All Forum Posts by: Josh Bakhshi

@Rachelle S.

 you're right on the money.  Atlanta 4-5 years ago was a great time. Now it's much harder unless you go for "less desirable" parts.  Alabama seems to still be a great place and values are picking up.  Remember for every 10% a property appreciates, that's worth 1% of rent (about).

You shouldn't worry how much others paid or if they are making a profit.  If you liked the house and it was worth 110K and your numbers worked out, then you should have put in an offer. 

Remember, there isn't any harm to put in any offer if it includes 7-10 days of due diligence.  You can back out or renegotiate at that time. 

But if other housed are selling for 10K less (apples and apples), then you should be able to find one for 100K or less

Talk to your CPA, but you seem to be correct on 1 and 2.  If your house is going to be an easy sale for an agent, you can tell them that you only want to pay 4-5% instead of typical 6% commission.  Again, everything is negotiable (other than the government)

Why not keep it as a rental?

We have several LLCs in different states.  We do it 100% ourselves.  We need to hire registered agents in states that we don't have PM for, but that's only about 50/year.  It's not worth paying someone 1000's for.  Save it and buy better appliances for your tenants and charge them more.

I don't know the Iowa market that well, but we have a few condos in our portfolio. I tend not to like them b/c of the HOA fees and rules. They might be OK now, but nothing can stop them in 5 years to say that no more tenants or increase dues by $200 which would mean that you are loosing income.

How much more are single family homes in your area?

@Nzinga Hart

 Feel free to share.  I have one in my office and it just stares at me.  Nothing feels better than crossing things off that F...ing list.  Also, it would let you know what is on their list so you don't do the same things by accident. Good luck

Feel free to hit me up with questions.  I'm in Dunwoody.

Do you own, rent or parents now?

Steve, how is your credit? Would you be able to get a 3-4 bedroom house and rent out the other rooms?

Also, you need to treat this like a business.  Dedicate specific time that you will be working on these projects.  Have a To-Do List in front of you at all time as reminders.  Having Drive, Enthusiasm and Excitement are great, but it isn't worth anything if you don't follow through.

the posts and blogs here are better than most books

I agree w/ @Jon Holdman

 If you got all this interest right away, that also means that you are asking too little for rent