I have been reading books, post, even bought and completed courses. We have still not bought our first property (its been over a year now). We keep our eyes on the MLS and call rent houses to keep up with rent amounts. The problem I seem to be having is analyzing what is a good deal. I just want to get into it slowly and buy a rent house (little to no repairs if possible) with a little cash flow. If all goes well, I will buy another. You might say I have not been too aggressive. I have good money and little cash to put up but I am sure I can find a creative way to purchase the house once I find it and know it is the right one. The one that will give me positive cash flow. Does anyone recommend a course or book that will give me confidence in this area? The one course I have that covers analysis seems pretty general and may leave out some cost. Any suggestions could help.
Stacy has a site that can help with different cources etc that may be able to help you find the book or course you are looking for. I learned most of what know at the school of hard knocks. I have found cash flow to be related to the price range and area. Even paying retail for property you can get cash flow in the low income areas if you manange and do the repairs yourself. Just yesterday I saw some duplexes selling for $85,000 each that rent for $550 to$600 per side. I used to own them and they are not that bad. I have seen houses selling for the mid 50’s too that should rent for $700. If you look hard enough you will find a deal that will work for you something that is not too rough and will cash flow. I like section 8 but even then you must screen your tenants better than i did. A visit to where they live now is the best way to see how they take care of other’s property.
As far as a creative way to buy a property there a several ways. There are 100’s of books on that subject and courses. I like doing rehab and you said that is not an option. Sub2 works great if you can find one with some equity. Hope all this helps some. Be glad to help more if I can
Good luck and thank you,
Ted P. Stokely Jr
11505 Sw Oaks
Austin, Texas 78737
On that property worth 50,000 and can rent for 700 a month your gross rent multiplier is around 6. Is that an average in your area. Im up here in the east coast and I would love to find a property at a 6 GRM.