All Forum Posts by: George S freeman
George S freeman has started 6 posts and replied 30 times.
thank you so much i appreciate your response this helps a lot
is there anyway for me to get in if i dont have the 70k or just save save save!
Quote from @V.G Jason:
Hijacking thread, as it's relevant to myself & others I imagine. How much money do you need for the following, assuming all single family homes:
1) 150k investment house
2) 250k investment house
3) 500k investment house
4) 750k investment house
5) 1mil + investment house.
For option #1, my math was the below if I want to buy in an LLC:
$37,500(downpayment)
$5,600(approx 5% for closing costs on remaining loan amt)
$6,750(rent reserves assuming 1500/mo rental for 3-6 months)
$10,000(capex reserves just to start)
$1,500(LLC formation)
$2,250(45-day estimate to rent out property losing rental money)
$1,500(1 month payment to property manager for tenant placement)
$1,800(monthly management fee 10% of $150 for 12 months, paid monthly but allocated annually for budget)
So just under $67k.I imagine this math plays linearly to other properties at different price points?
Quote from @George S freeman:
i live in las vegas ! i just bought my first house in Henderson for 330k
i live in las vegas ! i just bought my first house in Henderson for 330k
Quote from @Bruce Woodruff:
Impossible to answer when you give us zero background info. Where are you? How much are houses/apts where you live? How much do you make/have? Do you want to invest OOS?
Basic answer - take the average house price where you live and save up 20% of that number. If you are in a real expensive state, then move and find an affordable area.
Hint - More important than money is knowledge..
Post: investment rental properties
- Posts 30
- Votes 12
i live in the house i'm not renting, this is my first piece of real estate
Post: investment rental properties
- Posts 30
- Votes 12
Investment Info:
Townhouse buy & hold investment.
Purchase price: $336,000
Cash invested: $15,000
2 bd, 2 ba 1600 sq ft townhouse
What made you interested in investing in this type of deal?
first time homebuyer
How did you find this deal and how did you negotiate it?
living in las vegas
Lessons learned? Challenges?
i would like to get another one as a rental
Post: investment rental properties
- Posts 30
- Votes 12
Investment Info:
Townhouse buy & hold investment.
Purchase price: $336,000
Cash invested: $15,000
What made you interested in investing in this type of deal?
first time homebuyer
How did you find this deal and how did you negotiate it?
living in las vegas
Lessons learned? Challenges?
i would like to get another one as a rental
Post: investment rental properties
- Posts 30
- Votes 12
Investment Info:
Townhouse buy & hold investment.
Purchase price: $336,000
Cash invested: $15,000
What made you interested in investing in this type of deal?
first time homebuyer
How did you find this deal and how did you negotiate it?
living in las vegas
Lessons learned? Challenges?
i would like to get another one as a rental
Post: Long distance landlord
- Posts 30
- Votes 12
Quote from @Amran Musaid:
I live in California but all of my investment properties are in Michigan and so far the biggest hurdle has been finding a good property manager. I’m on my 5th property manager right now and at this point I’m seriously considering self managing and just installing smart locks and nest thermostats on all my properties that way I don’t need a property manager to pick up or hand out any keys or do I need them to make sure the heat is on when a tenant leaves in the winter. I’d love to get some feedback from all of you long distance landlords out there.