All Forum Posts by: Shane Lyon

thanks Jason!! I got the name of a guy from a management company.  I’m calling him tomorrow.  

Thank you all. I’ll keep looking for a replacement insurance 

Right around $95,000

@Matt Hurley to buy an investment property would have been 20% down or in this case $15,800  I did not have that much.  So in three years after some improvements I think it will appraise for $120,000 and then I will refi and get a 30 year mortgage and get out some equity to do another deal.  For now I am a little nervous about the lack of cashflow, but at least there is some and the $3800 it took me to get in will be paid back in 25 months or so (if nothing goes wrong...hahaha...what could go wrong).

I bought a single family home for $79,000.  $3500 down, three year balloon.  4.5% interest rate.  Payment is $405, taxes, $262 and insurance is $154 a month.  total of $821.   Home is appraised for $91,000.  Will rent for $950.  It has 3 outbuildings that I will use for storage (main reason I bought the property).  Plus there is plenty of land to build more sheds for more storage and rent them out as well.  

Not much room for cashflow because i did not consider insurance would be so high!  How did I do?  

Hello BP's!  I just took the plunge into a rental property.  It is a single family, and insurance is $154 a month.  Can anyone tell if me that is acceptable? High or Low?  With that, house payment and taxes I am at $821 for a house I can rent for $950.   So not feeling the greatest right now.  

Sorry if I am missing it, but how do you search the forum posts?  Newbie her! lol