All Forum Posts by: Andrew Jones

40k! Why would she be asking for 40!? So the seller falls behind on her commitment to pay and then wants to be paid 40k. Amazing.

Nice one. Seems like a great deal.

Just an update. My final offer is in place and I will be hearing back from the seller tomorrow morning. I am getting credit at closing. Again I appreciate everyone's responses. 2% and 50% guidelines are more than satisfied. I also know this area well and have another rental propert near by.

I wouldn't need much to feel rich. I think 10k in monthly passive income is all I need. I hope to get there in the next 10 years.

Hey Bryan thanks for the replies. My deal with seller so far is that I will present him several things that need to be fixed along with quotes from contractors I know will get the job done right and he will use them to get the repairs done and pay them. Is that what you meant?

75% with long term cheap money.

Hey Adam,

Nice Internet bussiness!

First, I would just say start of slow with little amounts of money. It sounds like you have a lot to invest and you don't want to lose a big chunk.

Second, this aversion to cash flow is very strange to me. It is very difficult to say which area will appreciate more and its more like gambling to me.

Lastly , don't buy any expensive courses there is tons of posts about you area on BP and lots of BP members are in your area so I would seek them out. So to answer your question on whether you should invest local or out of state I would say local.

Best wishes,

If the rents are $700 then I would purchase at $35,000 or below. Assuming there is no repairs to be made which is rare.

Just an update. I inspected the property today. I had a professional inspector and a termite report done. Seems the roof and fawning need to be replaced which I will be requiring the seller to fix before I take title. Also I will need to replace all the carpet. So I will be looking into what type of flooring to install. I saw a great thread recently on this subject which I will read over. I wish I could put in painted and sealed cement.

Another group I would look into is called FIBI (for investors by investors). They have many chapters. I regularly attend there meetings and there is no one selling crap. Just networking and maybe a presentation of what someone is actually investing in. They charge $10 to cover the cost of the meeting room and nothing else. Actually a guy I met at a meeting recommended me to join biggerpockets!