Newbie from Jacksonville, FL
My name is Jason and I have been browsing this site for a few weeks now. I am so thankful that there are people out there like Josh and the many others on BP who have the heart of a teacher and are willing to help others.
I have always wanted to invest in RE, particularly with buying and holding properties and I would also like to flip. Unfortunately, I have listen to people tell me why I cant do this and that has put me in the wrong frame of mind. Well, I am glad to say that I am moving forward and I cant wait to get started.
I have recently purchased a new home for my family and I am happy to say that In 10 days I will have tenants moving in to my previous home. I was originally wanting to sell but after realizing I wouldn't get what I wanted, I decided to rent. I am so grateful this has happen because I am now energized again and feel that this is a first step to many more rentals and my REI.
I know I have much to learn and I cant wait to meet like minded people here on BP and locally here in Jacksonville.
Welcome Jason,
I had read some creative real estate investing books in the 1980s I remember people telling me you can't do that, even if those kinds of deals do happen they are so rare you will never find one. My mistake was listening to them and delaying my start 20+ years.
Glad to see you aren't going to make the same mistake.
You have made a positive start which places you ahead of about 95% of your peers so keep u the good work. Use the forum to learn about specific areas you might be interested in. If you do not find answers to your questions - ask the specific questions and you will get responses to them. Welcome to the enjoyable world of real estate investing.
I am so glad that I found this website and that I can now start surrounding myself with like minded people.
Thank you for welcoming me to BP.
jason, i am curious...how much rent will you be getting & what's your PITI?
I did the same thing as you - bought a home for my family & rented out my existing 2 months ago. bought in 2003 & it's now $50k down in value. my wife has a place we've rented out too pst 3 years. it's also down $50k in value. ouch.
Scott,
I am getting $1,550 for rent and my PITI is $1,370. I purchased this home in 2006 and my value is down around $80,000.
How are your rentals coming along? Do you hold your rentals in a LLC?
Thx jason. i get $1450 for 1 home & my costs are $1300 ($385 of it is principal. The condo is $950 (include HOA) & I get $975 w/ $121 principal paydown. We owe $98k on that & it's worth about $45k (rented out past 3 years & renewed 4th year last week).
For the condo, between tenants, I spent $3200 with repairs/maintenance, cosmetic/needed upgrades, etc.
I don't have them in an LLC. I have a personal umbrella insurance policy.
We've been fortunate to have everyone pay.
When the market comes back (7-10 years they're saying), I am getting the hell out cuz I know this is not a profitable way to go...I'm just trying to minimize my losses & take care of my family.