All Forum Posts by: Theresa Reynolds

I have a SFH house under contract and am looking for insurance on it. It will be vacant for a few months while improvements are being done and then it will be a rental property. Anyone from Montana have any recommendations?

My other question is: Should I form an LLC or not? It is my first rental property.

So I found a 4plex in my area that I am thinking about buying: 4 small units (1bdrm and one is a 2 bdrm), 3 garages rented out seperately, Neighborhood is a C+/B-. Renters are in place and have been there for 3+ years, however they are low income and not sure if they'd stick around if I'd raise the rent. 

Facts: Asking price 249k, total rental income 2,105$, 

The rents could be raised a bit to total about 2,400 without doing any updates. The property is old but in tip-top shape. Except the one basement unit is a dungeon, pipes sticking out everywhere and nothing can be done to cover them because the ceiling is already too low. The top units are in good shape, could use some updates though.

Good deal or no?

Thank you for all the input!! It's helping me tremendously. 

I talked to a Real Estate Agent yesterday and he actually said the opposite because of his personal preference of not having to deal with frequent turnovers. He also argued that SFH prices appreciate faster than MFH.

Has anyone ever bought a property with 2 SFH on it?

What would you tell a first time investor with 80k to invest?

Start out small and buy a SFH rental or go big right away by maxing out loan potential and buying MFH?

Note: In the area I am looking, there are 4 plexes available for around 180k, but they are outdated. SFH are available for 120k (need work also)

It would make sense to me to go MFH but is it smart to max out your credit right away?

Question 2: If units are rented when you buy, do you kick out renters to remodel and then relist rentals? Or would it be better to keep them for a while to recoup some money and then renovate sometime down the road?

I just moved to a small, rural town a few months ago and am renting a place for 350$ a month. I am planning on buying a small house to live in for at least 6 months and then renting it out, as I am thinking about moving closer to town. There are no rentals here and I think I could rent it out for 750-850/month. The house I have my eyes on is a 2 bdrm, 1 bath, Main St. location, listing price 135k. Might need a few cosmetic updates, flood insurance may apply but I don't know for sure yet.

MY QUESTION: What would be the best strategy for my situation??

1) Buy house, live in it, then rent it when I move away.

2) Buy house, rent it right away and I keep my cheap rental for 350$ month

3) Buy house, but not this one.

4) Not buy a house at all.

@coreystubbs

Fridays would definitely be easier for me as I am usually gone on the weekends.

Keep me posted!

Not sure I can make this day work as I am usually gone on the weekends. However, I will see if I can make the next one work, so please keep me in the loop!

@Corey Stubbs

Thank you for this insanely helpful response! I will refer to that for a long time. I have so many questions and would love to visit sometimes.

I am looking into the GF market because I live in Augusta currently. I really wanted to invest in Helena because I love Helena, but the numbers there don't seem to quite work out. I check zillow daily and it seems as if the rent in GF is still almost as expensive as in Helena, even though home prices are way lower. So it would only make sense to invest there. I've looked at some fixer uppers as well but am worried about finding reliable contractors who get the work done in a timely manner.  

I am planning on living in the Helena area in the future, so that isn't too far away from GF . Maybe one day I have more money to buy in the market there, but I think GF would be a good start. 

Thanks,

Theresa

Hi everyone! I'm kinda late seeing all this but I would love to get some insights in the Great Falls market. Do you guys have any recommendations for lenders, agents, contractors, etc? I am a real newbie and am still looking for my first deal but haven't gotten myself to jump on an opportunity yet.

Hi Corey,

I am new to investing and am particularly interested in the Great Falls market. I am interested in B&H or possibly a flip, depending on what opportunities there might be. I am very curious in what you have to say about this area and would love to learn more about it!

Best,

Theresa