All Forum Posts by: Bobby Beard

I'm an hour west of Nashville. I buy 30k houses drop around 20k in remodel and collect around 600.00 a month. So I could do 9 of those for 450k. 9 x 600.00 is 5400.00 a month. Also I'm not renting them as slums. I have all good tenants that take care if them. I would rather have the 5400.00 and when one is vacant I don't sweet it.. My 2¢..

I'm interested in buying beach homes in Panama City beach. Been down looking a lot just haven't pulled the trigger yet.

Joel if I'm understanding you correctly I should NOT double up on payments etc and pocket all extra revenues? Just pay normal monthly payments?

If so my concern is if I do that I won't be able to grow. My understanding is its almost impossible to go beyond 4 mortgages. If thats the case I would be tied in to 4 properties and unable to pick up any new ones for 15 years.

The 12 unit property I'm looking at currently is in the mid 20's.

Thank you so much guys. Your words mean a lot. This is all kinda new to me. Our 1st rental property was our first home. Our second was my mothers. Technically this will be my first rental purchase. I need all the advice I can get. My business has been slow the last 6 months and I want to build up a rental business to secure a better future. I don't need money now at all. But I may in the next 5 years or so. I plan to reinvest / pay off loans with all monies that come in. I do not like debt! I'm only 35 and have many years to build.

Thank you Bill. I should have a better grasp on the situation on money. I will update as this moves along.

Thank you Joel!

All information I have currently is second hand. The numbers reported may include laundry and other items unknow at this time.

My understanding is he is wanting to slow down and semi retire. He also owns several other business (funeral home etc) other factor is he lives an hour away from property.

My agent is distant family and I trust him. He thinks it would be a fixed 30 year. Also stated with his sign for sale in front of the building (no landlord or leasing sign or number..) that he gets a minimal of 5 calls a week from people looking to rent.
The building is exactly one block off of town square and court house. It is the county seat and a awesome little town that is thriving right now. It was recently highlighted on a show called Tennessee cross roads.

I have a meeting Monday to get more details.

Ok here goes, first post also!!

Found a property about 40 min from me. It is a 12 unit building with 2 Commicial units in the front. It has 4 two bedrooms and 8 one bedrooms. The Commicial units need remodeling hasn't been rented in several years. Current owner uses as storage. It also has a small tenant laundry room. Don't know the income of that yet. The two bedrooms go for 440.00 a month and the one bedrooms go for 400.00. I do believe these are low and could be raised. The property stay at 100% occupied most the time. The current price is 314k my agent believes I could get it around 280 to 290k. The best part is the current owner (since 2004) is president of a local bank, according to my agent the banker would push a loan through his bank with ease and not a lot of hassle. Also believes I could get in with 10% or less down.. The paper work I have shows expenses at 12k a year and NET of 54k a year. This would be more if i raised rents and got the two commicial units rented. The tenants pay their own water and the taxes are 3400 a year.

Does this look to be a good deal?

I have two other single family properties and my current house and they are all paid for. I have no debt at all. Would this property be worth going into debt for?

Also before starting my own business 10 years ago I was maintance supervisor at several large apartment communities. So all work and maintance I could do and save the money.

Please share your thoughts with me!! Thank you!!!