All Forum Posts by: Patrick C.

Thanks everybody, i'll let you know if I close on it this week or not (due to inspection) 

@Lee Fahy 

i've been outbid on about 4 property this year. 

background checks cost about $35-$45 ? 

do you manage the property yourself or go through a company? I personally don't think it will be to bad managing it myself, since its only 1 property. some people have told me to go through renters warehouse. 

House is close by south junior high school, and university ave. not the best location, but st cloud has a lot worse. .. hard to find deals, and i've been outbid on cash buyers on several other offers. 

Yea i was planning on doing background checks, and if it has to sit empty for 2 months till i find a good renter i'd deal with waiting.. 

good to know they cant pay water/sewer expenses. 

I do plan on having them get electric in there name. 

Thanks for the map, the house i'm about to purchase is in the red boundary, close to south junior high school.

I do agree everything inside the map is lower income/problems. 

I plan on holding for long term, 

About to close on my first SFH rental property, I still have to get it inspected, and can back out if inspection shows something I didn't notice..

Few things about the house

3 bedroom 1 bath, (could convert spare room to bedroom if egress window is added) all original hard wood floors. 

Will need to replace downstairs carpet, and repaint some rooms inside the house. estimating that at $1,300--$2200 (800sq ft ) i'll do the painting. 

All brand new windows. early 2000's heating and air conditioning. roof is newer. nothing wrong with siding, or foundation. Has GFCI outlets. all new appliances in the kitchen. 

Located in St Cloud not to close to the university but if I can't find a family, I could grab students(if i had to get someone to rent it). 

Normal SFH rent around St. Cloud range from $850-$1200 I'm hoping to get $1,000

Tried running the number a few ways and they seem positive or break even the 1st year and then growth. 

(downside of St.Cloud is you have to pay $500 to convert house to rental property) 

Seller will pay 3% of closing. 

I plan on managing it myself since currently live in St. Cloud. 

Let me know what you think, or if I went to soft on the numbers, ( Repairs 5%, vacancy 9%, ) let me know if you have any rental units in St.Cloud and have problem.

Thanks everyone. 

Both. as of right now i'm looking for my 1st property, and trying to figure out if i should purchase a single family home, or duplex. 

Thank you. 

Hey everybody anybody know of a free spread sheet for numbers(apple) or open office?(excel) 

Thanks everybody. 

Thanks for the info everybody.