All Forum Posts by: Paul Cox

http://www.realtor.com/realestateandhomes-detail/503-N-Washington_Rome_NY_13440_M46391-02895

This one shows the property at 99,900 and shows the rents and some of the expenses

Paul

Marco Santarelli and Ali Boone...

Here is the realtor.com listing for the #1 property I was talking about (http://www.realtor.com/realestateandhomes-detail/503-N-Washington-St_Rome-Inside_NY_13440_M31316-29213?row=62) It shows $119k here, but the listing I have from the Realtor shows it at $99K...Again, I haven't been inside yet so I don't know the condition, but if the rents listed on the sheet the realtor gave to me is correct, they shouldn't be in horrible shape. I need to find myself a home inspector/contractor to add to my team and take a look with me...Thoughts

Paul

Brandon Turner

Thanks so much for the article...It will be a blueprint for me as I proceed down this road...I've just been able to peruse it briefly, because I'm actually supposed to be finishing my final marketing plan for an MBA class I'm taking, but rest assured that I will be giving it a great amount of attention shortly. This already has been an awesome resource...Thanks for your time and help...Looking forward to working with you and picking your brain through articles just like this. Again, many thanks

Paul

Definitely open to other markets, but am a little weary about management of property that I can't keep an eye on...

I think I'll schedule a viewing this week if possible on the 5 unit and let you know what I find out...

Paul

Thanks Marco and Keith...I look forward to picking your brains...

@Marco,

One of the things that I've read and something that is consistently talked about it building your team, so Thursday, I went and sat down with a realtor from one of the bigger brokers in town and told her what my plans were...I get a good vibe from her though she is not currently an investor herself. She gave me a number of listings to take a drive by and two of them jump out at me right now, both of them mult-family units.

#1 is a 5 unit, two story home in what I would call a B- neighborhood for 99,900...It currently has all five units rented. 4 of the units are 1 bedrooms apts and the fifth is a 2 bedroom unit. The rents listed are like this:

Apt 1 = $525
Apt 2 = $525
Apt 3 = $550
Apt 4 = $475
Apt 5 = $575

The property also has an office attached to the premise as well. It needs some paint work on the outside and I haven't taken a look inside yet.

Taxes are running about $3000 and currently the landlord pays for both heat and water...I don't have the figures on what that is costing him as of yet.

#2 is a 2 unit property with each unit being a 3 bedroom apt. This unit is located in a C- neighborhood and definitely needs some TLC, but both units are occupied and the tenants have expressed a desire to stay. The property is listed for $31,900 and the current rents are $525 for each unit and the landlord only pays the water bill. Taxes on this property are running about $3500/year

So these are the two that are jumping out at me right now...Thoughts and or opinions?

Hi Jason,

I retired from the Air Force last September and really wish I had taken a serious look at this when I was your age. Welcome and hopefully we'll be learning a lot of this at the same time. Good luck and God Speed

Paul

Hello,

My name is Paul and I just came upon this site a couple of weeks ago while I was looking for other information through Google. I retired from the Air Force after almost 30 years of service last September and have been taking some time to decide what it is I want to do next. I have come to the conclusion after reading and listening to a lot of Rich Dad books that it is Real Estate that stirs the juices the most. I bought my first Single Family Home a number of years ago after reading Rich Dad Poor Dad and had a very positive experience with the rental property. We held it for about 5 years, 4 of them with a tenant and positive cash flow. We took a year to remodel it little by little and then put it on the market to sell. We made about $16k on the sale and then slid into the shadows. I am ready to get back out there and based on a number of posts that i have read, this site looks like a great education and mentoring site for us novices looking to become professional real estate investors. I am currently looking at both single family homes in my area as well as a number of multi-unit properties. I am leaning towards the multi-unit properties because a number of them can be had for a relatively low price with tenants already in them and which seem to be on the surface creating decent cash flow. I look forward to learning and building some great relationships and any help and feedback will always be welcomed.

Again, hello

Paul