading lots of materials online and offline.

hats off for the brand new career!

Signup last week after stumbling upon BP.. been reading great articles and posts here.. *speaking of brain overload* :)

Completely new to RE investing and wanted to start with Single home rental property or a condo for student but still taking my time to educate myself before jumping in.

For all this time, I thought that Pittsburgh is quite bad for RE market, considering most houses don't appreciate that much.. but then today Yahoo posted that Pittsburgh is #4 in Flippers market!!

a little bit about myself:
- Graduated from Duquesne University (class of 98 - business major)
- working full time in IT field
- working part time as wedding photographer
- married to my beautiful wife, blessed with a 3 y.o son.

a couple quick questions to start with:

1. I'm wondering about the capital needed to purchase my 1st rental property,
can I refinance the home I stayed in (50K left in mortgage) instead of a HELOC? how much will the bank let me refinance?

2. I'm quite handy with tools, but never really make a major DIY project like tearing up a wall (but I could replace toilet/sink, put tile flooring, etc) - how important is the ability to fix almost everything in a rental place? most contractors I have contacted in the past are either: good work but very expensive or affordable but sub-par work... I'm afraid if I get into a terrible fixer-upper, I will spend a lot of $ fixing them due to my inexperience.

3. does an LLC be necessary for the 1st rental property?

4. Anyone from Pittsburgh with exposure to buying sheriff' sale willing to share info with me? :)

I have more questions, but I figure I introduce myself first (and do more research in the forum) before bombarding away with repeated questions.

Cheers!