All Forum Posts by: Greg Shelburne

Hello BP!  I love real estate, have held rentals, been a wholesaler in past years, and now a licensed realtor of 6 months.  Since March I have obtained 3 listings on good properties which I am marketing through my era powered broker, social media, open houses, etc.  I attend training every chance I get and read others experiences in my free time.  My heart races when I think of executing my business plan full time as a realtor.  My 401k won't retire me forever, but will cover my expenses for the next 9 months.  My retail job takes 50-60 hours a week which I feel could better used developing my business full time now.  Am I ready to take the leap? 

You don't have to re-paint the house. My experience is that one coat of paint in the main rooms and hallways gives that clean feel and fresh paint smell, even if they don't show much wear and tear. It lessens that "lived in before" feel. Clean carpet and floors, deep clean kitchen and bathrooms. If the competition is stiff in your area, it could make the difference in a good tenant choosing your house or not. I paint all my rentals the same peanut butter beige walls with white trim and keep a 5 gallon bucket on hand. Re-paint it the same color each time and it's much easier and faster to re-coat.

Thanks Aaron, your cash on cash return response really got me crunching numbers! Nice way to analyze and compare properties.

Aaron I'm coming up with about 16% with those numbers.

Is that $242(12)/$18,000?

Update: this house mentioned here is in the historic Russell neighborhood, which I did not know until 3 people contacted me randomly about buying it. While pondering my situation, Wal-mart decided to open a location a few blocks away in the near future as well. My wife called a "we buy houses" ad from Lexington and we have a contract to sell for $32K. The liens total $13K and I'll be out of this one if all goes well!

This 2 BR house has been well maintained in the West End of Louisville and the seller is asking for $18,000. Houses on the same street average around $50,000. It will rent for $600 on section 8. Thinking of making an offer of $14,000 cash. It's in the "hood" and I have experience renting on section 8 in that area. My goal is to obtain 5 houses all free and clear, cash flow $500 per month after insurance and taxes. I have 1, 4 to go! What do you think? Posting below.

This home is located in West Louisville and is a must see. Home has new roof, windows, and security system. There are plenty of closets and a cellar area for additional storage. In addition to all of this, home has a detached garage with a sidewalk leading to it. Fenced in backyard with patio great for entertaining. Home has been well kept.

Thanks for the straight forward advice from all of you, I will look into selling the house. There's probably several investors that would buy this house as a flip or rental.

House was rented on section 8 until it failed inspection due to crack in foundation. Tenant had to move and house was vacant. People in the area took the gutters, water heater, broke windows, etc and the house has sat for 8 years. I can't get any loan, have a steady income, can't do the work myself. People have bought the back taxes, a few code violation liens, no mortgage. I know the taxes must be paid asap. My best idea so far is to pay a guy to rehab it a room at a time. He has experience rehabbing houses in west Louisville, and that would be affordable for me (I think), at my pace (within 6mos) and steady work for him on the side. I could then rent it for decent cashflow and future income. It appraised for $80,000 in 2003. Is this a good plan and good learning experience, or should I sell it to someone for $30,000 and move on?