Well - I know REI is something I want to pursue. I just always think I need to wait longer, and perhaps I still do. I’ve read a few things in books on this, and the numbers are much more reasonable and conservative to what you guys seem to be shooting for.
For one thing, it appears everyone on here isn’t doing the typical 10 or 20% down on properties?
Anyway, my situation as I stand now is I bought my first house a year ago with 10% down (386k), and have been doing rehab work on it. I rebuilt the pool for about 15k in work, rebuilt a new custom kitchen, rebuilt 2 full baths, and tons of other work. Being its my own home, I’m not so worried about getting my return on my investment, I bought this for me to live in. I did want to get my PMI dropped however, and I got the thing reappraised awhile back (before some other renovation work like bathroom and exterior construction…) and it came in at 445k. Puts me something near like 25-30% equity from the appraised value, I think I owe 325-330 on my loan.
Anyway, I’m not cash rich at the moment either, maybe have about 20 or 30 grand in cash I’d be comfortable putting towards a deal. Problem here is real estate in this area is outrageous compared to numbers I’m reading on here. I think the housing market is bad for ROI from rental here, I know for instance my house might be able to get something like 1800 a month? I doubt more, maybe even like 1500 or 1600. Thats not too much rent coming back from a 445k + new bath house…
My credit score is pretty good, maybe I could get nice financing? FICO is 745 currently, and besides this mortgage I’m debt free and good income about 125k.
I don’t know guys. I finally just wanted to let loose some frustrating thoughts and urges going on. If I knew more about this stuff and had some recommendations maybe I’d do something or feel comfortable jumping on something.
Where from here? Just keep reading and researching?
-Chris