All Forum Posts by: Vincent Somma

Okay okay, so yes there is a not so bad 3 bed 4 bath house in what you would call a very nice area, great school, low crime, for 50k. The major downside (besides a few repairs) is that it is right next to a junk yard, with like 50 cars in the back lot. The property has a high fence, but how much impact will the junk yard have on 1. renting the property, 2.flipping and selling the property?

Thank you all

Side note, If a bank buys a property for 3,000, and is trying to sell if for 50k, has anyone had good luck getting a bargain in this situatuion? or do they tend to be extrememly firm with their number. Granted i realize this is a generalization, i am just looking for anyones past experiences. Thanks again.

Thanks everyone for the quick responses. So @Matt Faix  and @Kyle H. .  I am 99% sure I want to buy properties and rent them out, so long term investments. Obviously i want to start small, but more importantly i want to start smart. @Paul Timmins  thanks for the tips, the beginner's guide was actually a big help. How did your friends get started with Tax Repo Sales? The hardest part is trying to analyze the deal to find out if it is a good one. I'm trying to use all the tips from the site, i think a lot of it, like anything, has to going through the process. Here is where i am at, i look at a house like this,

http://www.pittsburghmoves.com/property/details/295173/MLS-1035443/597-Shrader-Springdale-Township-PA-15144.aspx

Assuming you can get the place for 10% under asking so lets say 40,000.

20% down payment is 8,000

Im going later in the week to see the place, and the ad says minimal work needed, if it needs a lot of work ill scrap it. its in a fairly nice area, and all surrounding homes are valued at 80-120k.

Mortgage with interest, insurance and taxes will come out to about 300, maybe 310 a month.

Average rent for a 3 bed in area is 800. Even using the 50% rule used by brandon turner, after paying the mortgage you are still 100$ positive in cash flow a month. So my question is, what am i missing? This particular listing is just an example, i am going to look at about 5 places this week, trying to understand what to look for with a real estate agent friend.

(im not sure if i am allowed to put a listing on the site, so if i broke a rule tell me!)

Any comments, posititve or critical will all be helpful. Thanks guys

So, here i am. After reading one of Brandon Turners articles a few months ago, I have been somewhat addicted to this website. For the past few months I have been reading a good bit of articles, watching clips (staying away from the TV shows, they make it look too easy), and all in all just trying to learn as much as I could about real estate investing. You already know im young, I started my own business a few years back, and I am fortunate enough to have enough time on my hands to get into investing. My family owns and rents out some houses, and its something i really want to get into, but how do you know when you are ready? I guess my biggest question, which deal is the right deal, or more important which deal is the wrong deal. Any pointers would be much appreciated, especially if anyone is from pittsburgh with some insight.

Thank you!

Vinnie