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Why the desire to find cheap? You should be looking for most profitable, doesn't always coincide with cheap.

Zillow is slow to update and in a falling market (like most of the US now) using 6-12 month old numbers might burn you bad. Especially if you are relying on old data then looking to sell the house another 3-4 months into the future after you aquire and rehab. If you used that Zillow number to start by the time you sell its around 9-15 months old.

Why throw all or most of your profit out the window? Manage it yourself. If you're getting $600/mo and of that $100/mo cash flow just the placement fee of 1 mo rent will destroy 6 months of profit. Their 10% will eat away a good chunk of your money as well. You might as well not even bother if you're going to give away all of your income.

Anyone here using billboard advertising? What is the cost ranges per month on something like that? I only ask because I seem to be getting buyers interested in houses in one particular area more than others and this area has a major interstate going through it with billboards on both sides all the way down. I have never seen a We Buy Houses ad on any of them so I would be the first. I would be able to get my name out to literally thousands of commuters a day plus anyone that lives near the highway. I'm figuring at least $500-1000 per month, how far off am I? Is it money well spent? Would this brand my name quickly and get my name out there fast? My message would be along the lines of a bandit sign but WAY LARGER, short sweet and to the point. Stop forclosure, we buy houses, any condition, phone number, URL. The target area is a town that is up and coming, being revitalized and property values are coming up. Its slowly getting a creep in of NYC people that are moving a little farther out to avoid some of the prices that plague the towns closer to the city. Town has had problems in the past (impoverished areas) so there are plenty of good rentals that are in need of a lot of work, with the right rehab they would be profitable and show good appreciation of the next 4-5 years. Better properties could be used for young professionals commuting into the city, lower end could be section 8 (there is a large population on public assistance down there). Am I stupid for thinking big and spending an assload on a billboard? I am thinking start big and brand the name then follow up by using bandits all over town in areas that look like they would have plenty of burned out landlords or forclosures.

What are they charging commission, something like one month rent? Think of it this way, if you are getting $500 a month to rent it and $100 a month cashflow everytime there's a turnover you're losing 5 months of profit. If its costing you that much you'll have almost no profit at all. Find another way to fill the apartments, Craigslist/newspaper/sign in front of the place/etc.

Originally posted by "ImFlippinCrazy":

I have found this site, that i think gives a good idea of pricing

zillow.com

pretty interesting

Sometimes Zillow is really close......sometimes they couldn't be farther off if they pulled numbers from a hat. Be careful using it as a sole basis, always best to use a realtor or learn how to do your own comps.

Last year the electric company in CT raised the rates by 25% or so, just last night the energy commission for the state authorized them to raise the rates another 50% over the next year. Yeah, energy efficiency matters a lot to me. :crying:

When you have income fluctuations is enough still in your account to pay a mortgage should the income slow down temporarily? If you can manage that or hold onto some funds for rainy days when you have a good week you should definitely look at buying a nice multi to live in and rent the rest out. And make sure you buy at a big enough discount that you can live almost rent free when its fully occupied, that way your income won't be quite so necessary and can be held for bad months when you have vacancies, etc.

Where in CT? I work with attys from all over the state in my other line of work, I'd be happy to recommend one if you let me know where you are located.

Originally posted by "sunsmicro":

your knowledge in that local area determines your success
if you are not fully aware don't go into it until you know!
remember...even though its a few blocks away.
some area codes work and some don't (in my expeience)

knowing more always helps!
thanks

sunsmicro

That certainly is the case in Waterbury, the town is completely different in different parts. Some parts on the outskirts are nice while some parts I don't really like driving through at night with less than an UZI.