All Forum Posts by: Jassem A.

@Johann Jells

I get them from floor and décor. Home depot (online) is second cheapest I've found.

Here's one kitchen I did with them:

@Ramy Man

Yes probably going to have to travel at least 1-2 hours and for 2% the properties will likely need some work.

I do the granite tiles since they are under $2 a tile at one distributer

I just buy the cheapest water heater they have at Lowes when they fail. Usually it is about $200-360. Sometimes I'll buy the tune up kit for $30 and replace the elements and thermostats if I think that's the problem and I do that while there's still water in the tank. I have never bothered with maintenance to a water heater because it's a pretty simple device that will probably wear out either way and it will probably cost more in maintenance than it would to just pop in a new one.

Just run the wire so that it is not double tapped. Should only be like a 5 minute fix as long as you have empty slots which is looks like there is. So you would turn off the main and move one of the two wires to a different breaker. Based on the thickness of the wire you would want to match it to the appropriate amperage breaker. #14 is 15A, #12 is 20A, #10 is 30A, #8 is 40A, etc.

Check that it appraises for 45k and that other similar homes are not selling for less. It's a good deal to me if it's in a safe neighborhood and has the potential for instant equity with a relatively small amount of repair work. If you are paying a premium simply because it's occupied then it could be a bad or average deal.  There is no telling for sure how long the current tenants will last or what kind of mess they will leave you with.

It can be tough. Where are you sourcing your interviewees? 

If it were me I'd take out an unsecured loan for 5-10k or use your tax refund to buy a home. Not really a point in renting when home prices are this low unless you are disabled and also unable to perform repairs. I would avoid anything that is already condemned or looks condemnable because the repair cost at that stage may be out of your reach.

@Ramy Man

Gloucester, Mathews, Middlesex, Lancaster and surrounding areas. Most of the time it will be foreclosures that need some work. It's also achievable sometimes right by the Newport News shipyard but I would shoot for the historic area near Huntington.

Say you live in an area where you can buy a property for 50,000 cash and rent it for 1,000/mo. If you were to buy five houses at 20% down that each produced 1,000/mo you would be at 5,000/mo. Lets estimate taxes and insurance on each property to be 100/mo and P&I to be 250/mo. If you choose to purchase with cash, you can expect to receive 900/mo positive income minus any other expenses that might come up with owning one property, like maintenance.  If you choose to purchase with loans then you can expect to receive 650/mo positive income from each property or a total of 3,250/mo and now you also have to deal with any problems that come up by owning five properties.  Of course when the loans are paid off it will increase to 4,500/mo.