How About this deal you guy

Question

If anyone is in the area or know the area, please let me know what you guys think about this deal.....I would like to know if the neighborhood is good or not and if the asking price is fair...Please give me info....Thanks

1) Brentnell Ave, Columbus OH. 43219
2) Thomas, Columbus OH. 43223
3) Saint Clair, Columbus OH. 43203(duplex)
 
Asking Price is $123,000, but the owner said its negotiable...

What is a good price for this package deal you guys?

Fully Rented..........Total Rent is $2,500 a month

Thanks A Millions! Khang

Account Closed · Answer

Khang,

I started my own business when I was 21 years old & bought my 1st house with my sister in 1996 for $210k.  I had no clue what the hell I was doing & bought an investment property here in San Jose for $330k in 1999 with my sister & someone we know. With the dot.com boom & then the RE boom, this home went up to $750k at the peak and now is worth around $550k-$575k.  We currently rented it for $2,800/month & owe about $155k on it. We bought both partners out in early 2000's.

I was working full time as an engineer in 1998 & ran my side business on the weekend so I was working 7 days a week for years. When you're a kid that was bringing in about $100k/year in the late 90's & early 2000's, life was good and a small negative cashflow was not a big deal.  Thank god I was conservative & didn't buy any additional investment properties during the boom years because the numbers didn't add up & plowed all my money into paying down the mortgages instead.  It turned out to be the right move.

The serious investing started in 2009 when the numbers made sense & all the stars lined up.  I quit my engineering job in late 2009 to focus on real estate full-time and never looked back. Last purchase was in May of this year.  All properties have paper gain between $50k to $100k each. But then again, I'm in CA where we go through boom & bust RE cycles.  Cashflow is not fantastic as fly over states, but appreciation can be ludicrous if you catch each cycle.

I was fortunate enough to be mentored by several very knowledgeable RE investors who went through the boom & bust cycle 3-4 times. One gentleman used to be a hedge fund manager for a multi billion dollar company & he owns a lot of apartment buildings in CA.

All I can say is that I got lucky. I found a mentor who has over 30 years of experience to coach me how to buy properties at the courthouse steps. I have another mentor with over 25 years of experience coaching me how to acquire properties using creative methods. I found another local veteran investors who guided through the acquisition of properties through this down turn. All of these people are very successful, and none of them charged me a nickel for any of these coaching. I can call or shoot them an email anytime with a real scenario & they will walk me through it. I don't know what they saw in me, but they're very proud to call me their pupil.  None of them are on this board though.

There are some very knowledgeable people on this site that are more than willing to share their wealth of knowledge. Keep reading & you will know who they are.

Well, that's how I got started. All of my rental properties are in San Jose.  Like I said above, I got very lucky compared to a lot of people in the San Francisco Bay Area, who lost everything during this down turn.

Based on what you have presented, I suggest you abandon your dream of investing out of state. There are way too many pitfalls that I don't know where to start. Learn to invest in your local market and master it before moving on.  Just my 2 cents.

Best of luck.

Account Closed · Answer

Khang,

If you don't know the area, don't invest out of state especially if you're a newbie. There are a lot of sharks out there.

Will Sifert · Answer

My suggestions would be a lot more education before you try to do a deal. You say you having a hard time finding buyers and sellers locally, it's possible that could be because you haven't learned enough on how to find them.  I like when people are straight with me and don't sugar coat things, that is when you actually get the most helpful advice... so here is yours, you need to either find a mentor, go to a seminar/workshop or spend hours reading / asking questions here (or all of the above) before you go try to do deals, especially million dollar ones ;)

Khang Le · Answer

I having a hard time finding deal locally and finding investors....

I really want to close a deal to show my wife that this actually work and i can do it...

Any opinion would be helpful...

Thanks you! Khang

P.S. by the way Minh, how long have you been doing this and how long did it take you to close your first deal....

Steve Babiak · Answer

IMO, you seem to have a problem with your "why" (meaning why you want to invest in real estate) - to prove something to your spouse ... I don't think that makes for a good "why".

Khang Le · Answer

Thanks everyone for your info. I will do my best and i will close a deal to prove to my wife that i can do it....

Thank A Millions! Khang

Manuel A. · Answer

I'm having the same problem of finding deals locally too, but keep trying. If you do end up buying these properties and you fall flat on your face, you're wife may get really angry and may try stopping you from doing any other deal again.

With these out of state properties it would probably be much harder to do successfully then if you found one locally. So if this is your first I would try and make it as probable of being successful as possible so you can keep going confidently.

I've been looking for my first deal for just 2 months now and I am hoping I can get one soon. I'm looking for FSBO houses which of coarse are not listed but seem to be easier to get discounted then a REO, although still not discounted enough. The current house I'm looking for is just about 20k away from being a good deal so hopefully I'll get this one :) Good luck!

How About this deal you guy

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