All Forum Posts by: Sherrie Bower

Good info. We are close to retirement and only wanted to stay in our Ohio market because we know it  OR Southwest FL— but that isn’t any better. We also thought it would be better to be close and keep an eye on the property and the manager. So we will start looking elsewhere. Thanks for the condo advice. Ironically,  a friend just told us the same thing yesterday . We are familiar with the snowball method and don’t like debt so would prefer to pay cash. I will pick up the book as we don’t know where to begin. Thank you for your insight. I think the PRO membership just paid off!

Just found out there is already an offer which means the price went up. Better let it go. Thank you for taking a look. 

Thank you for reviewing. Yes, cash— using self directed ROTH. Expenses were given to us from seller ( owner pays partial electric). Have ran numerous deals in our area and can’t find better than 6 percent. Not sure whether to keep waiting or jump...

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Would someone mind taking a quick look at this?  This is our first deal, so would love to have another set of eyes.  This is four condos that have tenants.  I realize Cash on cash is a bit low.  We have been trying to shoot for 7%.  However, we cannot find anything in our area near this. The list price is $320,000- so we aren't sure if we will get this price or not. Also, do we need to have "vacancy" included if it has tenants or should this be there for future issues?  Thoughts?

Michael- This has nothing to do with your question.  But, when you are ready to sell, would you mind sending me a list of your properties?  We live in Delaware, OH and are looking to buy our first deal or two. Maybe we could help each other.

Just want to clarify:  it appears to me the best case scenario of $200 net is per each unit, not total

I haven't done my first deal yet, but I have a friend (property manager) who knows of an investor who will be listing three condos soon and I have asked them to contact me when ready to list. These are one bedroom units (not sure of purchase price but guessing $116,000-$120,000 each) that are rented to professionals in the area (nice area) for $1,020 a month. Taxes are $1,791, HOA is $145 month, and I am guessing insurance at $75 month. We will have a property manager (same friend) in place who says these stay rented with little (if any) vacancy. She will take one month's rent per renter (not per year). If we only purchase one, we can pay cash. However, if we need to purchase all three to get a better price, we will need loans. Initially, this does not look that great to me with best case scenario looking at about $200 month net with mortgages. HOWEVER, we are high income and could use depreciation and any other write-offs that rentals will bring. What do you think? Our goal is long-term rentals to hold "forever" with little headache so we are not looking for "possible" more lucrative flips--just steady income. Is this any good or should we keep looking?