OfflineI just finished listening to the lastest conference call on May 28: Fake it till you make it! Thanks to Dean and Anita I have looked up a property in my town and now I will contact a Realtor friend to do the comps for me. This property is a rental property already and the add says both homes are currently rented and with each rented a positive cash flow is possible with a mimimum down. Any advice? The current price is $125,000 It is a 1200sqft 3bed, 2 bath with guest house 690sqft.
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Hi, Welcome to the site. In order for any of us to help you, please provide us with more information.
-what is the combined monthly rent?
-monthly positive cash flow after all expenses (mortgage, insurance, HOA if applicable, taxes.
Thanks and look forward to hearing from you. This is a great website and i have learned so much just being on here for a couple of weeks. Read Dean's book "be a real estate millionaire" if you haven't already done so.
Cheers
Nick Walters
Walters Property Investment Group, LLC
Welcome to the DG family, we're happy to have you here. Nick is absolutely right. Do all your homework first, get all the information you'll need to base your offer. I understand you're anxious to get started, and there is a bit of faking it til you make it involved, but not when it comes to doing the numbers. So make sure you have the pertinent information you need first, or it could be a costly mistake for you. The folks here are happy to assist you anytime so feel free to ask questions or read other similar posts. We look forward to sharing your REI journey with you!
Psalms 118:23 "This is the LORD's doing; it is marvelous in our eyes."
Looks like you've learned a lot in the last several weeks. Good advice Nick! I also would like to add getting comps, FMV, and what you plan to do with the property? GOod luck and happy investing!
Lloyd
Thank you all for your comments so far. I will find out all the data on this property before I move forward. Once, I know more I will let you all know. I am taking baby steps just to test the waters. My father will also be working along side myself. Good old dad can't beat that...
So glad to hear you'll be working along side your dad. That's great! My parents have both passed, so I miss that. Sounds like you're in good hands, keep us updated.
Best of luck!
Psalms 118:23 "This is the LORD's doing; it is marvelous in our eyes."
I feel that the more I participate in these forums and respond to questions, the more (and quicker) I am learning. Now get out there and get it done
Thanks for the encouraging words lloyd
Nick Walters
Walters Property Investment Group, LLC
I feel that the more I participate in these forums and respond to questions, the more (and quicker) I am learning. Now get out there and get it done
Thanks for the encouraging words lloyd
Nick Walters
Walters Property Investment Group, LLC
Just wanted to update you all on my progress. It is slow. The first place I looked at was a complete mess. They listed it at $125K sounds good on paper but oh no it was a disaster. I would take it for $50K maybe.
Moved on to another house it is looking good. Empty and now REO with a sale price of about $65K trying to find out who the bank is. The one listed on FF is not listed in the state of Colorado according to the directory I called. I have a realtor now looking into it for me. It is a 3b 2b small house. Needs about $25K in work the comps in the area are $125 on that same street. Sounds like a winner to me.