Bogalusa, LA · Member since 2014 · 7 posts · 3 votes
Hello everyone. My name is Logan, and I am just getting my feet wet here.
I am a disabled Army vet, currently working in tele-communications. I aspire to eventually own and manage my own portfolio of rental/investment properties. From what I have read investment properties are like salt water aquariums(a passion of mine) "Nothing good happens fast," and Im ok with that.
Im here to learn and learn and OH learn! From my limited reading I'm leaning towards a multi-family unit as my first property and I have my eye on a duplex here in my city listed for $23,000. (I do not live in a rich area, my riches will be an accumulation of pennies over time!)
I have begun my initial research but I am sure I will be turning to your knowledge to gain more for myself.
Developer · Garland, TX · Member since 2008 · 8k+ posts · 4k+ votes
12y
Welcome Logan. A $23k duplex is way cheap. Bad neighborhood? Need a ton of work? If it's been listed a while and hasn't sold, you might try a real low ball offer first.
There's a ton going on here, and it's all free, so ask around, research, and take advantage of it! With those books you read, they are great on the surface, but there are many MANY nuances only experience teaches/shows, so do ask around.
And thank you for your service! Good luck on that duplex! My tidbit of advice: buy those cashflow properties right and don't pay too much. You make your money when you buy it, not when you sell it.
Bogalusa, LA · Member since 2014 · 7 posts · 3 votes
12y
Thanks Jon. I guess I should have prefaced with a little about where I live. Median level 3-2 homes in my area sell for around 100k. Smaller 2-1 homes are around 50k. Of course depending on the quality of the house. Its safe to say that I live in a cheaper area of the state.
This particular place is not in a bad neighborhood and is acctually just barely outside the main part of the city, less than 2 miles. As a plus this property is literally one quarter mile from my residence!!
It appears from the listing that it doesnt need much repair, but I have only seen a few pictures. Some updating might make for a faster rent agreement though. Take a look for yourself, and let me know what you think.
This type rental in the area where I live would bring $450-500/month per LU, excluding expenses. It has the potential for positive flow if I play my cards correctly.
Im building an information folder right now as I wont be in a position to talk to the bank for about 6 months. My name is still on a previous loan with my ex wife. I should be getting a release of liability in May, at which time I want to move forward with this.
Realtor · Shreveport, LA · Member since 2012 · 311 posts · 58 votes
12y
Welcome to BP @Logan Brouillette I'm up in the north part of the state in Shreveport/Bossier. Ton's of great information here on the site!! Also, the people on here are more than willing to share information and guide you in the right direction. Probably the best group of like minded individuals I've ever run across. Check out the Ultimate Beginners Guide and the weekly podcasts. I guess I have "drank the kool-aid" because I'm totally hooked on BP and there are so many awesome members on this site. Good luck and keep us all posted on your success!!!
Rental Property Investor · Oakland, CA · Member since 2011 · 3k+ posts · 2k+ votes
12y
Welcome Logan . There are a lot of super helpful people and great advice on this site! I'm a "fix and hold" investor from the Bay Area in CA, and loving it! A lot of others doing flips, wholesaling, notes, everything.. A few tips..
You can tag people by typing @ before you type their name, then clicking their name when it pops up at the bottom of the message box. You can click on the "vote" button if you like someone's post or is helpful, and there are "awards" to earn on your profile. The "Learn" link across the top navigation bar has lots of great info, and most importantly, the BP members! Welcome to BP, and good luck on your investments!
Bogalusa, LA · Member since 2014 · 7 posts · 3 votes
12y
Thanks everyone. I am certainly feeling the love here! There is so much information it will take years to absorb it all, but make no mistake I believe you guys n gals will help me choose the right path!
@Robert Leonard I noticed the same thing you said. Im going to drive by tomorrow and check it out. This isnt the first time I have seen a discrepancy like this between google and a real estate listing.
@J. Martin Thanks. I was wondering how yall were doing that!