All Forum Posts by: Emily B.

While I haven't taken this step myself yet, I would second what @Chad Hovermale has to say about Quest IRA, based on my interactions with one of their executives. Joedy has presented on this topic at my local real estate meetup (Lansing) and has always been helpful and willing in answering questions from all of us in the group. He's based in Mason and can be reached at [email protected] or 517-381-8911 ext 3592. He's been a great help to many of us in the local group.

That's amazing! Congrats! I too would love to hear how you got there, @Emerson Miranda 

I would be interested in how to get this information as well. Ingham or Eaton county.

@Anna Shaver thanks for the resources and clarifications. Those too could be older neighborhoods in my area, but some can be even older than that, as in early 1900's, which I can't say I really want to get in to. Newer homes are more difficult to come by for a good deal, as I pointed out earlier. I think that's why I need to figure out how to understand and read market trends...if there aren't many new(er) homes around, I'm thinking it means that there could be better markets out there that have more growth and options than my area. So much to learn! :)

Thanks for the tip, @Adam Smith !

Thanks @Rick H. thanks for the more thorough explanation on SEV, I appreciate it! I didn't know that wasn't a nationally recognized term.

@Anna Shaver thanks for the tip! I will definitely keep that in mind.

@Bill Gulley well, technically I haven't jumped into anything yet as I haven't bought a property. :)  But you're right, understanding markets is something that I'll sheepishly admit I don't quite know where to look for this type of information. I mean, finding an area's rent rates - does that translate to something as simply as looking at Craig's List postings to get a rough figure down, or are there other places I should look? I've noticed Zillow also offers area rent estimates, but sometimes they seem a bit off from what I may know from a neighborhood by word of mouth. I have seen rents as low as 550/mo (low-end, not good neighborhoods) to anywhere from 700-1,000 for better locations or desirable school districts. In other words, it seems like there are a few sources, but are there other resources I should be looking at instead? To answer your questions, no, I don't know the answer to the % of rentals in the area - how do I find that out?

As for what drives the economy, being in central Michigan it used to be the auto industry, which is now long gone. I think the major employers in the area now are Michigan State University, the State of Michigan government offices, and local healthcare. This is my opinion and observations at this point. I also recognize that this area may not be the best place to grow long-term, which is why I want to better understand how actually analyze a market.

Bill G. I'd like to look at better properties but they feel like they're out of reach. For example, here is one in a good neighborhood nearby, just came on the market. Was built in 06 and is listed at 195k (3 bedrooms, 3 baths, 1,700 sq ft). 20% down = 39k for a traditional mortgage and estimated payments, according to a quick online mortgage/taxes calculator, are around $982/mo. If I use the 1% rule, I should get at least $1,950 for rent and I don't know of anyone around here getting that in rents. This is why I have been asking about understanding how to analyze deals better because to me this doesn't look like a good deal. Maybe I need to look at other areas? Or is it? Am I missing something?

Thanks, @Bill Gulley thanks for sharing some of your property info! It helps to see how others apply some of these theories and make them work. Did you do a lot of fixing when you first bought these properties, or just over time as they were needed?

Is there a certain percent one should be aiming for to put into that long-term reserves fund? I would like to have cash-flow :)