All Forum Posts by: Kyle Forsythe

@Kevin Siedlecki @Mike Walker

Thanks for the input guys! And mike, I was so caught up in the dissecting the verbiage, I didn't even noticed it was sold!

I have lived there the majority of my life, and the location (right next to private school/church) bumps the ARV a little. I also plan on adding a bathroom in there which helps, but you are right. I think 75k would be a max and best case. You are probably correct on the rent, but my current plan is to house hack, take the basement and rent the other three rooms out for $300 each to college friends. Which makes for a nicely cash-flowing property! After I graduate, I make keep it as student housing or simply rent it out to a single tenant. I will plan accordingly.

As for the verification of intended use, how could I find this out? Just as my agent?

Hello All, 

I am a new investor, and am looking to get into the market. This house is in a B+ area, and this size home if in top condition could fetch around 75-80K in my market. Rent would be upwards of 900-1000 depending on condition. 

I found this house and another that I am looking at in my market, but this one has ALOT of wordage warning me to "verify all info". I really would just like some help breaking down the description to make sure I fully understand this property! I understand the majority of if, and it may be there just as a standard thing... BUT I am worried that it is trying to warn me of something and I could potentially get burned. I've looked a good amount of properties in Akron, OH and have not seen one written quite like this. 

http://www.realtor.com/realestateandhomes-detail/1679-Brown-St_Akron_OH_44301_M35771-49703#photo0

Thanks, 

Kyle

I love everyone's input here. If they are good tenants, certainly keep them. I was also thinking in the mindset of avoiding future headaches. I don't know the laws in Lauderdale, can you increase the rent a bit per additional person they move in until they hit a certain cap? It may be something to look into

I agree with JR. Putting a pad in will make the shed last and not rot/fall over forcing you to remove it. Keep in mind, this will add minor expenses to you such as staining and re roofing if it is not metal roofing to keep it nice. 

Check with zoning as well, some places do the +200 sqft requires a building permit and zoning permit. This can also slightly increase the cost of taxes as well. The upside is the shed will generate more income for you in the future with future tenants. 

I would say it is a 100% go, but check zoning and building codes first. If it were me, I would advise them to do a metal roofing because it is cheaper and tends to hold up better over long periods (20+ years). For your concrete pad do a 6" offset from the extents of the shed. So if the shed is 10x10 do an 11x11 pad to accommodate it. 6" deep would most likely be plenty. If you want to do the pad right, get someone who knows how to excavate so its level, it will help the life of the concrete. 

That sounds like a sticky situation. You can get a licensed moderator to read them the contract which takes care of that. So much as them agreeing to things over the phone, or you giving them deadlines, simply get a program to record all of your calls to and from. I would still submit things to them for record purposes in writing. 

Also, keep in mind. I doubt that you legally have to have to accommodate their lack of education/illiteracy. 

Do you really want to keep these guys in your apartment? If they cant read, how sure are we that they will continue to be good tenants and pay?

Thanks guys, I appreciate the input !

Thank you, and no. We won't be throwing big parties, we are all engineers and we prefer the bar scene. I've worked with my hands on a lot, I've put a few bathrooms in and done a whole house's carpets. I could definitely paint, and do the floors by myself, along with the fixtures. 

I'm only worried about the garage because I'm not sure I'll get the money I put into it back out. I'm concerned about the ARV, what is your process for determining that? Just see what other similar homes are going for in the area?

Thanks! 

Hi all, I'm new to real estate investing, but I'm not getting cold feet about buying a property. I think I've found a deal that will work for my scenario (house-hacking until I graduate college) but I would really like to get some input on my numbers, and I've got a few other questions about repairs and the ARV. So, I'm thinking that I can get this property for 57K to 60K and fit 4 people including myself in there. I know I can get 3 people @ 300-350 a month not including electric (I've already inquired a few good friends of mine and they've all agreed to move off campus to save some money) With that being said, I'm thinking this will cashflow about $180 per month, which sounds great to me. My worries lie here; as you can see the property is out dated and ugly on the inside. I really need help here; I would like to paint everything, replace most of flooring (not the hardwood upstairs) to fake wood, and tidy up some of the ugly light fittings/fans. I'm thinking all of that would cost me around 6K-6.5K.... Am I low??? Next thing, I'm scared about the garage... I don't know what to do with it and/or how much it would cost to rehab. I'm thinking slap some matching siding on it, new door, new side door ---> 3k? See link below.

30 year mortgage with 20% down. I have 750+ credit and zero other payments. My dad would finance all of the repairs. He believes in me and is a fantastic father, and would only ask for his money back within the next 10 years, but if it is profitable ill give him 5-8%.

Then after this is all said and done, I'm sunk in almost 70K and not sure if I'll be able to turn a profit.

My two exit strategies are as follows:

Keep it and continue to rent to friends of mine (college students) for a few years, then sell it.

Just sell it when I graduate (May 2018).

Thanks to all, I really appreciate it. I'm very excited to close my first deal, but I won't do it if the numbers don't work.

http://www.zillow.com/savedhomes/for_sale/35467529_zpid/1_pnd/41.186405,-81.288186,40.927002,-81.796303_rect/10_zm/1_rs/1_fr/?3col=true

Thanks,

Kyle,