All Forum Posts by: Clay Smith

FOR SALE: $137,000 as appraised last week. I have purchased and renovated a brick SFR rental in Fern Creek that is turn key ready. I like this house and I would keep it but I have bought too many as of late to hold. I have to sell one and so I chose this higher dollar one. It is a single family residence with a newly signed 2yr lease. It rents for $1,225 a month. If you buy this as a 30yr fixed investment property with 20% down it has a $522 a month earnings.

• Refinished Hardwood Floors
• Paint
• Fixtures
• Includes Appliances
• HVAC, Roof, Water Heater, Electric all good

The house is in good shape.  I can arrange a showing anytime. I do not have recent pictures since it rented so quickly.  If you like the numbers, lets talk.

Try texting

So why did you buy it?  It sounds like a timeshare. I am asking because maybe the answer is in your reasoning for buying this in the first place.

Trim (Semigloss)  I use Base A white paint, no color additive. 

Walls (Eggshell)  Sherwin Williams "Softer Tan". 

Ceiling (Flat) White

You can see it in every house on my website > profile

@Don Montgomery I see your point. The 30yr owner occupant (OO) or DIY flipper will always win. They have lower overhead ($0 labor) and or cheaper financing (30yr fixed). With online auctions they have time to work up a full budget and plan weeks in advance. What you really need is something more distressed that the OO wont touch or the DIY fixer upper wont go for. You need a monopoly on your deal, or at least fewer bidders. Start networking more and seek out wholesalers advertising on CL. Those events pay off. It seems like I get a deal every 30 days now at one of my monthly meetings. It has taken a year to establish credibility but it is worth it.

I have had some luck.  Mostly the margins erode away as people bid them up.  I will not buy from Auction.com again.  I heard bad things, won a bid anyways, and then they happened to me.  I had to call banks, county clerks, and the title company several times and it took months to record my deed.  My lender was becoming concerned and it kind of hurt our relationship.  Not a lot, but I work hard with banks to keep things smooth and easy going.

In the end, I had better luck with blind offers that include inspection contingencies. I also had good luck with short sales, day 1 on market. Last, I have good luck with probate MLS listings; I just have to negotiatie using an inspection report...since the owners have no clue about condition.

Here is a link to the properties I own, you can see where I invest.  My Properties

I use rent-o-meter to make sure they are in the right range. Seems doable. There aren't many places I don't like anymore. I can honestly say I would buy a house anywhere in a 1hr driving distance. I care more about the assets time, cost, and long term outlook than the location. I would buy on 22nd street next toa dead body if it cash flows. 

However, I assume you intend to self manage your rentals. Therefore, you are in better than most given the 80k arv. 

Seems the best blend for me is a 60k arv rental. Just cheap enough to self manage and rents good enough to pocket some cash even when fully leveraged.

yes it is an LLC. If this is your first time with rentals be sure to ask and decide if RC or ARV coverage is right for you.

I pay about $40-50 mo for a 50k-80k house. I use NREIG as well.