All Forum Posts by: Joey B.

The 300$ of expenses includes sewer, building insurance, and property taxes.

I own 4 single family rentals. My last two have a total investment of 25,000 and 28,000. They rent for 650 and 700$ with monthly expenses of about 100$ each. This has been good money for me, but I have an opportunity with a triplex that I'm still on the fence about.

Here are the numbers:

- 90,000$ purchase price, house is 90 years old with newer roof, windows, doors, siding, furnances, and hot water heaters. All utilities are submetered. Owner pays sewer and insurance.

- 1425$ monthly rent, 300$ monthly costs

- The deal consists of 20,000$ down and 70,000$ owner financed at 3.75 for 10 years. Non recourse loan.

The neighborhood is probably a C+. It's on a long street where the north end is a bad neighborhood and the south gets better the further you go. It's about 70% of the way south.

On one hand I hate to do it because the returns aren't what I'm getting with single family homes, but on the other hand these owner financed deals don't just grow on trees. The intial returns are fairly low, but the long term seems decent.

What do you guys think?

btw, this is in central Ohio

Yeah, when I work the numbers (as I've done in the past regarding this) it just doesn't seem worth it. Just wanted others opinions before I scrap this idea for good. On my two properties I currently own I pocket about 450$ between the two after mortgages, taxes, and insurance.

Thinking that I may need to manage 8-9 other peoples problems to make that money is kind of scary. Not saying someone like Mark couldn't make it happen, but I guess at this point I go for the biggest bang for the buck regarding my time spent.

I have been managing my own properties for 5 years. I've had good luck and do fairly extensive background checks and keep renters on a short leash.

I have wondered if I could generate some more cash flow by managing single family homes for people who either got into the business and realized the management part wasn't for them or bought a better house and couldn't sell their old one so they decided to rent.

For it to be even close to worth my time I would need 10% or the rents, which on a 500$ -600$ rental I think is reasonable.

My biggest issue is that I carefully chose my properties based on many things with class of potential renters being important. I was looking for bang for the buck, but also be able to rent to decent people. If I manage others properties things like location and condition are more out of my control. I only manage two single family homes at this point.

What are some of your thoughts?

Jackeline > Curious on your time line of 2013-2015. Why do you say that? Thanks

So what is "hard money" actually called? How do I find someone locally that does these type of loans? I have bought 2 houses on credit cards where I can get up 30+k direct deposited to my checking at about 5.9%, but I'm looking for other possiblities. The 30K doesn't leave much money left for the rehab and holding costs on top the purchase price of the property.

Whats the easiest way to do a credit on potentional tenents?

I'm not familar with that term, but the setout date was the following thursday after the friday court date. (court- 12-22 , setout- 12-28) Is that what you meant? Sorry, I'm a rookie, ...................but learning fast. :groovy:

Just an update. I posted the 3 day notice, filed the eviction, went to court and bam got them evicted. The whole deal took about 3 1/2 weeks.