All Forum Posts by: Juan Avalos

Hey everyone! so after months of research and stuff I decided to land on the Detroit Investment scene :-) I am in contract to acquire my first ever rental purchase! its exciting and stressing... " did I make the right choice" " Did I buy in the right neighborhood" " Will the home continue to produce cash flow" " How much money do I need to put in to keep the house alive".. FINALLY I said screw it and made the purchase - I have great credit but didn't use it because if everything works well I plan on leveraging down the line with a multi in Detroit --if any newbies want to link up about Detroit properties let me know!  so here's a quick breakdown of the property I bought

Purchase price - $25,500 ( Cash )

Closing cost - $1500

Taxes and Ins are or will be - $1500

Renting with tenants in place ( they will stay)- $750

PM- 8%

All utilities paid by renter and lawn as well

Vacancy should be - ?

Maintenance should be- ?

Misc- ?

am I missing any other cost I should calculate in this?

Of course with this price home needs some love, but it works enough for the tenants to stay for now :-)

Hey everyone! Just wanted to know HOW DO I KNOW if the home inspection done on a home I'm trying to purchase is considered " a good buy " " fair buy"  or " GET OUT AND RUN"  :-) ..  what are the main things I should look at ? here is some stuff that jumped at me

Roof sags a little

Chimney is poor condition

Interior walls have some cracks

Floor squeaks / unlevel

bathroom fixtures need replaced

low water pressure from bathtub

water pipe condition leaks

No garage

no termites

no asbestos

Mind you this is a $30k home I'm buying and have tenants already in it paying $750 a month. Is this worth it?

Thanks

SWEEEET!

What is you mortgage payment on the remaing balance? - Congrats!

Hey everyone!  curious as to what do you guys think!!  I have $30k CASH - now should I buy a single family home in the Detroit/Cleveland are or use as a down payment on a multi unit in a slightly better place/neighborhood?..  obviously the pros of buying is cash is that I wont have any Mortgage payments but its a potential for bigger repairs down the line/ low grade tenants / etcc,... what is a better outcome ESPECIALLY since this would be my first investment property.

Thanks!

Hey everyone and GM!!  So I'm a little stuck!   I have around $40k cash!  Should I invest in a Detroit and buy a cash house/duplex or use that money for a down payment in a better place through ROOF STOCK?  Also has anyone heard of CITY MANAGEMENT GROUP in Detroit?

I have found some houses n Detroit for $25-30k cash that might need less than $5k to be livable in and can get around $600-700 a moth. Then again I look at roof stock and they look all clean and ready to rent out but of course are more money to buy ( $80-90k)  but the rent on these I can get from are from $800-1000 which is almost the same I can get from the Detroit deals with $50k less !!!    I'm ready to invest and just put my foot in the door, but I'm leaning towards Detroit this way I wont have any Mortgage payments :-) thoughts?

Quick question to my fellow biggerpocketeers ... I have $20k cash but have $11k in credit card debt.

Should I invest in a rental or pay off my CC first? Your opinion and why

This does not even hit the 1% rule :-|

So my loan officer tells me I'm approves for $150k but I saw this property or $50k duplex and he said he cannot do it because with me giving 25 % down it would only come out to $37500 loan.. is this true all across Real Estate? no home loans under $50k? I have 700+ credit score.

@Frank Geiger If I get a mortgage in my first property and needs little to no repairs how do I get another loan on it?.. or are you kind of hinting of how BRRRR works?