All Forum Posts by: Troy Kerr

sorry for the past post.  I was busy.

I hope this is crawl before you walk situation.  Hard to lose when. Each loss is a lesson.  I have been in worst situations.

I get the idea now.  I'm not in the best situation.  Will work to improve.

 I havery not.  Hopi g to get I. A better situation next year.  Best I can hope is to claim losses come tax time.  I think the term is a fantom loss,  not sure.

 Thanks for the vote of confidence Corey.  I will be sure to keep BP updated so you guys can also enjoy my journey.  

Further, would you mind added me as a college.  I would like to make some local Co tacts.  Thanks.

Troy,

 I used Judy boone.  Too soon. To tell now how exactly their service is.  Keep in touch and I'll keep you updated.

I tried town realty at first.  Cab can say that they sucked.  Judy boone is big in my area.

yes.  This price does include rent.  I definable see where your going with your thinking.  I got some reach to do.  Thank you so much.

 That sir, is the three hundred dollar question.  I was geeked.  Just, so happy to get my first deal done, I think I glossed over the details.  Iron, this is exactly when I came across this awesome site.

I'm like poe from kung fu panda.  My first one might take a beating.  Still though, I'm just happy to be here. Ha hah.  

Thanks Justin..

Lowered the rent because I did not want to be stuck with 2 mortgages.  the property is a hack.  I did not have the funds necessary to wait on maimimized rental.

@ Lynn M.

Lynn I'm elated to know that there are investors here in the local area.  I knew you guys existed but was never lucky enough to cross paths.  

My intent here was to get a feel for what the pros thought of my first go around.  I believe that great critique is the best way to prompt improvement.  It is apparent that I have a lot more reading to do.  

Question.  Is 10 percent management fee standard?  And when does one get the clout to negotiate?  This way I may be able to minimize expense.

In my simple reasoning I thought that having the Tenant pay the mortgage was deal enough.  Any surplus then, I reasoned was simply a bonus.  The tenant then having paid the mortgage I would see profit in the extended future.  Again, having been exposed to the cashflow that is possible with proper Planning I now see that my calculation were at a minimum, Simple.

Thank the lord for this site.  Thanks immensely Lynn. Now I see, that ill be doing a lot of reading in the near future.  Hope to be a pro one day.

thanks BP.  I will hope to get greater returns at my next contract.  The norfolk va area is a strong military town,  with a high turn over rate.

I guess I have hopes to buy and hold.  With wishes of great cash flow by the time the properties  start being paid off.

Is this what buy and hold means?

Good afternoon BP,

I recently got my first property rented. I needed to rent fast so I lowered the price from 2200 to 1850. The Management company gets ten percent 185. The Mortgage is 1500.

I bought the property no money down for 244k. I should see about 125 dollars in cash flow. This is my first property. I think it may have been a mistake lowering the rent. But a wanted to make sure that I wasn't stuck with two Mortgages.

Does this sound like any of your first timer stories? please tell me what you think my best path forward would be? I think she has more potential.

Is it feasible to raise the rent on the next lease? Could I have made more cash by managing the property myself since it is brand new, built 2014, 5 beds/ 2.5 bath Norfolk, Va?

Thanks in advance BP.

Troy,

I previously posted this in the wrong room, I think.