Originally posted by @Ned Carey :
@Matthew Paul what is a typical rental costing you all in after repairs?
All in , I am at about $ 150,000 to 170,000 . On a sfh around 1000 sq ft . I only buy properties that I would live in with my family , size and location .
I am closing on one next month , a small 2 bedroom in Pasadena , great schools , real nice neighborhood ( homes avg $200k ) 1/3 acre . House has new roof , windows and HVAC . All I need to do is paint and some minor repairs upstairs , strip out some shelves and odds and ends in the unfinished basement and paint walls ceiling and floor . Maybe 3 weeks of work with 1 or 2 guys not rushing . maybe one or 2 thousand to get it ready .
And as i type I get a call about a tree that just fell on one of my rentals , so back to work
Ok , tree problem solved . barely brushed the house . Cut it up and clean it up later this week .
I stay with class b neighborhoods , and buy with the high probability of appreciation . I live within 20 minutes of all the properties . I have another property coming in Glen Burnie , not my first choice , but the numbers look real good . I may flip this one . But it will work well as a rental also
@Matthew Paul thanks for the feedback. What do you see in terms of cash flow from the properties in the $150k-170k range? Is your main objective appreciation? It seems like the numbers are kind of anemic unless you can charge 2k per month in rent. Again, I'm new to the game so maybe my calculations are off.
I am Getting $ 1500 to $1700 . Getting 2 grand is a hard number , if someone can afford that they usually buy a house . Or they are transfered and only stay a year . I get what the market will bear . There is little or nothing in anne arundel county in good areas under $200K thats not a tear down .
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