All Forum Posts by: Rob Gleason

@Todd Campbell Thanks for the invite. I may take you up on that offer.

Originally posted by @Andrew Davis:

........Section 8 is not without it's own challenges, you'll want to budget more for capex, and chatting with local property managers who are experienced with the program is fantastic advice!  In fact, I'm taking it for myself :)

Why is capex more with section 8?  Doesn't the program pay for any damages to the property? 

@Arlan Potter , thanks!

@Jerry Padilla  good to know.

@Paul Timmins thanks, and good luck with the new construction

We just closed on our second duplex!  I wanted to wait a little longer to build up our cash reserves a little bit but this deal popped up: duplex built in 1978, 2 beds/1bath each side, fully rented, 5 minutes from our first duplex, retired out of town owner.  It was on the market for 3 or 4 months and the asking price dropped so I figured they were getting a little anxious.  Sent my inspector in and he came back with a laundry list of repairs which I had my agent forward to the owner along with a lowball offer of $40k cash.  He countered at $45k and we closed within a week.

Here's the break down: 

• Purchase price + closing - 46,400
• Immediate repairs            -     700
•                     Total cost.      47,100

Current rents ($450/side) =.   $900 month Expenses

• Insurance                            -  63
• Taxes                                   - 58
• Management.                      - n/a
• Maintenance.                       - 60
• Water/sewer.                        -60
• Mortgage.                            - 0
• HOA. - 0
• Vacancy 10%.                     - 90
• Repairs 10%.                      - 90

Total monthly expense              421 Cash flow.              $479 mo =  $5748 annual = 12% cap rate The plan is to defer other repairs/ updatesuntil current tenants move out.  Budget $4k per side and we're sure we could get $500 maybe $550 per side.  Section 8 in the area pays $725 for 2br/1ba so we're thinking about doing that.  Any thought on section 8 tenants?

This sounds GREAT!  Please add me and my wife Marilyn to the list!

thanks @Brandon Turner !  Just finished watching.  Great info.  Got me thinking about upgrading to the pro membership ????

Can't seem to register.  Is it full ?  :(

 I'm not a lawyer but seems to me any further contact would give her ammo for a harassment charge and I have a hunch it wouldn't be the first.  MOVE ON!  The next deal is right around the corner. 

@Reggie Maggard  purchased for $76k (cash), monthly expenses~ $382 = cash flow of $618/month. Plan is to refinance later this year and role it into another property.

@Mark Brogan  Thanks! Next deal is already in the works ????

@Reggie Maggard purchased for $76k (cash), monthly expenses~ $382 = cash flow of $618/month.  Plan is to refinance later this year and role it into another property.

@Mark Brogan Thanks!  Next deal is already in the works ????