Posted by camgere on November 07, 2007 at 07:32:16:
Because nobody will ever love my equity like me!
It’s really the property management issue. I’m used to being hands on and keeping things from spinning out of control. I could probably solve this with the right systems in place and starting small and growing with experience. As a spoiled Californian I know little about snow, freezing pipes, basements, septic systems and well water. I’d like to avoid the expensive kind of education.
Posted by Eric in FL on November 06, 2007 at 06:05:47:
I asked this question months ago and wanted to see what markets people were able to purchase multi’s or single family and achieve cash flow. The phenomenon that is occurring in Florida markets is that there is so much inflated property pricing that the financing in place does not work. Factor in taxes and insurance and forget it. I own several multi units so I understand the “know your market” thing but I have to offer 50 cents on the dollar and they are not “that” desperate yet. I see investors flocking to Kansas City, Detriot, and Indianapolis. I often think when there is an influx of wide eyed investors that spells market problems. Love to hear what others think.
I’m in Michigan and buying for 50c on the dollar is
too much. Right now, 3 bedrooms for 8-15k is pretty
easy to come by. Rehab costs the same no matter where
you are too, so that’s a wash. I’m north of Detroit by
a few hours and the time to buy will be for the next
few years.
Example:
12k house
5k rehab
$600 rent/month
All day long (several times a day).
Posted by camgere on November 06, 2007 at 07:38:10:
>Example:
>12k house
>5k rehab
>$600 rent/month
Kind of puts the $55K I paid for the real estate commission on my rental house in San Diego in perspective. Hasn’t been producing ANY cash flow. Oh well.
