All Forum Posts by: Mary Ann

@Zachary H.

Thats my next step to find an investor friendly real estate agent. Unfortunately, alot of the duplexes I am seeing in Tampa look run down or are in bad neighborhoods. It presents other issues to consider. The one Im looking at now was in a great locale, stable SFH community, and lots of outdoor, quiet space.

My hurdle is financing.  I have a loan with a bank now and it is going very well with them, and I may just call them up and chat.  

@Franklin Romine  Thanks for the wise words, yes, definitely will keep that in mind!

It sounds like my only hurdle would be financing THIS or something else. It's hard NOT to get excited about this, but I have to stay level-headed.  I was able to get my hands on the expenses and it looks like this:

Total rents 2014 = 15,245

Total expenses 2014 = 6,000 (prop insurance, terminix insurance, taxes, utilities)

The seller did all his own repairs and maintenance.  

These numbers look good to me, but any thoughts appreciated.

I need to move out of my apartment by November.  It's a problem that gives me room to do my first investment.  I found a duplex that is FULLY rented now, top and bottom floor.  Owner is willing to sell contingent on top floor being vacant beause I want the top floor, and tenant lease is almost up.  I am paying $1400/mo rent now and could be paying a mortgage.  Though, it is a small place, I'd have to sell my furniture (more cash, hello!), it will give me the rent from downstairs to pay the mortgage.  The rent is about $650/per apt, house asking is $135000.  My concerns:  1) should I leave both tenants in there, and find another place of my own? or 2) should I take the upstairs, and if I do, what are some things to consider?  

Im not prepared for both apts to be vacated since I just started a new job, have nontraditional income, and need that security.  The seller wont do seller financing, so if I want this, I have to be very CREATIVE, find a no/little money down option, or other financing.

The duplex is small, in a single family home area, total house sq footage is about 1050.  However, it is just 2 miles from the beach, great vacation rental potential down the line.  

Any thoughts appreciated! Thank you!

Welcome to BP!  Great place.

This is a good one lol

@Dave Bingham 

Great idea about bringing folks together. It was the perfect set up for a newbie like me.  I look forward to seeing the same faces and more next time.  Thank you!

Thanks @Aaron T. I appreciate the welcome and tips!  Still figuring it all out, including finding a home of my own, as my first investment!

Thanks @Jedd Braunwarth 

I appreciate the candid advice and that is why I am on here.  I am not seriously considering it, but exploring.  And all the points you made make sense.  I certainly dont want to make things harder than need be.  Sometimes its easy to get distracted by the big and shiny objects.  My focus is to buy my first rental property, pref duplexes.