All Forum Posts by: Michael Williamson

@Anthony Giannette  The Property Manager I will use is very good at screening tenants. I know this because they already manage properties for one of my friends. I'm not sure about the utilities being lienable but I will have to ask. Thanks for you help.

Let me start by saying this will be my first purchase as an investor and it will be buy-and-hold. If there are details that I have left out, just ask and I will answer what I know.

Purchase price: 89,500

Down payment: 20,000

Seller financing: 69,500 for 30yr@ 4.5%

Payment: 352.15

Taxes: 102/mth

Insurance: 38/mth

Property management: 75/mth

Vacancy Rate 8%: 60/mth

Tenant pays all utilities and trash pickup. There is no HOA.

Rent: 750 although I can easily find comps in the area that rent for 800-850.

Thanks in advance to all who respond. I really appreciate you insight.

@Junior Salters it's been over a year now since your last post in this thread. Did the handwritten letters work well? And did you eventually change over to a printed version?

Nate,

Welcome to BP! It is a great resource for learning. Like @Dave Meadows said it may encourage you to question your strategy and possibly change it. The podcasts are my favorite part of the site. 

@Duy Luu Thanks for the update. It is an area of real estate investing that I'm interested in and need to research more. 

@Seneca Stephens Yeah they have caught my attention too and I plan to keep watching them. 

@David Lee  Thanks for the info about auction properties and for the offer to answer any questions. I may take you up on that someday. 

Seneca,

I have been watching some of the Greensboro properties on there too. The townhome on Dolley Madison has auctioned twice now that I've seen. Must not have hit its reserve. 

Hey thanks to each of you for the great responses and I look forward to working deals with all of you.

@James Wise