All Forum Posts by: Ted Jackson

does anyone have any actual useful advice?

sorry about that, I am on my phone now so I would probably be up to midnight

Hello all I have finally, hopefully located that ever elusive first investment. I have actively been looking, but have denied the urge to just jump onto anything that comes my way. So after all the excitement in searching for a property, let me tell you a little about what I have found. It is a 4 unit brick complex close to where I work. 3 of the units are currently rented for 550, 550, and 625. One unit is furnished and stays vacant because they are asking for 1100. The first thing that I would do by the way is get rid of the furnishings and get a tenant in there for the same price as the other units. Anyways, the asking price is 179,000, I have offered 158,000. The unit is in a great location in town, was built in the 1950s. It has been upgraded, passes the eye test outside, has new beautiful hardwood floors, hvac system, energy efficient windows, and is really nice. The funny thing is after scouring the MLS for about 6 months, I actually found this from a local realtor, and it was not on the MLS at all. The owner had merely mentioned that he wanted to sell at some point. The taxes run around 4k per year, and insurance is around 1,000 a year. I would buy it with an FHA loan, put my 3.5% down, and move out as soon as I could legally do so and fill the empty apartment with a tenant. Oh, forgot to mention all apartments are 2 bedroom, 1 bath, and all utilities are individually metered to the tenant, I think around 750 or 800 square feet. It is the only unit that I have found that makes since financially (or at least I think it does, that is primarily why I am asking you guys for help), and that both me and my wife like. Any help would GREATLY be appreciated. Thanks in advance!!!!

I have a dilemna. I want am ready to make a purchase, but two properties have caught my eye. Both are great opportunities, but I can only afford to buy one right now. The problem is this: the property that I want the most is further away (about an hour and a half from home, and 30 minutes from work), and it is actually in another state, complicating the tax situation. Now this home is a better opportunity, but wiith the added complications, I am thinking that the unit 5 minutes away from home is a sweeter deal. Any advice?

Yeah I stole that mobile....also I have guys much more knowledgeable than myself helping on the rehab. All in all I will have 10k into it with rehab, moving, septic etc. it is a 1993 singlewide 14 by 70, 2 bedroom unit. The reason that I got it so cheap was that it needed a roof. I have a co-worker whose husband does roofs and is putting a metal one on for $2400, parts and labor.

Hi guys and gals I am excited because I am in the process of completing my first deal! To give you some background on it, I own a vacant piece of land that I want to place 2 to 3 mobile homes on and rent out (about 1.4 acres). Since the land is doing nothing for me vacant, I figured I would put it to good use. Now the land I already own, I spent 2500 on the mobile that will have to be rehabbed (3500 to 4000) and moved (1450) and septic tank placed (2300). The rent will be $425 a month, but everything will be paid for. If successful I will take out a land loan to pay for the other units to be place on the land. In addition, I am also searching for a nice deal on a single family traditional home to rent out. The single family hunt is going a lot more smoothly becasue there is less work to be done. However, I figured that land was doing me no good sitting there, and I did not want to sell an asset, particularly when I could own it outright. Feel free to leave me suggestions, advice??

is there a limit as to how soon I can sell a house purchased through a home improvement FHA loan, I think 203, being that it has to be your primary residence?

I am looking to buy my first property. I was really not looking for anything this big to start with, but I have come upon 2 eight unit complexes. The first is really nice, pretty much turn key. The rents average $475 a month, there is even a waiting list. The problem is that the asking price is $290,000. The second complex has had two units completely burned, and has a $42,000 estimate to repair those 2. The other 6 are in good condition, and rent for about $450. The rental history isn't as strong as the first, but the cost is only $135,000. I think that the units in complex 1 are undervalued, the owner is old and hasn't increased the rents. Do either one of these even sound like I should pursue from a numbers standpoint?

good questions

1) I didn't come up with 42k, the real estate agent got a bid to fix the fire damage

2) don't know yet on taxes

3) financing through a bank 15 percent down

4) I will fund the rehab slowly, probably fix a little at a tile

5) I could not cut the grass and manage tenants for cheaper than 8 percent

6) all 6 units that are available for rent are currently rented, will know more history tomorrow

7) arc given to me by agent, no confirmation on that yet

I am new to real estate, been researching for quite some time, just looking to get my feet wet. I was actually in the process of putting mobile homes on my land to rent out, when I stumbled upon what might be a golden opportunity. There is an 8 unit rental property available in my area for around $140,000. It is actually 4 different brick buildings, 2 units apiece, built in the late 70s. One of the building has fire damage, and needs 42,000 to rehab. Once completed however, appraisal would be 242,000. 6 units are currently rented at an average of $500 monthly. I am new, and excited, so I wanted to know if it is a good deal, and what to watch for. Thanks for any help. Also the real estate agent I talked to said that they also mange property for 8% a month