Offlineim in the middle of purchasing my first home in mid western PA. i bought half of a duplex for $13,500 and im looking to make it a long term rental property.
i currently live in south florida, but my mother has been helping me with checking out the properties and such. its also nice to have someone there that is familiar with the area as well.
Im pretty excited about the whole thing, but a bit nervous as well because it IS my first home purchase ever.
Wish me luck in the rest of the process!
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Best wishes to you on your first deal!
Congratulations on your first home!
"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)
"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11
For a little about me, welcome to the site, and a few tips for new DG family members, click on this link: http://www.deangraziosi.com/user/3249
thanks everyone!
on your first deal and we're all happy for you!
I wish I were up to my first deal!
Please keep me informed on how you are doing with this as you progress.
You must have had a deposit? What is the value of the property and what kind of rental income can you generate from it? Are you using the strategies given in Dean's book?
I am fairly new but when I have finished reading the book Be a Real Estate Millionaire, which I have been working on feverishly, I want to get into this venture. All the help/information I can get I will gladly take.
Deb
Hi Josh,
Hope the duplex deal is working out for you. If you check back in to the site, let us know how you're doing. Hopefully transaction is going well and you'll be moved into your new place soon.
Best wishes,
Rina
"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)
"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11
For a little about me, welcome to the site, and a few tips for new DG family members, click on this link: http://www.deangraziosi.com/user/3249
everything is goin good so far. the closing is on the 3rd of June i have to call and get the utilities changed over in my name. I also have to get some insurance quotes tomorrow as well.
as far as the deposit goes, yes, i had to put a 500 dollar deposit on it. i am purchasing my home with a credit card tho, then i will get a lien on it later.
Just make sure you include the taxes, insurance and property tax in your rent so that you don't come out short. Once again, congratulation and best investing!
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Lloydsap
Go for it Josh...... YOU ARE DOING THE RIGHT THING!
By the way - I am picking up keys and writing check tomorrow for our first deal with Dean's program, which will be our second rental property. We are using equity in our current home to pay cash for the home and make about 8K worth of repairs then we will re-appraise the property and finance the repairs and home in to one loan. If it sells, fine! However, this is an ideal rental property (2br, 1ba, sgl garage, bungalow).
We basically use a similar formula that is in Real Estate Property Pro:
Monthly costs:
Mortgage: $267
Insurance: $55
Taxes: $42
Vac.Rate: $15
RepairRate: $35
Rent Income: $500
Leaves an additional $86 monthly for income and the previous owners: sided the house, new roof, new windows, and replaced electrical panel and wiring. We only have floors, walls, kitchen and bath to worry about!
I am so excited about Josh’s new adventure and our!!!!!!!
PS – tomorrow we will be publishing a For Sale Ad in both English & Spanish. If it does not sell by time we finish our improvements we will rent it!
Regards,
DeJor Properties, LLC
hi everyone! we're a couple of newbies (from San Diego)in this business and are still in the process of reading the materials from DG. like Deb, while studying, we are so fueled up to jump in the scene already, but not confident enough with the knowledge we've gathered so far. we're glad that there's a thing like this where we can learn so much from. can't wait to get our first.....
yosinao
I know how it is and taking in all that information is a BIG job. I have had to read some of the chapters several times just to get a faint idea!
We can stick together and work together and help each other to work these deals out. No matter where we are living, the strategies will remain the same but we will mix-and-match the strategies to meet the individual situations and market status.
Stay in touch and we can get through the maze.
Deb
Well after about a week of owning it and having it listed in the paper, i found my first tennants. im gettin $500 a month for rent. And from what people from the area are telling me, thats a GREAT amount.
The house came with everything, as far as appliaces go. it also came with a washer and dryer. at first i was against keeping them there, because i pay the water bill. but the people who ended up renting it were looking for a place with a w/d. so that worked out well.
To update you on the CC purchase for the house....
I am finding in next to impossible to get a home equity loan on an inestment property, for the value i payed for the house. i guess with the economy, banks are just less willing to do it. But its not all bad news. I have a 4.99% interest rate on it untill Jan of 09. Then after that it only goes to 7.99% which isnt the best scenerio, but its not the worst. Im just gonna make double payments on it untill its paid off. then its all income.
but yeah. its not too bad. and id do it all over again
Thanks for coming back to update us! It's always great to hear from someone who took action and made it work.
I'm going to direct you to a conversation that took place when I was a newbie on the website concerning making extra payments. I'm not saying you SHOULDN'T but see what some of the experts have to say.
http://deangraziosi.com/node/2401
Again, congratulations!
Rina
"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)
"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11
For a little about me, welcome to the site, and a few tips for new DG family members, click on this link: http://www.deangraziosi.com/user/3249
hi everybody,iam looking for a person that knows alot about real estate,who would be willing to {give back} as dean says to mentor a motavated new student in the real estate success academy.i have very little knowledge in this field and would appreciate the time,advise and guidence from you through this totally new world,i want to succeed in this dream,if anybody can help me i can be reached at rydhog2@,thanks and god bless , al from pittsburgh p.a.