All Forum Posts by: Walter Bramhall

Just got my 3rd house under contract.

A 2007 3/2/2 Single Family Ready to move in condition

Paid 112,500 with a 2% Seller contribution towards closing.

ROI > 25%

Closing on 6/5

Put an offer on a 4/2.5/2 in another subdivision today.

Got a good chance of getting it too. 

Since this is my 5 financed house (4 rentals and my personal residence) I have to put 25% down on it, so the ROI won't be as good.

For those of you (like me) who weren't sure exactly what the 1% rule was

This is your cashflow formula. Your monthly rental must be at least 1% of the purchase price of the property. As an example, if you paid $150,000 for a triplex, you must generate 1% of that amount or $1,500 per month in rental.

Who is the Guru?

Let people know so they don't get ripped of too

Don't you have to sign an affidavit at closing stating that you will occupy the house within 30 days and for at least 12 months?

Be careful.

You could offer to buy out the renter you want to move.

When a renter moves, they incur expenses such as deposits to get utilities transferred, deposit on the new rental, ect.

Good luck with your 1st duplex

I have 2 single family homes in Houston.

One is a 4 bedroom that cash flows about $500.

The tenant has been in the house for almost 4 years and I'm probably $100 - $150 low on fair rents.

the other I just bought in November 2014. 4 bedroom, but I put up a wall and turned the game room into a 5th bedroom.

rented almost immediately for $550 cash flow.

The ROI on both houses is ~24%

If you are only expecting $200 cash flow, I hope you are only investing 12K (shoot for 20% ROI)

Thomas,

 My lenders require a deductible of <= 5%

This deductible saves me about 20 or 25% off the yearly premium.

 Question is how much risk are you willing to take

Hi Larry,

Thanks for the shout out.

I have not thought about going out of state.

I'd have to hire a management company and I understand that is expensive.

1 moth rent + a 15 or 20% fee Cheaper the more houses they manage for you.

Turning 60 next month and trying to buy enough rental property to give me a decent retirement.

Houston is a tough market.Too many people chasing too few properties making the prices too high and killing cash flow.

I need 10 houses flowing $500 a month to get to retired.

2 down. 8 to go

Found this site earlier this week when doing a Google Search for Lifestyles Unlimited Complaints.

There is a lot of good posts on that group both good and bad.

Because I am having a tough time finding SFH in the 125K price range I thought I'd check them out.

Instead I found Bigger Pockets.

Exploring all of the features here. 

Last night's Webinar on the site's features was helpful.

Anyway, here's to everyone's success.

Thanks to the creators, and contributors of this site, and thank in advance for being a resource to advance my dream of an exciting retirement.