All Forum Posts by: Rob Gleason

Sounds ambitious.  Welcome to BP and good luck!

From one newbie to another, welcome!

I got that message 2 nights ago but it disappeared after I reloaded the home page.  Seems strange the message come so late at night.  I would have expected  midday or early evening (east coast) to be the busiest time for the website. 

Great stuff.  Thanks to all of you!  

@Joel Owens - yes I had an inspection done.  Clearance shingles?  I suppose that gives me even more reason to hang around Home Depot all day :)

@Kerry Smith - Agree with you regarding MFR vs SFR. How does would you get a management company to take 8% instead of 10%? Simply based on having, say... 4 units in one building? BTW, I was going to let the previous management company run the property but since it's my first I wanted to do it myself. Also, the tenants mentioned that it was taking multiple calls to get a response, weeks to get things fixed... Yeah, not on MY 10% :/

@Joel Owens - how much difference?  I'm pretty sure it's just one layer.  One of my guys said $5-$6k to replace the roof ,which sounds a kinda high to me.

@Nathan - it was built in 1998 and needed no major repairs.  There are a few anticipated costs over the next few years: roof is nearing its life expectancy but no leaks yet. Central A/C unit of one unit is old, but working well.  

@Ali - it's in Carroll county, west of atlanta.  I like the Fayetteville / Peachtree area but haven't seen much that meets my criteria.

Thanks for the encouraging words.  I guess I kind of confused because I read somewhere that good rent would be 1% or better of the property value.  Then today I read that you should be looking for 2% of the property value for months rent.  Which is it???

Hello all.  I've been contemplating, calculating and questioning the purchase of rental properties for years. Over those years I've watched a number of friends and family members enjoy varied levels of success, from building profitable multi-property portfolios, to declaring personal bankruptcy after 3 years of "investing".  Scary stuff that was keeping me on the sidelines.

      Then I came across BP's website and started reading and watching.  It gave me the confidence to make my first purchase 2 weeks ago: a duplex, all cash, both sides rented@500 each, cash flow ~$600/mo.  I'm happy with the purchase because after seeing all the failures around me, my thinking was just to get a deal that didn't fail.  But now I'm thinking I should have done better because I'm getting just over 10% ROE.  Thoughts?

LOVE THIS SITE!