OfflineI just partnered with my brother and bought a really nice 3/2/2 in a subburb of Houston. It's a foreclosure that needs little ($5,000) rehab. We are going to pay cash for it $54,000 and then rent for $1200mth. So we each get $600mth! Now, go ask your boss if you can have a $600 a month raise and see what he says! I'm so excited to be getting back in to Real Estate after so long. I joined the DG family back in Sep '09 and there's so many deals out there it is rediculous! I wanted to buy another, using financing this time but my hubby said I can only do 1 at a time! I'm thinking about wholesaling but still afraid to make that move but I think there are a lot of those deals out there also. I"M SO HAPPY!!!!!
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Annette Baker
Annette That is great good job, but can I make one suggestion you and your brother are still going to have expenses. The way you should it when you have a partner is take expenses off the top,the split three ways,a 1/3 for each of you and a 1/3 banking for unexpected things and to grow your cash flow for more purchases.
http://kendrickpropertymanagement.com/
http://rochesterapartmentrentals.com/?page_id=10
That is an excellent idea, thanks! I just want to get some advice (more advice) from you if I may. If you had some rental properties that you could refinance and get say 30,000 to buy more properties is it better to refinance or just take out new loans? Can anyone answer that?
Annette Baker
In my opinion if you can get financing on each property instead of having one over leveraged. That way when you want to sell a property it only has the equity from that one tied up,and some times pass it on to the buyer. But definitely get it where ever you can and buy more. Buy all you can, the biggest earning potential for the next few years is going to be in rentals. Until things start to get better and banks start freeing up capital rentals is the best bet.
http://kendrickpropertymanagement.com/
http://rochesterapartmentrentals.com/?page_id=10
I replied to you on my other (2nd) post!!! Yeah, we are definitely going to refinance and get our money back out to buy another. My brother actually wants to try and do a deal on his own so I've got him convinced how real estate is the way to go if you want your money to grow!
I believe rents are going to shoot up now because all those people who were in houses are now going to become renters? I guess it's supply and demand. It seems like the rents are creeping up from what they were a short period ago.
Annette Baker