All Forum Posts by: Phyllis Rose
Phyllis Rose has started 1 posts and replied 5 times.
Post: First rental investment: a condo
- Homeowner
- chicago, IL
- Posts 5
- Votes 0
Originally posted by "rentrent":
How about property taxes? Utilities (electric)? Insurance?
Rent to section 8 physically challenged person and you have great tenant long term. You make the money on the buy. In this market with so many preforeclosure and foreclosures, it should be relatively easy to pick something up that will cash flow.
Biggest downfall IMHO, they don't appreciate nearly as fast as SFRs.
Post: First rental investment: a condo
- Homeowner
- chicago, IL
- Posts 5
- Votes 0
Condos are good because they are cheap. One bedroom means you can rent without children, less wear and tear. Most maintenance is already taken care of.
Post: Late Nite TV helped me Start
- Homeowner
- chicago, IL
- Posts 5
- Votes 0
Most people buy the books and tapes, but just don't follow through.
Post: First rental investment: a condo
- Homeowner
- chicago, IL
- Posts 5
- Votes 0
Originally posted by "chupper":
I'm a successful software engineer. Between my wife and me we make about 140K a year. I am the first owner of a 5 year old colonial (460K) put down 90K, pay every two weeks and have a decent amount left over every month.
I'm considering buying a condo (60K) as a start to property investment. I'd put down about 10K get a mortgage for 20 yrs and be looking at 350 a month. In the area of interest (N metro Boston), I see similar units renting for 1000 - 1200 a month, + tax / condo fee (200) giving me about 400 a month income. I'd plan to go in, do the work myself and rent asap.
I also consider multi families, but I can't get them as cheap and not only do I have interior maintenance, I now have exterior as well. It seems that a condo is a _simpler_ place to start in the rental world.
I keep seeing lots of topics on learn the biz then start, but I'd really like to get going, and how do you define "learn the biz?"
Any pros / cons?
If I don't get started with something like this, I know I'll really regret it in the future. (Granted I may regret it anyway) but I'm more of a try and fail rather than not try at all kinda person.
Thanks for any advice.
Post: Late Nite TV helped me Start
- Homeowner
- chicago, IL
- Posts 5
- Votes 0
I bought many late night courses from Robert Allen, Carlton Sheets... and Attended a few seminars before finally taking the plunge. I started with no money down taking over the mortgage of a property that was about to be foreclosed.
Had to borrow $6,000 to pay the mortgage up-to-date. Refinanced the deal, took money out to fix up to rent. Sweet deal, worked just like the books said. Have been hooked every since. First deal was a 3-flat.