All Forum Posts by: Jerry W.

@Account Closed , I am not much help from where I live but here are a few suggestions. 1) Start looking at as many houses as you can that are on the market in neighborhoods that are not gang infested. 2) Check out rental rates everywhere you can in the same areas. Until you really know what what houses are selling for in the areas you want and what houses are really renting for you don't have any way knowing a good deal when you see one. talk to others about why they did or did not buy a certain property. Get your financial statement forms filled out (I hate doing those) so you are ready to get financing. Figure out your plan of what neighborhoods you will try to buy in and what size of house, and how much you will pay for it. Determine are you going to keep and rent, or flip, or wholesale? Figure it out or have backup options ready. You may not be ready to buy or make an offer now but after you look closely at 100 houses you will have a much better idea of where to start. Look in the legal adds on foreclosures, go watch a few auctions, and look at the property that sold. Get where you can guess what they will sale for. You might want to start with a ready to rent that you have researched and can make a decent rental income, you might get one that needs paint, carpet, and some lawn work. If you see one that you think is really the one you want, run the numbers past the BP forums here. Be careful if you go to buy a non listed property some states have special rules for those who have a realtor's license, find those out. Hope this helps.

@David C. , welcome to BP. You are going to love this site. I had done minor RE investing for decades and was amazed at how much I learned in just weeks. I have not mastered the link posts yet but go to the learn section and scroll through the posts it is a goldmine of information on nearly every facet of RE investing.

@Andrew Bradley Welcome to BP. You have a great area to begin real estate in. I am doing my diligence and hoping to begin buy a SFR or 2 in your area. Good Luck.

@Robin Schumacher If you are looking at retirement in 10 to 15 years and you dont like taking on debt, maybe you want consider 15 year financing. If you can get cash cash flow even if its low, it still gives you the ability to be debt free by or before retirement. I would leverage to some extent even if its only 50% of purchase price as it will enable you to buy more properties to be paid off by retirement.

@Derron Taqee Welcome to BP be sure to surf through the learn tab for many great articles. there is some real opportunity in Chicago at this time.

@Will Ksander as just a brief reply it has to do with housing prices versus rent prices. If decent 1200 sq ft houses rent for $600 per month in 1 state and cost $100,000 you dont make a cash flow, if you can buy them for $50,000 you can make a tiny cash flow, If you can buy them for $30,000 you can make good cash flow. There are lots of variables like demand, housing inventory, but prices for houses is a huge factor. Colorado houses tend to be higher per house as compared to some states.

@Tim Pommett , congratulations on graduating and your new job. First let me say I am in favor of debt to make more money. In your case do not spend money from a career you don't have yet. If you borrow money and buy a rental, then hate your job or coworker, or location where you live you are in trouble. If any recession happens you are newest hired and first layed off. Get settled in, read and learn about real estate, study the market you are interested in, get your car payed off, etc. After holding your job for at least 1 year then look at buying. Having a job for less than 1 year will probably impact your ability to borrow.

@Lear R. have an agent buy it for you.

@Patricia Franciulli , I noticed in another thread you flip a lot of houses. I am doing my first rehab to sale and bought all stainless steel appliances for it and am considering staging it if possible. You don't do any of that to sale your flips? What type of buyer are you aiming for?

Great buy @Suzette Lowery , I am on an internet posting for Sears and about 3 times a year I get a 30 to 40% sale. I buy lots of refrigerators it seems lately. I can get a standard 18CU top freezer for just under $400. I have gotten some good deals on floor models from Home depot too.