All Forum Posts by: Mark Albano

Thank you everyone for all of the input! Bottom line, sounds like I am better off finding a single family to live in and stay away from anything with HOAs.

 @Aaron Montague 

thank you for pointing out the use of a 203k on a fixer upper. That got my wheels turning with new ideas!

@Scott Stevens 

That helped a lot. Thank you!

Looks like there is a debate going amongst yourselves lol

Anyway, thanks again. I'm sure I'll be posting another question soon.

@Aaron Montague 

I answered my own question. I completely overlooked the very first thing you said...203k loan! I never considered one though. Also, that house in concord doesn't look worth any more than 40K.

@Ben Leybovich 

Yes I agree. The more I look into them the more it doesn't make sense to me. One place I look at has $65 HOA fees then the next place 10 miles down the road they're $165. That's not consistent at all.

@Aaron Montague 

The HOA fees seem to be the cash killer. But that place in concord could use a lot of work! Is there something I'm missing?

@Scott Stevens 

I see what you are saying and you make a valid point. I don't want to rush into anything. That is why my game plan is to buy this coming April or May. By then my lease will be up (I am currently renting a townhome) and I will have a good bit saved for a down payment. I study something new about investing everyday and have been for the past 8 months or so. I know I could never know everything I need to know in that amount of time, but I would think I would know enough to get started... I think. I know at some point I just have to pull the trigger on something. What is your opinion? Does that sound like a game plan? Is there a certain amount of time gaining knowledge before I buy?? I'm all ears. Thanks in advance.

@Bill Gulley Yes I did take in to account that the market could change. I'm usually the opposite of being analytical. But in this case, being so new to something, sometimes I don't have a good reason for asking something other than just learning different stratagies, ideas, and getting a different perspective on things from different, successful, investors. But yes it does seem simple enough!

@Bill Gulley 

Oh cool. It's obviously has worked well for you =) But yes, I will abolutley pick an area I will feel comfortable in. After a year or so, just like you said, rent it, if not sell and move on!

*it

@Ali Boone 

I'm going to live in in first...

@Pete T. 

@Simon Campbell 

@Hattie Dizmond 

@Steve Babiak 

@Ben Leybovich 

@Susan Gillespie 

@Bill Jacobsen 

Hmmm well I mentioned the listing price but I never mentioned an actual purchase price....Say I stole it for $90,000. I was more so just throwing out a scenerio on an actual listing I saw. Not actaulling buying for $124K. Just doing some quick math I know that doesn't make sense. I guess this kind of analysis needs to be more research on my personal area (Rent rates, area desirability, insurance, etc.)

But what information am I missing. I will be glad to research it. Like I said I have no experience at this. I definetly have some learning to do. I don't know what the 50% rule is. I did have a crack at the analysis calculator but like I said. I don't know what the 50% rule is so I'll go and learn that right away. But I like your style Steve Babiak, put him right on the spot! Simon Campbell, I have heard of HOA fees raising from year to year. But I had no idea it could go up enough to kill cash flow!

So it sounds to me like if I took a pole on SFH vs. Town home/condo, the SFH would win.

Hey everyone. I am new to BP and I currently do not have any investment properties. I plan to close on something this coming March. I have the idea of starting out with a single family or a condo/townhome for a rental property after living there for a year or so. I want to post a possible deal for second opinions. Even though I am not pulling the trigger on anything yet, I just want to know if my head is in the right spot or if I need to rethink somethings. So here is the kind of possibilities I am looking at. I plan on putting 5% down on anything I do. Also, how much should I ask off of the listing price? Thanks in advance.

Here is the description:

"Move in Ready two bedroom town home located in desirable area. Recently painted and new carpet in bedrooms make this the perfect investment property or starter home. Main level is complete with kitchen, dining area, pantry and great room which is perfect for entertaining family and friends. Two spacious "master-like" bedrooms in upper level with bathrooms. Home is located near shops, restaurants and entertainment."

 2bed 3bath 1254sqft condo.

Listing price :$124,500

HOA: $145

Build date: 2003

Mecklenburg annual tax: Approx. $1300

AVG. rent: $919 according to rentometor