All Forum Posts by: Curt Powell

My wife and I are getting real close to owning our first investment property. We found a house locally that is FSBO. I know the owner owes 50k on the house and is look to get rid of it. After a walkthrough yesterday, it needs a lot of work. A reputable contractor told me that based on what i described and with new appliances, 15-20K. Before seeing the house, local comps research and tax assessor tells me no more than 45K for the house. The house is in a good neighborhood and right by a school/park. But the last tenants didn't take care of it at all and it why the asking price is at 57K.

My question is, do I reduce my offer by the amount of the estimated rehab costs (mainly water damage on floor in mud room/bathrooms) or just run as far away as i possibly can.

Well Russell, if I was looking to get out of it, yes. This house is in shape to rent (may need a fresh coat or two). I'm not entirely sold on the area (hence the 20% discount).

Hello all, Is it common to offer up to 20% below FMV on a house that's been sitting on the market for a while? Does anyone have pointers and experience they could share with me? Thanks!

And I need to know what rent rates are as opposed to my future mortgage/other expenses.

Well the reason I ask all this is because I'm trying to get feel for the price of condo/town homes around multiple populated areas.

Besides a real estate agent, what is the best way to research rent prices in your area?

The main concern I have about starting small is how small? Town or SF? And how small of a price. Houses are pretty cheap where I live but I worry about the quality of the tenant pool. I do have the luxury at my age of living in a house that is paid for so my train of thought says to invest in rentals while I have no mortgage and no kids. Does anyone agree?

While living in Athens as a student (in a rental property) I noticed that there is a dense collection of housing on campus. But like you said, school is in session for only 8 months but it seems ideal on the surface to buy property on "campus." The reason I say is because I know plenty of sophomores through seniors as well as grad students look for housing around campus. But let me ask another question, would it be best to try and find duplexes and town homes in the areas of Athens and milledgeville? They seem to be in abundance.

Hello everyone, I'm new to posting on here although I have cruised around the website s lot. For the lest year or so, I have gotten the itch to buy and hold rental properties for present and future cash flows. I live between two major universities in the state of Georgia. Can anyone briefly share their opinions on owning rentals in college towns, or are you better off in a regular town. Thanks!