All Forum Posts by: Kel S

I've never looked into any programs. Instead I've learned a lot here on BP and by asking questions. Honestly, I think there is enough info out there that doesn't cost you anything that I'm not convinced that you need to do a program, seminar or boot camp. A book might be worth the investment but otherwise there is so much info online that I think one could get started after spending time learning from all that available knowledge.

Depends on the property. But if everything looks good and makes financial sense we'll put in an offer on the spot. 3 of the 4 we have now were foreclosures. The other an estate home. With the REO's, most don't last too long so waiting can cost us an opportunity to get the house. If my husband is not available I'll just sign his name on the offer contracts (:

So we put in an offer last week on a REO/Foreclosure. We put in their asking price...cash and no inspection. We were the first ones according to the selling realtor. But then she comes back the next day and says they got 4 more offers and to give our highest and best. What the heck?! It's just frustrating when the banks do this and want to turn these into auctions with bidding wars. We offered exactly their price, plus cash, plus no inspection and ours was the first offer the bank received. I think it's just wrong. Granted I know they can do whatever they want but it's just B.S. in my opinion. And I wish there was some sort of policy where if they put a price out there on a property and the first offer received meets their requirements that they should have to take it. In a perfect world right? LOL!

Anyway, we told our realtor we won't get into a bidding war and that is our highest offer. Haven't heard back but I'm pretty sure we won't get it. There will be others.

One of the properties we are looking at has a swingset in the backyard. My initial thought was to remove it because it may be something that could make us liable should a child get hurt on it. Would you agree? Or am I wrong about that?

I feel like I'm piping in from the peanut gallery over here as we only have 4 rentals including the one we just bought and are getting ready to work on. So 3 that are rented.

Anyway, Tim I like the way you think!!

Terri, I like you already. You and your husband's plan sounds VERY similar to ours.

And Rich, where you said: I think most the real investors on here would tell you that if you had 20 free and clear homes, your rent would be adaquate to live nicely. However, you'd be giving a large portion to IRS, and that is why I prefer to have another bucket full of properties NOT free and clear to offset the income with depr, etc. Rich.

I'm sure my husband knew this...but I just had an Ah..HA moment. Makes perfect sense. Out of our 4 houses, two are financed and two we paid cash for.

As far as managing ourselves. We do that now. But at some point I think we have a cap number in mind before we'd probably have to think about having someone else manage them. At some point...some day we'll get too old to manage them and do repairs. Only in our early 40's now so that's a ways (hopefully) down the road. So far we haven't had to "collect" rent. It's mailed to us instead. But I'm sure there will come a day for that as well as evicting, etc.,

The way I see it is in the next 2-3 years I'd like us to have 10 rental properties. We started Jan of 2009 and have the 4 already so I think that's realistic. Looking at another one tomorrow as a matter of fact.

I would love nothing more than to get to the level where we could retire on the income if we wanted to. Though I doubt my husband would fully retire. He'd probably still do consulting or law to some degree and I would probably still do my internet businesses. But for him not to have to work 50 hours a week or more for someone else would be GREAT! We could travel more and just have a new level of freedom. I wonder if he'd get on my last nerve though if he was home too much? LOL! J/K (sort of). :mrgreen:

In Toledo, Ohio $750 will get you a 3 bedroom (2 if it's larger and in a very nice area) house. Really just depends on the area and school district.

Here is a picture of the outside. We plan on repainting it. It has aluminum siding. Someone at one point repainted it but it's faded. That and I want to spruce up the front more...maybe add some flowers or do something to give it a bit more curb appeal. This is one of the listing photos but I think that tall bush/tree to the left is gone now. I can't remember for sure. Maybe it's still there. I'll have to look next time I'm over there.

We finally closed this week. Now the work begins. I'll try and get some before/after pictures.

Thank you. It's definitely a starter home. I'm excited though for us to have another "project" to work on. We have a quick closing that should happen the second week in April (hopefully). So we'll hit the ground running and start the remodeling once we get the keys :mrgreen:

Once done, hopefully it will rent quickly.

The tiny bathroom is right next to a bedroom. We thought about expanding it. Just not sure it would be cost effective and would need to see how much work would be involved for taking out a wall, etc., I think we'd have to create a new closet for that bedroom also because the closet is on the wall that would need to be taken out for expanding the bathroom. I recall that because at the back of the closet is where you have a panel for accessing the tub plumbing. The pocket door idea is out because on that wall is more plumbing and wiring I imagine.

The attic room has two big windows on each end, heat vents and a closet. So I think it would pass any code for being a bedroom.

I've kind of forgotten what the basement looks like. My husband says it's nice and clean (cement floor). I asked if it's finish-able and he said possibly but the problem with some of the basements in our area is they tend to put the furnace and hot water tank smack dab in the middle of the basements.