All Forum Posts by: Sam Deb

Thanks, @Rich Kniss you all are great and very helpful. I am now working on @Caleb Brown's suggestion and trying to find something based on the school districts. Will also try to find something in Indiana.

Thanks,

-Sam

Hi @Christopher Berggren,

Thanks for the valuable input. And yes actually I looked at some properties in Springfield, IL. These are good and at the same price range as you mention. I also am eying Indiana as the landlord tenant laws of the state favors the landlord unlike IL. I am skeptical about IL because of the laws favoring tenants. But I will keep looking, exploring and learning about different cities and localities and look for the perfect opportunity. Its true that it is a sellers market so I will go slow. I will need some time anyway to learn the game better.

Thanks,

-Sam

Thank you, @Lee Ripma

I will do some more research on the areas and also try to find some better neighborhood.

Thanks,

-Sam

@Caleb Brown thanks so much for your valuable input. I think I will now search by the school district and try to find some based on the schools. Thanks again.

Hi @Account Closed

The cashflow is really not that great, blame it on the HOA.

And it seems the average market rate is 1145/Month in Daytona Beach area. So you are not really charging more than the market average. This renewal is your chance to increase the rent a little bit if you can.

Why don't you try refinancing since the rates are low now so that your monthly cost comes down a little bit. These are just ideas.. I would defer to experts and wait for their input. Just be positive. I personally avoid condos just for the HOA.

Thanks,

-Sam

Thanks, @Caleb Brown 

I was looking for a property that is relatively cheaper with less work to do. I did not zero-in on any so far but I am still in the process of finding few good ones.

So, I was going through our forums and just decided on Kansas City, MO as it is relatively closer to me than other places. Although, I did not rule out Indiana. That is also closer to me in terms of physical distance. 

Since I am trying to keep my initial investment lower I ended up finding few in Independence, MO.

But I am not very familiar with the place and I understand I have to visit few times to understand more.

I am doing some research on the area. What I do is I take the address and go to trulia.com to use their crime index map for that address. Not sure how accurate it is but it gives me a good sense anyways.

Then I realized that other members can help me on my decision and I ended up posting this :)

Thanks,

-Sam

Hello Experts, 

I needed your expert and learned opinion about buying my first out of state rental property in Independence, MO.

Is it a good place for rental property and how is the crime rate and how is the rental market. I am looking at lower 60k and little repair/rehab. Not looking at equity but only aiming at cash flow as of now. Please suggest if I should pursue that location. I am based out of IL and its not a good rental market or you can say the good market is out of my reach here.

Thanks and Regards,

-Sam

@Rylee McGuire

You have already got some good advise, Rylee. But adding to Colleen F's point, you may add some extra money for contingency that will also go on the expense book per month that will cover vacancy, repair needs etc. Good luck.

-Sam