All Forum Posts by: Robert Arquilla

@Sarah Ferguson

Thank for your input. That’s a good point about the screened in area and two car garage that should definitely help. I like that a lot of the big ticket items have also been recently replaced.

Warren seems to be coming back to life slowly so I think it may be a good spot for someone starting out or like you said a couple who just doesn’t need a lot of space.

Thank you and have a happy new year!

@Daniel Jewell

That makes sense. Thanks for the help!

@Daniel Jewell

That’s a good point I haven’t really thought of. I

One concern for me is the size of the house. Do you think that has an impact on rent-ability?

@Zeke Liston

Thanks for your input! Their number is listed so I will give them a call and see what I can learn.

@Shawn Cordes

It’s good to see another northeast ohioer on here. Welcome!

@Zeke Liston

no this would be a typical 30 year fixed mortgage.

Here is the house:

Zillow.com/homedetails/1848-Lexington-ave-nw-warren-oh-44485/35541141_zpid/?

Here’s some info I gathered:

PROS

The house is in a fairly quite neighborhood maybe B- or C+. Just had the water heater, furnace and AC replaced. It looks like an older person owned and took excellent care of it. Basement was waterproofed (not sure when).

The house is affordable 36k it’s being sold by the owner and has been on the market for over 200 days. The owner has been trying to sell it since 2013 listed at 50k and has been reducing ever since. Any tips on negotiating for this type of circumstance?

CONS

School district isn’t all that great. The house is small.

I guess I’m wondering what you guys think about a house this small? Is it worth it? It looks like it should rent for around 575-625. Would it help to add a bedroom in the basement? Anyone have problems renting a smaller house?

Should cash flow around 100-150 per month conservatively (could be closer to 200) figuring on less of a percentage for capex for the first couple years due to the upgrades.

Thanks!

@Lee Castro

Depending on your market possibly a rental. I'd look for a duplex, use an FHA loan with 3.5% down and move in that.

I live near a fairly cheap market (40-50k For a single family house) and after 15% down plus fees your 10k would be gone with no contingency left.

If you want to flip look for a partner or use hard money.

@Jon Hill

I’ve been doing a lot of listening to books. I have an hour drive to and from work every morning so I put it on 1.5 speed and I can really make some progress.

As far as the $100 per month I have been thinking about starting a small company of some sort. Right now I have been looking into starting a supplement company focusing on small batch high quality protein powders and pre work outs with a military theme but not really sure so I’m just seeing where 2020 takes me and I’ll figure it out as I go.

@Jon Hill

Mine are actually fairly similar to yours.

1. Read/listen to 5 books per month

2. Date night with my wife once per month

3. Buy my first rental before thanksgiving

4. Find a way to create an additional $100 per month.

Good luck to you in 2020!