All Forum Posts by: Mark R

Sure did Rich they pretty much have over priced junkers. But I'm still keeping my eyes on that site.

Thanks for the reply Daniel but I'm really looking for listings in Atlanta right now. 8.3 cap really sounds nice though.

looking for multi-family commercial listings in Atlanta GA. Can somone PM me some contacts.

Noc

I'd deffinitely rent. There are a lot of hiden costs associated with owning your own home. As a tenant you won't have to worry about that. You can focus on your schooling and your medical career. After you can buy all the homes you want. GL in Med school!

GP,

Thanks for the reply. How were you able to grab 6 rentals with only one under your belt? If you don't mind me asking.

How was your transition? I'm sure if felt odd the day after you quit when the time came for you to go to your former job. Did you already have the rehabs lined up or did it take a bit of time to aquire the first one after you quit?

Noc

Is Real Estate/RE investing your full time job? Or do you have a 9-5 and do RE/REI on the side?

If RE/REI is your current full time job and you had a 9-5 how did you make the transition to all RE?

I am currently in a full time job 9-5 and is planning on doing RE/REI full time in the near future. I need/want a career change and would like to know how others transitions went.

Noc

Sorry Wes but after watching Flip this House and the Montelongos found a "rattle snake" in their yard I'll pass on TX. I can do grass snakes maybe a python at least I have time to get a knife and cut it up but a rattle snake I'm a gonner in minutes. LOL

Hey Zenn,

It's funny that you mentioned your plans as I have practically the same one. I'm in IT as well MIS but I'm planning on moving to the south to pursue RE investing. I need a career change and an environment change. Not to mention how much I hate to cold weather and shoveling snow. There are a lot of factors in why I want to leave IT and NY.

Good luck with the sale of the Apt.

Wes,

This was each month and $600 was on the low side. I usually file my taxes early and I am fortunite enough to get a Chistmas bonus at work but that money was ending up in utilities. So the madness had to stop.

Sure I'd be happy to share.

My parents have been landlords for well over 20 years. Naturally seeing them run the properties while growing up I saw all the pros and cons related to it. The 2 fam that I came around to owning was a small 2 fam. Looks more like a 1 fam but here in NY with the way housing has gone anyone can basically apply for a 2 fam as long as it's not a basement.

The house was a 2 over 2 (2 bed 1 bath over 2 bed 1 bath and basement)

When I took over the property the tenants were in there from the time my parents owned it. The first floor tenant was paying next to nothing and the second floor tenant was also paying below the average and the utilities were covered by me. The house was paying for itself and the tax write off was nice. BUT! As property taxes increased and utilities increased I had to come up with some cash out of pocket each month. With long cold winters in the last couple years the heating bill was $600+ for the months of Jan-April. Also landscaping fee's in the summer and repairs that would crop up here and there. Overall having the house was good but it ended on a sour note. Trying to raise the rent was a no go. The tenant practically cried at my feet when I gave them notice. At that point I new I was either in for them not paying in the future or constant lateness which was already happening. Scheduling payment was also a headach. I'd call and schedule a time for rent pickup I'd be there and they wouldn't be. One tenant I'd only deal in cash b/c I could not trust her. She had already tried to short me on the rent once before. After a few years of dealing with that It was time to sell. Best thing I did.

Oh and the straw that broke the camels back was that fact that the top floor tenant's relative broke into the first floor and second floor ransacked the place and acted like it was a burgler. The police knew what was up and no one was arrested. But that did it for me the next month that house was on the market SOLD.

The funny thing is that the top floor tenant was recommended by a real estate agent too. No more renting 2 fams for me. IF I ever do rentals again I'm going after 12+ unit apts and have a management company run it.

Let me add so that everyone does not think this was a bust from the start. The sale of the house made for a nice piece of pocket change :wink: It was sold at perfect time. The house was in the family for over 10 years.