All Forum Posts by: Erin Auman

@Jehoha Lewis No, it’s not a low income neighborhood, it’s in a small rural town in Kansas where property is cheap, especially if it’s old like this one is.

@Jehoha Lewis We assumed the loan on it when we purchased it, for about $26,000. We have about $22,000 remaining. It was recently appraised for roughly $28,000. Conservative ARV is $100,000--comps for it are hard to find. I have no idea how to estimate the rehab costs. It’s a six bed, three bath, two story built in 1920. We currently rent it to family for $600 a month. We could probably rent it for $1000-$1200 if we did a full rehab.

@Joe Villeneuve Long story short, right now they are turning into money pits. There’s not much equity, and I’m not sure how to go about funding the rehab that needs done. I feel like I might be at a point where it’s best to just dump them and start new.

We recently had a deal go south, which was disappointing enough itself, but as I’ve been reading the forums and listening to the podcasts, I feel like a big ignoramous when it comes to REI. It’s made me realize that the properties we have probably weren’t good investments, and it’s got me feeling a little discouraged. Any tips or words of wisdom from the seasoned professionals out there?

@Leland Smith Good to know! I think I’ll start diving into offerings a little deeper now!

@Daniel Tisdale Aww, I miss Austin!

@Leland Smith I’ve heard that, but how do you go about making it come?

@Trista Fenner We’re out a couple grand on the deal, so we need to let our cash reserves build back up, but I’ve learned a lot since then!

@Mark Nagel We won’t be able to make it to this meetup. Hopefully next time!

@Israel Torres That is something I considered, I just didn’t know if there were better options that I don’t know about yet.