All Forum Posts by: Angie Brown

After finally settling in with a REagent who is willing to scout out properties for me long-distance. I'm ready to put in an offer. I remember 6 years ago looking for a deals on a SFH in the same area and couldn't find anything where numbers would leave a profit. Now boom, there are several on paper that will bring a profit of $250-$500. I just hope I haven't missed anything.

Thanks @Carlos...I changed my profile. @Bill, yeah I did explain everything...honestly I think she doesn't want to sell for that low of a commission and now I'm asking her to take some pics, that might be the final straw for her...in the mean time...I'm looking for another agent.

@Steve...what type of agreement is normally signed btw agent and buyer?

@j scott...once an offer is accepted then I plan on flying into town and overseeing the inspection and maybe take a look at other back-up properties. I did explain to the agent the one property we have, we purchased w/o seeing it and it worked out well as expected being that it was our first property. Seeing the property first wouldn't have made us one difference since we weren't living in it anyway...just as long as property was rentable at the price we were looking for.

ps...not looking to rehab or flip, but people to do minor repairs stuff, painting, carpeting that sort of stuff.

@Jon I live in CA, but grew up and lived in STL until 2004.

I'm am looking to buy investment prop within about a 5 mile radius of where I grew up. The first property is in this general vacinity. Problem is I found a property with 1 pic online, numbers look great online...actually has a tenant currently paying $650 which still leaves me about $300-$350 profit/month. Other agent says owner won't show property until they have an accepted offer. I'm ok with that and want to move forward like yesterday!...in general pictures of potential properties are good enough for me, but it is more important to me to be there for the inspection and walk through with my "rehab" people.

Just got off the phone with a potential REagent. We have been talking for about a week, her paper work to have me work with her exclusively just arrived today. She is displaying some reluctancy on putting in offers that I haven't seen. Also with viewing property, taking pictures and emailing them to me. I live in CA properties are in the midwest. I'm not sure what to do. Do I just call every agent in on the internet until I find someone else?

@Thomas....I have always written off trip expenses when taking care of my rentals.

Wow!!! Jon that was absolutely fabulous! Well said. Thank you for breaking everything down. Recent years I have done my own taxes and there has been years we carried a profit maybe 2 of the 6. One year when we first purchased our property we used HR premium, to give me a guideline of the years to come. I've always shyed away from those types of tax agencies, b/c (in my experience) they do little more then punch in numbers. I will be seeking out a CPA immediately. I am trying to formluate a plan, a long-term plan investing in real estate. Thank you for breaking down all of the numbers. It's a funny thing that in the few days I've been on this site I've tried to figure out this 50% rule and 2% thing and it didn't quite make since to me until now, however, having one property already under my belt I KNOW this is a good deal.

I personally wouldn't take the risk. Nothing seems to really stand out strong with this potential tenant ie: stong rental history, makes a lot of money, strong employment (working for his family might as well be self-employed).

If the 1st potential tenant makes "good money" then why does the brother have to make 2.5x the rent? and does "good money" cover his expenses being newly divorced? too many what if's for me.

@Jon: If we have a positive it gets added to my income. Is it not profitable to create a business to write off additional expenses to lower my taxable income? specially the rental income? if not with $700/month what about $7000/month? At what point do I need to seperate my rental income from my personal income?

@Steve: Feel free to chime in too...my hubby works for the DOD (dept of defense) and receives military retirement.