All Forum Posts by: Sean Ploskina

I generally accept not seeing every unit until I make the offer and having the inspection done.  In my experience the outside always looks better than the inside of the building.  So my walkaround gives me a good starting point for expectations.  If the outside has damage or unclean I promise the inside is worse.  If you are working with a realtor make sure that their is clause with your right to break the contract based on the inspection.

I would buy several smaller properties as the cash allows.  This will allow you to refine your skills with less financial impact when you screw up.  I jumped in and bought a four-plex with my first purchase and of course made some errors that are still costing me. 

I have since gone back to SFHs in my area which cash flow well and allow more chances to go through the process of evaluating and holding.  

Also I consider current money more valuable that future money, so getting the 200-300.mo from a duplex now and adding that to your income would be more beneficial than waiting years to save up for the 8 plex

Can't say I am there yet but my plan is to quit at an income level that replaces my paycheck +30%.  This would allow for continued growth every month or a really bad month. 

Wow thank you susan!  That is a lot I had not considered.  I still have many steps to go.  This would be for a personal home, not an investment. 

There are some banks around here that will cash out refi on a non-occupied property.  I recently used BB&T to refi a subject-to with cash out.  I did own it for nearly two years prior to doing the refi though.

Also 20k to make something 'rentable' sounds like more than smoke smell and pee. I would get an inspection and make sure there is nothing lurking.

What considerations should I be making before buying raw land to develop into a future homesite?  This would be mostly wooded land.

How hard is it have utilities installed?

How far out will water and sewer be run by the county?

Thanks BP!

I would most likely get out of it and try to find a different area.  True you had a uniquely bad experience but if the market there will allow you to move, I would do so.  I sympathize being in Virginia Beach, a massive military area.  If you are going to keep it I would look hard at your management company.  They seem to do a poor job screening tenants.

Mortgage 1350

Insurances 308/mo

Vacancy 185(10%)

Repairs 185(10%)

Capex 90(5%)

Management 185 (10%), remember to plan to have someone else manage for future flexibility

Total 2303.  

Pass on this one.  Unless you plan to never have a repair or vacancy ever

Read!  Read about as many aspects of real estate as possible.  Then you will know a little about everything in the industry and be able to decide what you want to do.  

Get a job somewhere in the industry and save that money to use in your future investments.  You are 16 and should have relatively low expenses.  

Connect here on BP, Duh

Welcome to the game.  Post your questions this place is a great resource!