All Forum Posts by: Austin Steed

Welcome to the site Brenda! There is tons of information on here. I'm willing to help you how I can. Podcasts are a great thing here, take advantage. 

@Nahid Alipour Sending you a message now.

Is a home warranty worth it?

I have an investment property in Lemoore CA and there is a property management company taking care of things. We had a problem with the A/C and I get this email from my PMC saying that "we will take any action necessary to fix this unit." That made me s""" my pants. Those things can cost thousands of dollars. So I went and re-uped my home warranty. Although, I know that statistically the rates would be in the company's favor and I could just set aside my 40$ a month and pay for something when it breaks. Is that gamble worth it or did I do the right thing and playing it safe and getting a home warranty?

Thanks BP, 

Austin 

@Bryan O. Thanks for the positive words. I was at such a weird situation when I bought this first home that I was rushed. The next time I do things I will be taking everything so much slower and really number crunch the right way. Thanks for that last tid bit of information I'll be sure to look up and explore all my options that come along with a VA home loan.

@Ben Zimmerman Thanks for the post. You have a great point, I'm starting to see in Real Estate Investing a good way to go about things is to hope for the best and plan for the worst. I will let my property grow a little bit and before I make my next move. Better to be safe than sorry.

Good luck on the buy!

@Tony SanFilippo I think that is the experience that I will gain from this property. The fact that the next buy that I make better be worth my time and money. You are right this one kind of is a gamble but what can I do now, other than change the decisions that I make in the future. Thank you for the constructive criticism. 

Thanks you guys! And I agree it's good to follow your heart. 

BP,

I just wanted to share a success story that I have been blessed with having. I was in the military and stationed in Lemoore, CA. Lemoore is a town of 25k people and they are expanding the base and adding about 5k billets to it. Supply and demand I knew it would be a good time to buy.

Tons of people tried talking me out of it but I still bought my first home at 21 for 186k. The cash-flow that I'm getting from the property is just about even right now which isn't the best thing, it's actually more of a learning experience. Although, this is including my property management company too. 

I was able to get the home rented in about a month of me moving out and the process was stressful but relatively smooth. 

In about a year I have about 12k in equity and not to mention all the tax incentives I'll have from the property. Furthermore, with a property management company that is GOOD, I hardly hear a thing about my property. I just get a check for $1102 every month and my mortgage is $1112.   

The point is I bought a house young and am seeing the benefits of owning a home now. I hope to soon be able to get a LOC on the equity in the home and buy another investment property in the Columbus area by June 2017.

Just thought I would share a little success from a young investor, thanks BP!

Hey BP,

I was wondering if anyone on here has bought any property from a Sheriff's auction in Franklin county or just in general. I would like to meet up with someone who has made such a transaction. To learn from because this is something that I am very interested in. Especially with properties with delinquent tax liens. 

 I've have been doing research on such properties and the fact that a 200k house starts out at a 10k bidding war is crazy to me! They say investors make their money when they buy right, well there is some money to be made there! 

I hope I can meet someone soon, thanks!