All Forum Posts by: Bobby Shell

 I would need to find the piece of paper he wrote down, but  a few are

1. No lead based paint

2. Copper Wiring - not aluminum if I remember correctly

3. open floor plan - kitchen and living room open to each other

4. master room on opposite side of other bedrooms (seperate kids from parents)

5. Roof/AC/Furnace/Sump Pump - if the age is not good, get the price down, you will pay.

6. Hardwood - can be expensive to maintain and update, get vinyl or tile for easier maintenance.

7. Ranch Style - the older people get, the less they want to walk up and downstairs (ranch style typically sell faster)

8. termites - check for termites if your state has them - GET A TERMITE BOND (dad sells in florida, so this can be a 30-40k mistake if you make it)

9. Get a west Facing Home (if you get snow) that way your driveway snow and ice melts (other people on our street have it freeze! Scary)

HE gave me about 15-20 things, I can't remember them all, most are not obvious, above are some of the obvious ones!

@Coral Downie been on 3-4 calls learning about them. I like how their numbers tools on the site project and assume higher taxes , etc on site

I want to use it but still waiting to see more good reviews and find some 2016+ homes in good condition

@Marcus Auerbach agreed!

@Khari Lewis 6 months of living expenses based on your income for sure. I may even up it to 9 months since you are investing.

I always keep 3x my rents in the bank acct.

@David Serna this is great outlook. 12-18 month forecast looks good.

Not sure if this is true, but should spark your interest, but I was told freelance jobs do not count in these numbers? Is that true? Something like 20% of people freelance. Maybe they are lower? Maybe America is crushing it.

I think the economy is strong and we have another couple years personally

@Steve Rozenberg my dad is a realtor In pensacola Florida. I live in Colorado. I am getting my first out of state rental this month and I plan to continue out of state. My dad being apart of my team is a big reason I am confident to buy out of state.

I am considering doing roofstock for my next rental. Still doing more and more research though :)

@Rene NA there are very fast growing area outside of Charleston that are much more affordable than 700-800k. Get the app mortgage calculator plus.

Run two scenarios

1) 700k home, enter your % down and taxes etc

2) 350k home, do the same

You will see the lower price point is a better start. You can find lots of the south, and southwest of Charleston in some of the newer upcoming areas.

I have friends out there so if you have Q I can get you some more info as well

@Chibuzor Alumba

Yes! Facts. My father who has been a realtor for 16+ years has a massive list of things any home I buy MUST meet. When buying a home it’s not for myself it’s for the resale value and likability for renters and future purchasers. Luckily these desirable things make me happy as well.

Our first home we bought, which is now a rental, we had the same experience!

Sounds like you may should consider house hacking and improving it yourself and save as much as you can. I would accept that challenge, bit the bullet for 3-4 months then rent it out

@Lance Bean basically it allows you to sell your property and not pay taxes because you are putting those funds directly into the next property.

Here are some tips: https://www.investopedia.com/financial-edge/0110/10-things-to-know-about-1031-exchanges.aspx

@Amanda Vu

Look closely at the taxes in New Orleans. My wife and I got engaged here and visit yearly, I’m from pensacola Florida.

Taxes are so high it makes rentals tough imo.

This is what turned me off. Other areas of Louisiana may be more advantageous