All Forum Posts by: Todd Ayers

I don't see the fire starter under my goals on my dashboard.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $62,000
Cash invested: $9,900
Sale price: $57,200

This house is roughly 1030 sqft. It is a 2bd 1 ba home with 9ft ceilings. This is basically a turn key property. We only had to do some minor painting. The deposit is $500.00 and the rent is $700.00

What made you interested in investing in this type of deal?

The ROI is 22% when i ran the numbers.

How did you find this deal and how did you negotiate it?

We found this one on Zillow. the owners listed it as for sale by owner.

How did you finance this deal?

We paid our own down payment(out of pocket) and financed through our local bank.

How did you add value to the deal?

I made an offer. They appeared to be very motivated sellers.. they were making 2 payments and needed-wanted to get rid of one.

What was the outcome?

We got a great updated rental.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

None. This was a fsbo.

We are in the process of buying a property for a rental. It has a very nice size storage building on the property. Would you charge additionally for using the storage building or would you just include it as part of the overall rent.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $70,000
Cash invested: $14,459

We purchased our first rental for $70,000. We put 20% down and financed $57,000. We invested $5000.00 and it appraised for $90,000 after rehab. We are getting $800.00 rent in this one.

@Kenneth Garrett we are trying the BRRRR method. It appears to be a very solid way of building slow and steady, even though, it is easy to get excited and want to keep moving up and up.

@Nathaniel Hovsepian we are improving the value. We purchased the house for $70,000 and it appraised for $76,000. We put the standard 20% down and after the rehab it should be worth roughly $90,000. I live in a small town of only about 13,000 in the city and roughly 33,000 in the entire county, but the market is rougly 42% rentals here. Which is nice. they dont sit empty for long. We just purchased in January so I will give it a couple of months and see about the cash out refinancing option.

My wife and I saved enough money to put a down payment on our first rental. We are currently remodeling it as of this writing. My question is this, So we saved money, bought our first rental but have no money to buy another rental until we save up enough money again(12 months roughly). So how do folks scale so quickly? At this rate it will take us years to build a sizable portfolio and I will be 47 this year. I have read much about finding others with capital but when you do that but have no money to invest with the other person investing, what would you really be adding to the investment?

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $70,000
Cash invested: $14,459

This is a house my current wife used to rent when we were dating. I lived here for about a year and then we bought our first house. This one came up for sale, so we bought it.

What made you interested in investing in this type of deal?

We knew the house so it was easy to purchase and we had to start somewhere on our investment journey

How did you find this deal and how did you negotiate it?

The owner had just removed it from the market but responded to a message I sent her and said she was still willing to sell it.

How did you finance this deal?

I used a bank I currently bank with.

How did you add value to the deal?

She was asking $79,900 and I offered her $70,000 and I pay the closing costs which were $1500.00. Afterward it appraised at $76,000

What was the outcome?

We bought.

Thank you... one last question... If I did not use a real estate agent to buy the property, would I still go to the agent to get comps?

I have read much about viewing comps when researching a property. what exactly are comps and where do you go to "view" comps for an area you are researching a property in?