Property Manager · Livonia, MI · Member since 2011 · 4k+ posts · 1k+ votes
just closed on #20 today. it's a milestone since one time we thought we'd stop "when we hit 20", and "can u imagine having TWENTY houses?"
i need a new goal and at this point it's 35, when i think i will stop working and just stay home. will i get there? who knows. will i be upset if we dont? not that upset.
anyway, here are the details:
asking - 67, then reduced to 58.
purchased - 51k
sq. ft - 956
3 bed/ 1.5 bath
no garage - a shed is present
updates - ~12k with the driveway, which needs to be replaced.
rent - $1,050 estimate when it's all done.
my concrete guy wants to buy it on a land contract, so not sure what will happen at this point.
@George P. congrats! Looks like you did really well with this one. Are you using bank financing?
My goal was originally 10, and now it's 16. I'm at 14 now, so I'm close to hitting my goal. But I've been buying a lot in cash, so it takes longer to save up. I may have to go back to financing in the future.
I believe you meant 1 vancany in 10 homes, which is 10%, versus 1 vacancy with 20 homes is 5% in the example I laid out initially.
maybe I confused you. I meant 1 vacancy in 5 homes is 20 percent of cashflow.
which is a hell of a lot more than the 1 vacancy in 20 homes. at one point if you have the systems in place it's not that much harder. most seasoned landlords will tell you, it's harder to have 4 than 34.
That looks fantastic! It looks like the before pictures on this property no longer work. Would you mind re-posting them?
I love that you have a system of finishes that they start to look cookie cutter. Have you made any posts in the past or have details about some of the choices you make for finishes? It looks very in line with some of the finishes I would like to implement in my projects!
That looks fantastic! It looks like the before pictures on this property no longer work. Would you mind re-posting them?
I love that you have a system of finishes that they start to look cookie cutter. Have you made any posts in the past or have details about some of the choices you make for finishes? It looks very in line with some of the finishes I would like to implement in my projects!
thanks, tyler.
it think i listed most of the items somewhere in my other threads (i think i started announcing when i hit 14 or so), but i have no problem giving you the highlights again. hope i dont bore people though.
Did you refinish the floors or is that vinyl or similar?
that kitchen came with laminate. not a good one, but i kept it. it's OK.
the rest is hardwood, that was in terrible shape. he had to replace multiple spots due to damage.. we had to stain it and i HATE staining it. but i do hardwood 100% of the time unless it's a slab.
A line of credit to purchase RE investment properties - interesting concept!
Are you using a home equity line of credit to accomplish your real estate goals? We are just about to purchase our first rental property; and, it does take a lot more time to accumulate the amount needed for a cash purchase.
A line of credit to purchase RE investment properties - interesting concept!
Are you using a home equity line of credit to accomplish your real estate goals? We are just about to purchase our first rental property; and, it does take a lot more time to accumulate the amount needed for a cash purchase.
Any suggestions?
From Nancy E.
yeah, that's the problem with the rentals... they suck a lot of initial capital and takes awhile to recoup what you put in. in addition, takes a lot of personal sacrifice to save up the capital for the second and third one. that's why the first year we bought 2. both took 4 months to complete each. this year i purchased 8 and renovated 6 so far (some turnovers too).
best i can tell you is find cheap deals. every dollar you save in the beginning is a dollar you can put in the business. set a goal and dont get discouraged. even if you end up with just one, it's one more than 96% of the population (guessing)
Brrr is what I'm working on myself but, I am moving slowly as I have a full time job keeping me busy. I will try to start a thread with my latest project (4th rental).
i recommend whatever gets you more properties. i still feel i know little about this business, i just make it fit my "mold" as i go. no set rules. probably not the best way, but this is what i know.
i have no problem if you hijack the thread. others are welcome to share their way too. i can learn something
Great Job! Never stop working, never stop doing...buy as many as you can handle and keep going. Double down on the mortgage and pay one off every 24-months and keep going! I'm glad I found this Blog...this might be the only place where a job well done gets you a pat on the back in RE (friends and relatives won't). Just keep investing you'll make millions but don't stop when you do.
i recommend whatever gets you more properties. i still feel i know little about this business, i just make it fit my "mold" as i go. no set rules. probably not the best way, but this is what i know.
i have no problem if you hijack the thread. others are welcome to share their way too. i can learn something
I think the first part of this quote is very well said
Congrats @George P.! I agree with @Adam Anderson, that LOC is a game changer. How did you find the bank that gave it to you? I would love to find something like this in my area, yet after approaching dozens of banks and credit unions over the years I still haven't found it.
Congrats @George P.! I agree with @Adam Anderson, that LOC is a game changer. How did you find the bank that gave it to you? I would love to find something like this in my area, yet after approaching dozens of banks and credit unions over the years I still haven't found it.
hi rumen, long time no talk!
dozens isn't enough. i called 53 or 55 banks one afternoon. two in my area do it. i have referred them to a few BP investors and they have been happy as well.
btw, in the OP i said the rent will be around 1,050 (hoping). the way it's updated, we listed it for $1,075 and our phones/email has been off the hook.
it's not the greatest area (C), but as long as the income requirements are satisfied, we are happy.
in addition, i have a thread somewhere with #22, so this thread (#20) is old. i just brought it up to give an update and post some pics.