All Forum Posts by: Nick Albin

Just curious. Would it be practical to take time dated pictures of the houses' condition so that if a scumbag did damage your property and say it unlivable or poke holes in the ceiling, that you could simply show as evidence that everything was fine when they moved in?

heh, well least its over. How much damage was done overall to the home? How much do you think it will cost before its ready to rent?

Main thing is at least its over with and you can get a good tenant in there. (hopefully)

To the poster. Man just take your time and learn everything you can and buy right. It sucks to wait but it pays off in the end.

As far as refinancing. People get bitten by refinancing cause they are dumb with the money. The refinance and go on a vacation or buy a car or some other piece of useless junk.

An investor could use the refinance money to pay off a small existing mortgage on a rental to make it free and clear, or use it to invest in a property that would give them cash flow.

I agree with buying universities but at the same time in that sentence you said universities attracting more apartments were a reason for added stress and problems.

Well lets see. We will say 900 rent. Low end of it to be safe.

Gross rent 900
Operating expenses 450
NOI 450

Mortgage (7%) 395
Thats with a 10% down payment.

cash flow (very rough) $55

How much if any are you planning to put down?
How much would it cost to get the home into shape to rent it out and it be comparable to the market?

Also as far as the price. Man if you wanna go lower, then go lower. Whats the worst they can do, say no? You should probably go a lower since you want to purchase the home at 66. More than likely they will counter.

On the other hand if they turn it down, then oh well and move on. Besides who is not to say they could call you back and ask if the offer is good later.

Looks like an ok deal I would just want to try and get it cheaper or on really good terms to squeeze out a little more money if possible. But it doesn't "seem" to be a bad deal to me.

Good luck man. The other guys will chime in shortly and give ya some wisdom.

Gotcha. Thanks for the advice. I do the work myself and I just wanted to see where you guys go so that when I start doing repairs and rehabs in the future that I am looking in the right places for good prices.

Hey guys. Just curious about a few things.

I am gonna start sprucing my house I live in up a bit soon. I was curious, as to where you guys buy your materials? Bassically any certain places where you might be able to find decent discounts?

Well I only recently bought my first rental.

But when I first got started I guess was 3 years ago. A friend of mine is a well accomplished investor. I told him I was interested in investing my money somewhere. He showed me some things . So then for the last 3 years I have been researching and saving up to make it possible to get into REI. I got the foundation started when I was 18.

My first deal was just this year and I am 22. I bought 2 properties this year. 1 to live in and 1 to rent.

Umm as far as how much cash I started with. When I start buying this year. I had about 6,000 to start with.

I liked the book.

This was an article that was linked from my REIA website.

http://www.johntreed.com/Kiyosaki.html

[i]"In 1992, Kiyosaki wrote a book called If You Want to Be Rich and Happy, Don’t Go To School? It is “dedicated to Ralph H. Kiyosaki, former Superintendant of Education, State of Hawaii, the best teacher I ever had.” This would be “Poor Dad.” But Rich Dad Poor Dad, which came out in 1997, says quite emphatically that Rich Dad was the best teacher he ever had.

So maybe “Rich Dad” was the second best teacher he ever had. No. Actually, the 1992 book also identifies the second best teacher Kiyosaki ever had: F. Marshall Thurber."[/i]

this was a piece of the article. Which kind of made me laugh.

I guess on one hand if its true then it may be dishonest, at the same time if the stories he tells makes you more focus on the basic principals like buying assets and determination, then it really didnt do a ton of damage.

How long ago was that and what was your age if you dont mind me asking?

Hmmm. No offense man but I have to agree with Mike and a lot of other vets.
Granted I just bought my first rental. It has immediately made me money. Because I used some of the basic principals that Mike and a lot of the other vets preach. I also used the some techniques to buy my home that I live in.

I mean would you buy a stock or bond that is gonna cost you every month for some time and will go up in value, but to what extent is uncertain. I mean I wouldn't. I would only want to put my money into something that I am for sure it could make some money or at the very least has a good chance of making me money very soon.

As far as the damage and land lord issue. Go to a nearby REIA meeting. If you talk to any investors who have been in the business for any amount of time with rentals. They will tell you about the bad tenants, evictions, damage, set outs, etc. Its just the nature of the business.

Now with one home, maybe you won't experience that.

I understand you had a home before that you manage, but why not take your time and buy a smart investment that can provide a little extra money for you and your family and at the same time be a nice nest egg for later on.

(I am still learning so any vets feel free to correct me on anything. Thanks guys)