All Forum Posts by: Richard Dekok

Thanks for the responses. I am interested in attending the meetup. Tim Delaney, my cash flow of $299 is after splitting the cash flow with my sister/partner. But the rent is very low for this house! We have not raised it in 11 years and it is due but I didn't want to raise it in the middle of COVID on a renter that was that loyal. But it has to be done, probably for 2022.  

Thanks, nice to hear from a fellow Jonesboro resident. I'd love to learn more about meetup. Still studying on all this. Haven't pulled the trigger on anything yet. 

Good Evening all. I am a beginner, but yet I've been a landlord for about 11 years. This is via my mothers home that my sister and I inherited. I am a physical therapist and was doing quite well until covid hit as I was on a new venture, ultimately cutting my income back about 20%. I remarried 2 years ago, going from 13 years single to wife and teenage son. So, my cash flow on the single house is about $299/mo, now that it's paid off and just my sister and I involved in it. (that helps). I am in Jonesboro, Arkansas. My goal is to 1. regain that 20% income, and 2. Be ready for retirement in about 8 years (I'm about to be 59.) and if possible 3. Gain a bit of freedom from the job in the meantime. Well I've been hitting the books starting with Brandons "rental property investing". I've been looking at duplexes and Single family homes but they all seem overpriced (I realize I can make a lower offer). Most don't come close to meeting the 2% test and few have COC return of greater than 10%. However I think the norm around here is they pay their own utilities and I plan on being the Property manager, at least for awhile. Is it reasonable to give a bit of lee to the 2% test if most expenses are covered by the renter (utilities, lawn care, etc)? I'm hearing some say prices will drop in 2022, but I'm seeing houses get snapped up fairly quickly despite the prices. Are most of yall waiting it out or buying in this market?

thanks for any info..

Richard

Investment Info:

Single-family residence buy & hold investment.

Cash invested: $20,000

I'm a newbie, just looking to step into this. However my siblings and I inherited a SFH which we rented when we couldn't sell it for a reasonable amount in 2009. My sister and I bought our everyone else for a third and rent it together as of last year. So, I've been land lord for 11 years. It is 3 bed/2 bath w single car garage and fenced back yard.

What made you interested in investing in this type of deal?

It was out of necessity and the landlordship fell t o me.

How did you find this deal and how did you negotiate it?

Inherited.

How did you finance this deal?

cash.

How did you add value to the deal?

Painted all interior and refinished the nice hard wood floors we discovered under the carpet. Remodeled the bathroom.

What was the outcome?

Well, I've had the same renter for 11 years. Made a lot of mistakes along the way but fortunately choosing a bad renter wasn't one of them.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Attorney for title work and estate settlement.