All Forum Posts by: Wayne Marshall

Thank guys , the rents for similar units in the immediate area are around $900-$1000 except one complex that is $850 but that complex has a very bad reputation , this one is located on a quiet street in a good neighborhood I've been watching this area and I also live in the are I have found far better beaks but seeing as though I'm not a cash buyer and have limited cash I keep getting out bid if I even get the chance to bid at all even off MLS deals I know I won't land a home run on my first one so I'm thinking this is a decent option to get started I will be managing the property and doing repairs I live close by and am have a lot of experience with renovations to putting on roofs I'm prepared to break even and even pay out of pocket a bit in exchange for the equity home prices in this area have been on the rise for a bit now after dropping pretty low , cash buyers have been jumping on everything that's remotely close to a good deal , and I know this is not the best I'm just wondering if this is a decent starting point my mentor says considering the equity it's a good start for the area he has over 15 properties in the area

I'm new to investing have a local investor that mentors me , I'm going to be closing on my first deal and starting to feel nervous and wondering if this deal is a good deal Purchase price $153,000 3 units Unit1- 1 bed /1 bath den living room $750 Unit2 - same as unit 1. $725 Unit3 - 2 car garage $350 Taxes - $5300 Placed on over sized lot bedrooms are very large easily converted into 2 bedrooms all have tenants that are long term no rents have been increased since 2011 average rent for similar apartments in the area are around $900-$950 building has newer main roof (3 years old ) and newer windows comps are 130-220 for the street the appraisal came in at $160,000

I'm new to the investment world as well I will be closing my first deal in by the end of the month I was also temped to buy far away due to a cheaper price range but I came to realize how important and valuable my time was and factored that into the cost of the project and decided to wait until something came up closer to me , I too have spent a year or two talking about investing and getting excited about it but never pulled the trigger , don't be afraid to wait and network with everyone you can in your local area , I made friends with just about everyone I could so I could get the most information even though I feel my network is small It has been a powerful tool for me