I Can't Seem To Pull The Trigger

I just can't seem to pull the trigger. I have seen houses that would make about $175 a month, and muli-family properties that would make $75-100 a unit. Part of the issue is that some of these properties are in so-so areas, but some are in decent areas. I just can't seem to "seal the deal and take the plunge". Any advice?

Comments(6)

  • Birddog110th March, 2004

    Well, you gotta start somewhere. And in more cases then not, you start off a little at a time. Sounds like a so so deal so far, can yo ugive a little more info about it?

    Eric

  • Birddog110th March, 2004

    Well, you gotta start somewhere. And in more cases then not, you start off a little at a time. Sounds like a so so deal so far, can yo ugive a little more info about it?

    Eric
    [addsig]

  • bankbank10th March, 2004

    The house costs 20K, needs 7K worth of work. Should appraise for 38K after repairs. Can rent for $525. Monthly morgage would be $150, and monthly tax is $100. The tenants pay all other untilites. I am alos putting in another $150 a month for a reserve fund/vacancies, etc. I would make $125 a month, and have 11K of equity in the house. The area/city is an older town, has 80,000 people, has a stigma, but the town is growing slowly. Most people in town don't make a whole lot of money, but they can afford the rent. The average family income in the city is $31,076 from the 2000 census. What do you think?

  • kenmax11th March, 2004

    if you can't "pull the trigger" it's likely because your unsure of the deal. that's a warning that you do not have enough info. to make a comfortable decission. kenmax

  • InActive_Account11th March, 2004

    Let me offer this advice as a new investor wait to become a landlord. You need to have a better understanding of cashflow. Try to buy this house for $16,000.00+7,000.00=$23,000.00+$15,000.00 potential profit=$38,000.00 FMV.

  • hibby7611th March, 2004

    Where will you be in 10 years if you DO invest in Real estate?

    Where will you be in 10 years if you don't?

    Even if you take a very conservative approach and buy 2 SFR's per year for the next 10 years. Each one cash flows $200 per month. Do the math. Now, what if you buy 5 a year??? 10??? Toss in a couple of plexes.

    One of my favorite quotes is "Feel the Fear and do it anyways." Fear is ok. Doing nothing is not.

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