All Forum Posts by: Bobby Woell

Hoping to make the next one

I’m brand new to BP and REI however, I did grow up on beachside in Daytona Beach, still live locally here and my profession is law enforcement. I can’t tell you anything about REI but if you have a question about an area or neighborhood, I could offer an honest opinion.

Larry Fried - Thanks for responding. I’m in Central Florida, specifically, the Daytona Beach area. I estimate my cost out of pocket to be $750 a month on the high side. A new lease for $1000 a month was just signed. Worst case scenario, I’m looking at $250 a month to put aside for repairs. I thought that was pretty good but I’m new and here for advice and experiences others have had. Also, I’m responsible for maintaining what is inside the interior walls. HOA covers building insurance, roof, exterior paint, grounds, pool, parking lot, etc.

I was approved yesterday at 5.7% for a 30 year fixed on an investment property. 20-25% down.

I'm not a risky investor. In fact, I've always just put my money in a savings account. I'm looking to purchase a rental for under $100,000. I have my eye on a turn key $90,000 condo which rents for $1,000 a month. Mortgage, HOA, taxes and insurance will cost me roughly $750 a month. Seems like a good investment to me.

My only real estate experience is buying my first and only house in 2006 when I was 23 years old. Within a year, the market crashed. I grinded my way through that but I never saw the crash coming which makes me fear another crash is coming right after I purchase a rental. 

Anybody with similar experiences and ways you worked through the fears would be greatly appreciated.