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My Daily adventures in rental property investing fMy Daily adventures in rental property investing fFollow me on my rental property investing experiences ups and downs as I try to build a million dollar rental property empire starting with no personal money. Articles
Everything to erased!
2007-05-11 03:16:00 Well everything got erased on my blog so I am going to start from scratch. I have a lot to catch up with and tell you so stay tuned. More About: Ever , Erase , Thing
Big Money deals and the dreaded call!
2007-03-09 22:53:00 Well I have been finding some great deals over the past week or so and am still gathering information on them to see just how great they are before I dive into them. Its been a week or I should say a couple weeks of consolidation going over receipts from last years end before I had checks for the business checking account and have found that I lost or don't have some of the receipts for the cash More About: Money , Read , Deal , Call , The D
More properties and the books!
2007-03-05 22:25:00 Well I am checking into more properties see below, and doing some books before my checks arrived there was a flurry of money orders sent out so I am figuring out what went where to get that all straight. I am sending out deposit slips to my property managers so they can deposit my rents into the bank account instead of having them come in the mail to further automate the process. Here are some More About: Books , Book , More , E Book , Properties
Looking at some NEW property, rent received!
2007-03-02 16:36:00 While things are going on like deciding what to do with property 3, paying the insurance on property 3 and paying the water bills on property 1 and property 3 as well as the taxes for property 2 and going to the mailbox to pick up the rent check received for property #2 I have been looking for property 4. I came across a fixer that is up for sale at the price of 30k. I don't yet know how much More About: Property , King , Rent , Look , Prop
Rent Received and other news!@#
2007-02-27 00:07:00 Well I got the rent or most of it for property 1 and property 3 today. There was some minor repairs done in all the units in my 2 unit. Some plumbing and a thermostat replacement. Just trivial stuff but it added up to $100 or so. I am only owed a small amount of back rent now so as soon as that comes I may switch management. As I was going through the expense sheet he sent me the numbers didnt More About: News , Other , R News , Rent
Whats up!
2007-02-24 22:47:00 Not much going on here over the past few days. Still waiting for word on the line of credit, I don't know how long they take. Waiting on a final decision to see what I will do with my property up for grabs. To tell you the truth I really don't want to sell it now that I have had a chance to mull it over. Its just a property that is too much of a good cash flow to flip off. Its one of those More About: What , Hat , Hats , Whats Up
Lines of credit the Rent is coming and what ifs??!@
2007-02-23 00:24:00 Today I spoke with my property management company for 2 reasons. 1. To see where my rent is for property 1 and property 3. The secretary said the check went out in the mail today. I am still pursuing and talking with the new management company. More on this as time goes on. 2. To coordinate a time when my property manager can show a prospective buyer the property I have for sale. My plan is More About: Credit , What , Hat , Edit , What If
Playing with the Numbers!
2007-02-21 21:59:00 The offers are coming in still for property #3. The more I think about it the less I want to sell it, anyway if I can get the price I want its gone. Never become attached to a property because there are always more out there that will make you money over and over. Tomorrow a meeting at the bank should get a line of credit to move forward with more properties. If I sell property #3 it will pay off More About: Play , With , The N , Numb , Numbers
Rents Late! Whats the problem???
2007-02-21 01:26:00 Well I hadn't received the rent yet for property #2 and usually I get it like clockwork around the 10Th of each month. Rent is also late (just to me, the property manager has it) for property 1 and property 3 but thats always the case with the property manager I have (changing soon)and to be addressed on this website soon. I called my property manager and he said I hadn't gotten a statement or a More About: What , Hat , Problem , Hats , Late
Profits, Bills, and Moving Forward!
2007-02-20 20:47:00 Well today, while answering e-mails about the up for sale 2 unit I have I have been writing checks for mortgage payments and other bills. I need to pay taxes on property 2 and property 3 because they are both private money and don't escrow taxes into their payments. I am looking to get what I want to get for property 3 because I will only sell it if I get the right price for it. The property is More About: Moving , Profit , War , Prof , Profits
My 2 Unit Major Cashflow!
2007-02-19 17:01:00 Is up for grabs for anyone that wants a nice turnkey property with some Major cash flow, no work needed. Just buy and collect! Its all done. Check out the numbers here More About: Cash , Flow , Unit
Real Estate Mayhem!
2007-02-19 01:42:00 Well since my last post and offer acceptance for the $55,000 for my property I decided since I had not gotten back a signed contract yet to place a little ad. Well to say the least the response has been an EXPLOSION! I dont know if I want to sell it right now. I think when spring time comes I may just be able to if I decide to sell it get a good 10-15k higher than this first off of $55,000. The More About: Estate , Real Estate , State , Real , Stat
Flipping my property for cash profit!
2007-02-16 01:32:00 I have decided to flip property #3. I got an offer on it for 16k over what I have into it. A cash offer by the way. I had my lawyer draw up the contract and the buyer has it in his possession as well as his attorney. Its a long way between here and there (closing is March 1) but its a good property and there should be no problems with everything working out. Although in this business you cant be More About: Property , Profit , Prof , Flipping , Cash
Real Estate Investing and the 1% rule?!
2007-02-13 01:12:00 OK lets look at this 1% rule. Its a rule of thumb that you should be able to get 1% of the purchase price for rent as an income property. Purchase price - $100,000 (just for an easy number) Rent with the 1% rule? $1,000 per month? OUCH! Now bear in mind you can get a cash flow out of that 1% rule IF and that's a BIG IF, you want to put down $50,000!!!! Now why would you want to take $50,000 and More About: Estate , Real Estate , Real Estate Investing , Investing , Vest
Foreclosures Looming
2007-02-11 05:01:00 There are many people facing foreclosures. The foreclosures are going to mean profits for anyone that is watching. I want to get my properties at a maximum of 60 cents on the dollar for maximum returns on investment. Real estate is the best way for an average person to become extremely wealthy. All it takes is homework, knowledge, persistence and a good business sense of what is going on in the More About: Foreclosures , Foreclosure , Closure , Sure , Fore
$55,000 offer on my rental property! What to do?
2007-02-10 18:58:00 I got an offer for my 2 unit yesterday for $55,000. Its an all cash offer. I am not sure if I am going to take it or not. If I took it I would just use it to get another property or 2 but this property cash flows between $400-$500 positive monthly after all expenses and my goal is to build a large passive monthly rental income so selling off my properties seem to accomplish the opposite. I am More About: Rental , Property , What , Hat , Rent
Fortunes in Flipping Real Estate Illegal!!!????
2007-02-07 23:51:00 I am sure you have heard all of the stories or read about or have seen people ask the question about flipping properties or saying flipping properties is illegal. Well, its not. People "flip properties all the time. Its the American way, its capitalism at its best, its buy low sell high. We see this done each and everyday. There is absolutely nothing wrong with buying a property low and selling More About: Tunes , Estate , Real Estate , Fortune , Legal
$15,000 or $500 per month income?
2007-02-06 20:43:00 I am going back and forth between my flipping and my renting. As you know by the posts I have been posting property #3 has been in the refi process for nearly 3 months now. We have a year to pay off the hard money lender, so I have plenty of time. The banks are starting to get on my nerves. (Actually I think it has more to do with incompetent mortgage brokers) Anyway I am debating whether to just More About: Income , Come , Month , Mont
Update on financing
2007-02-04 04:05:00 An update on refinancing for property #3. The new bank is requesting that we put the title in personal name rather than LLC before we close? Why? Don't ask me it does not make too much sense. Anyway its not a problem I had my lawyer do all the paperwork involved and its on the way back to him to be filed. I think the major problem with this is that the property was just bought and sold 2 times More About: Financing , Update , Finan , Fina
Real estateTaxes, fees and permits and rent?@#$
2007-02-03 01:55:00 Well this week was an eventful one in the way of mishaps. In New York state your corporation tax is due 30 days after the end of the previous year. This is how it works if you have an LLC in New York state. You must complete a form and fill out the worksheet on the instruction form. The cost is $100 per person in your LLC partnership per year or a $500 minimum. That's your tax to just have a More About: Estate , Taxes , Real Estate , Tax , Fees
Property #1 in the quest to 1 Million dollars
2007-01-29 21:09:00 Property #1 we purchased a few months back (5 to be exact). This property was purchased about 20k below value. We got what was called a green refi mortgage on it. We put the property under contract and immediately went to refinance it. (this program is no longer available) This was great because it enabled us to get into the property which was already rented and pull some cash out of it with very More About: Property , Dollar , Lion , Quest , Million
The Doom and Gloom Crowd
2007-01-28 01:10:00 Looking around the net you see some blogs that are preaching the doom and gloom scenario. The sky is falling crowd. Most of those people are natural born pessimists. They will find something wrong or turn words around to fit their own agenda. The American economy is strong and all the leading indicators show that there is no recession in sight. The housing market is correcting as it should More About: Crow , Doom , The D , Crowd
Major Money Shift!
2007-01-24 00:30:00 There is some major money shifting going on and pouring into where I have been buying properties. As more news gets out about the real estate markets crumbling in different ares of the country which by the way I really don't think they are crumbling.. I think they are just correcting. Anyway there is a lot of money out there. especially where property values went through the roof and now people More About: Money , Shift , Major
More on the way says my wholesale investor. He bid...
2007-01-22 23:50:00 More on the way says my wholesale investor. He bid on about 12 properties over the past week. Hopefully I can snag at least 1 of them. I know there's gonna be some great cash flowing properties coming up. I didn't get a chance to put everything I wanted on my site over the weekend. I will try to do it during the week. I updated a couple some info on all of my property pages, property #1, More About: Sale , Investor , Vest , The Way , Stor
To Flip or not to Flip?!!!
All over the televisio...
2007-01-19 22:22:00 To Flip or not to Flip?!!! All over the television you see shows about flipping houses. Buy for 100k find some cheap labor or do it yourself. Put in about 10k to fix the house up and then set it on the market for 180k and give yourself a nice healthy 70k in profit right? Not so fast! If you had to us hard money to purchase the property and finance the fix up then you paid points. Now you have to More About: Tele , Levi , Over , Visi , Visio
You Snooze You Lose!!
Well I didn't get a hold of...
2007-01-19 21:40:00 You Snooze You Lose!! Well I didn't get a hold of the seller yesterday so I lost the property. This market I am investing in is so HOT that properties are literally gone within a day after they are let loose! Its pretty amazing. So that property will stay on the ones that got away page. Anyway I lost the property which also means I lost about 25k in equity and a good 300 per month net cash-flow More About: Hold |
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