Your Last Purchase (by JB [OR]) Jan 12, 2019 5:51 PM|
Your Last Purchase (by gevans [SC]) Jan 12, 2019 6:35 PM
Your Last Purchase (by Busy [WI]) Jan 12, 2019 6:36 PM
Your Last Purchase (by S i d [MO]) Jan 12, 2019 6:39 PM
Your Last Purchase (by NE [PA]) Jan 12, 2019 6:42 PM
Your Last Purchase (by plenty [MO]) Jan 12, 2019 6:57 PM
Your Last Purchase (by RB [MI]) Jan 12, 2019 7:07 PM
Your Last Purchase (by Jason [MI]) Jan 12, 2019 7:24 PM
Your Last Purchase (by Ken [NY]) Jan 12, 2019 8:08 PM
Your Last Purchase (by Otis [IL]) Jan 12, 2019 9:17 PM
Your Last Purchase (by BRAD 20,000 [IN]) Jan 12, 2019 9:46 PM
Your Last Purchase (by Roy [AL]) Jan 13, 2019 1:19 AM
Your Last Purchase (by mmit [VA]) Jan 13, 2019 5:36 AM
Your Last Purchase (by WMH [NC]) Jan 13, 2019 5:37 AM
Your Last Purchase (by Tom [ME]) Jan 13, 2019 5:58 AM
Your Last Purchase (by Dan [NY]) Jan 13, 2019 6:11 AM
Your Last Purchase (by Oregon Woodsmoke [ID]) Jan 13, 2019 7:14 AM
Your Last Purchase (by Stephen [ON]) Jan 13, 2019 9:33 AM
Your Last Purchase (by Deanna [TX]) Jan 13, 2019 11:00 AM
Your Last Purchase (by PJU [MO]) Jan 13, 2019 11:02 AM
Your Last Purchase (by Deanna [TX]) Jan 13, 2019 11:03 AM
Your Last Purchase (by Homer [TX]) Jan 13, 2019 11:09 AM
Your Last Purchase (by JB [OR]) Jan 13, 2019 9:00 PM
Your Last Purchase (by Deanna [TX]) Jan 14, 2019 10:16 AM
Your Last Purchase (by JB [OR]) Jan 14, 2019 2:30 PM
Your Last Purchase (by Ray-N-Pa [PA]) Jan 16, 2019 3:57 PM
Your Last Purchase (by John... [MI]) Jan 17, 2019 6:21 AM
Your Last Purchase (by Ray-N-Pa [PA]) Jan 17, 2019 1:35 PM
Your Last Purchase (by Shelby [IA]) Jan 17, 2019 2:53 PM
Your Last Purchase (by Otis [IL]) Jan 17, 2019 8:56 PM
Your Last Purchase (by John... [MI]) Jan 18, 2019 6:51 AM
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Your Last Purchase (by JB [OR]) Posted on: Jan 12, 2019 5:51 PM
When was your last rental property purchase and why?
I had my last purchase occur early 2016 but it was kind of a fluke. I went for a jog and saw a house that was mis-priced by an out of area realtor.
But I have decided that I'm not buying at the current levels. At least in my area prices are too high and don't make any sense.
What's your story? --24.20.xxx.xxx
Your Last Purchase (by gevans [SC]) Posted on: Jan 12, 2019 6:35 PM
Bought one in late October. Complete renovation, then rented it yesterday.
Why? Total investment: $77k. Rented for $2,883/month.
A little bump in my "retirement" pay. --173.233.xxx.xxx
Your Last Purchase (by Busy [WI]) Posted on: Jan 12, 2019 6:36 PM
Oh, I hate to confess, but here goes- 2014, and itís still not in service!
Lots of life got in the way, and I bought this one really rough, have spent my time (obviously) learning how to really handle all the quirks of these prefab National Homes, built in LaFayette Indiana, shipped on trucks, put up in a day.i --70.92.xxx.xxx
Your Last Purchase (by S i d [MO]) Posted on: Jan 12, 2019 6:39 PM
House bought last year for $31K all in. Rent is $605. Solid buy, but prices are definitely higher. 2% rule is getting hard to find. --173.20.xxx.xxx
Your Last Purchase (by NE [PA]) Posted on: Jan 12, 2019 6:42 PM
Last rental was a 3 unit in summer of 2017. Took me just about a year to turn. $3,500 plus back taxes to purchase. $55,000 total in after rehab. --50.107.xxx.xxx
Your Last Purchase (by plenty [MO]) Posted on: Jan 12, 2019 6:57 PM
July 2017. Still not on service. It's become the place where everything else gets stored. Its close to being done just need to get back on it. 4 bed 2 bath $16,900. New kitchen almost done. New bath almost done. It's almost alot of things! --99.203.xx.xxx
Your Last Purchase (by RB [MI]) Posted on: Jan 12, 2019 7:07 PM
Went another direction.
Sold my primary and bought another primary.
A 3/2, soon to be a 5/3. Private, secluded location.
Sold 1- SFH (rental) for the materials. --184.53.x.xxx
Your Last Purchase (by Jason [MI]) Posted on: Jan 12, 2019 7:24 PM
My last purchase was 2bed 1 bath. Guy was dying of cancer an wanted to sell before he past. His agent new me an asked if i would buy it. I did. Paid 57k cash in a week an he died in 3 weeks in Oct 18. It was a good deal i could sell for in 90s but i would feel bad....so i will hold an just rent for 900 a month. --107.77.xxx.x
Your Last Purchase (by Ken [NY]) Posted on: Jan 12, 2019 8:08 PM
I bought a single family last week $5000,it will be sold in about 2 weeks for $19000 without doing anything to it --72.231.xxx.xxx
Your Last Purchase (by Otis [IL]) Posted on: Jan 12, 2019 9:17 PM
2 months ago. 2 bedroom house. Including purchase, remodel and new roof all in at $27k. Lease signed for $750 before rehab was even finished. --45.18.xxx.xxx
Your Last Purchase (by BRAD 20,000 [IN]) Posted on: Jan 12, 2019 9:46 PM
Last purchase was Oct, he called me, nothing down, seller paying ME $4000 to pay down the mortgage to my offer price, seller makes the next 4 monthly payments (piti) and I take over payment starting Feb, all this in my 401kRoth so itís all tax free.
Learned technique at a seminar. Love it!
Soon to sign for a duplex - take over mort in ROTH, and a sfh with the Roth putting up the money.
Your Last Purchase (by Roy [AL]) Posted on: Jan 13, 2019 1:19 AM
In 2018, I bought 3 houses. $35K for the first one which was in mint condition and had a paying tenant in it, $5K for the 2nd one which was a dump and #3 was a house with garage apartment in the rear. --68.63.xxx.xxx
Your Last Purchase (by mmit [VA]) Posted on: Jan 13, 2019 5:36 AM
The most recent purchase was this summer. It is a class c 3/1.5 brick ranch for $52,000. It will rent for $925/month. It will be ready to rent in a couple weeks.
The purchase before that was in December last year. It was a 3/2, class c, brick ranch. Someone decided they wanted the copper out of the house, so, the house did not have any water pipes or any drain pipes (the drain pipes were copper). I paid $20,000 and it will rent for $925/month. I will have this house ready to rent this spring.
The 2% deals are tough to find. --67.45.xxx.x
Your Last Purchase (by WMH [NC]) Posted on: Jan 13, 2019 5:37 AM
Late 2018. $61k on a nice lot plus some minor upgrades and fix-ups (paint, flooring.) Rents for $1000. Probably could have pushed it to $1100 but it was December.
Unexpected fix was adding several hundred dollars worth of driveway materials: yard got smooshy after all this rain.
We still have one in our back pocket, purchased in 2015. I don't know if we will ever finish it. The fire's gone out.
It's an empty shell that has been framed, re-wired and somewhat plumbed. And thar she sits. New windows in packaging on floor. Some appliances sitting there.
But it needs insulation, drywall, flooring, more plumbing, a kitchen, toilet and sinks, etc.
Your Last Purchase (by Tom [ME]) Posted on: Jan 13, 2019 5:58 AM
Most RECENT purchase: 3000 sq. ft. commercial. $135K $1500/mo. mod. gross
LAST Purchase: Haven't made it yet.
(grammar Nazi) --98.11.xxx.xxx
Your Last Purchase (by Dan [NY]) Posted on: Jan 13, 2019 6:11 AM
Purchased a 3, 1 for $144,000. House was a wreck and almost done with rehab. Will put on rental market in a few weeks. New rock, new paint, electrical upgrades, new flooring, new bathroom, new kitchen, new exterior door and windows, new stoop and driveway will go in. Invested about $35k after project is done. Taking longer due to doing some work myself and coordination delays. Will rent for about $2350 or so. Would be able to sell for 225-240k. After tax grievance is complete the. Slur will go up a little. --68.192.xxx.xxx
Your Last Purchase (by Oregon Woodsmoke [ID]) Posted on: Jan 13, 2019 7:14 AM
I just did a 1031 less than a year ago. Id prefer to let the market finish this up cycle and start down again, but Uncle Sam does allow waiting out the market. Nor is there much time to search for bargains. Its a mad scramble to find a replacement in a market where houses sell in less than 24 hours. --98.146.xxx.xxx
Your Last Purchase (by Stephen [ON]) Posted on: Jan 13, 2019 9:33 AM
Last purchase was a three bedroom, three storey townhouse with attached garage here in SW Ontario. Purchase price in November 2016: $138,000. Comparable units are now selling for $220,000 in the same condo complex in January 2019, less than three years later. It is a hot market. Rent on the unit went from $1,275 with the first tenant to $1,440 with the second and is now $1,485 with the third (unusual turnover rate because I had a lease breaker on one tenancy).
I have not bought anything since because these prices scare me to be honest. It is one thing to be sitting on appreciation, it is another to be handing out cold hard cash plus the bank's money to pay these prices. We are thinking about investing some more in early 2020 as we have funds saved and they have to be invested some time. The prices do not seem to be going down, quite the reverse. The biggest struggle amongst buyers is for entry level properties, i.e. the ones that make most sense as rentals. --64.231.xxx.xxx
Your Last Purchase (by Deanna [TX]) Posted on: Jan 13, 2019 11:00 AM
Labor Day, 2018. A small (1000 sf) 3/1. CHA, big detached 2-car garage, half-acre lot.
It was owned by the janitor at DH's workplace. He wanted to move into a house owned by his preacher dad's church. I convinced DH to pay $8k for it, just so the janitor wouldn't be able to say he'd been taken advantage of--- we probably ought to have paid $5k.
I thought all I had to do was paint, flooring, and fixtures, throw in a hot water heater, plus repair a stretch of the garage roof overhang/fix the garage doors.
Well, I also had to run a new panel, rerun the gas line, correct a large amount of sketchy wiring, reconnect some bad plumbing, fill in some low parts of the yard, bank some dirt around the house, throw in some attic insulation...
The project's been on pause for the last month or so due to budgetary constraints. Things are evening out. It's already been promised to some current tenants who have a 2/1, and want to start a family. The sizes are about the same, but the space distribution is different.
It will rent for about $525/month when it gets on its feet, so it will gross about $6300/year... --96.46.xxx.xx
Your Last Purchase (by PJU [MO]) Posted on: Jan 13, 2019 11:02 AM
We got one in January 2018 and almost have it done (we have also worked on two more that we already had during the spring and fall of 2018).
No matter what stage the selling cycle is in, there are always some properties that can be bought! Just have to keep looking.
Your Last Purchase (by Deanna [TX]) Posted on: Jan 13, 2019 11:03 AM
Oh. Meant to mention. That was the one where they had thrown a fence up at a random place along the yard--- which formed a lot on a side street that has 65' worth of street frontage, and 105' worth of depth. So at some point, I need to clear the vacant lot, and put some sort of ADU on it, and rent that out separately--- wheee. --96.46.xxx.xx
Your Last Purchase (by Homer [TX]) Posted on: Jan 13, 2019 11:09 AM
It was early Jan of 17, I wasnít planning on buying more. I had been working on an old car I have and went to the auto parts store. Headed home through one of my neighborhoods and saw a fresh FSBO. Stopped immediately and talked with the seller and did a walk through. This was on a Saturday. Went home and filled out a contract for 100 k all cash and would close next week. Took it back within the hour and made the deal. We closed Thursday afternoon. Put a few thousand into it and rented by February 1. Today it would retail for between 170 and 185 k. It pays to be ready for unexpected deals. --75.141.xxx.xxx
Your Last Purchase (by JB [OR]) Posted on: Jan 13, 2019 9:00 PM
Thanks for all the responses. I wish I was in some of your markets. A cheap SFH of 1000 sf, 3/1 would cost about $300k on the low end in this area. --24.20.xxx.xxx
Your Last Purchase (by Deanna [TX]) Posted on: Jan 14, 2019 10:16 AM
JB-- I bet you'd get a lot more than $6300/year on it! :P --96.46.xxx.xx
Your Last Purchase (by JB [OR]) Posted on: Jan 14, 2019 2:30 PM
True Deanna, but the margins are either so tiny or non-existent (unless someone comes in with cash). And if you do pay cash then your ROI is pitiful.
The MFH market is still moving but the Cap rate is so low I don't know why anyone is buying multis out here. I think many who are late to the game are the only buyers for most of these places.
I think the some of the flippers are still doing okay although SFH prices have come down since last summer.
The only really good thing here is that appreciation (since the downturn) is big. So for those of us who've been in the game long enough that has kept us going.
But no way I'd be dishing out $300k all-in to rent a house out for $1500 (minus another $350 taxes and ins) only leaving $1150 (then deduct repairs, vacancies and other expenses). That might only leave you with $1000/mo on $300k...Pitiful...
Your Last Purchase (by Ray-N-Pa [PA]) Posted on: Jan 16, 2019 3:57 PM
I 1031ed two properties that I sold into three value play SFH.
Lesson learned - don't buy three foreclosures and sell two places in a 6 week period and expect to get much done else where. I closed on the last one of those in late Oct.
I took some time off around the holidays.
I am currently have one that I will be closing on at the end of this month by selling it through a realtor, and I have another one that a resident is picking up in February after three years......so I might be looking for some more 1031 purchase targets --72.23.xxx.xx
Your Last Purchase (by John... [MI]) Posted on: Jan 17, 2019 6:21 AM
Last physical purchase: A tiny (600 sq ft) "2-bedroom" (we'll call it a 1-bedroom with an office) SFH that is just a couple of blocks from our previous SFH 2-BR. $38k. Will take maybe $2k in some improvements needed for the rental license in town. Will rent for $650/month. This was about a month ago.
Last "virtual" purchase: 160 Disney Vacation Club points at Saratoga Springs. Total cost ~$18000. Will rent for $2,160 per year without any effort at all (just yearly maintenance fees). We'll do nothing but let it sit and rent and, after ~15 years we'll own it. This was our second DVC purchase to do that -- we bought 130 points just two months ago (and rented all the points out for the year within 2 days of making them available). I plan to pick up a 3rd one later this year.
Your Last Purchase (by Ray-N-Pa [PA]) Posted on: Jan 17, 2019 1:35 PM
Interesting niche John.
How much is your annual maintenance fee? I have a site that might be of some value if you would like to expand it further.......but I really don't want to make it public. I used a very specialized niche that lead me to that site.
How can I contact you directly? --72.23.xxx.xx
Your Last Purchase (by Shelby [IA]) Posted on: Jan 17, 2019 2:53 PM
SFH purchased directly from my husbandís aunt for $17k, repairs were $5k, purchased in nov 2016. Couldnít pass up that cheap of a house. 2 bedroom rents for $550. --173.26.xx.xxx
Your Last Purchase (by Otis [IL]) Posted on: Jan 17, 2019 8:56 PM
Just got an offer accepted on another 2 bed at $21k. Will have about $5k in rehab and rent for $725 (already have a house 1 block away) --45.18.xxx.xxx
Your Last Purchase (by John... [MI]) Posted on: Jan 18, 2019 6:51 AM
Ray-N-Pa: Maintenance on Saratoga Springs DVC points for 2019 are $6.44/point. They currently rent for $13.50/point. So, basically, they rent for about twice the maintenance fee. And that is if I just let someone else do the rental work. If I wanted to spend more time -- which I don't know, but may in the future, I could get another $3/point (i.e. $16.50/point total) probably. But, as I'm new to the DVC resale market, I'm letting one of the big companies do it for me (David's DVC Resale).
I'm mostly only interested in DVC when it comes to timeshare stuff because I have experience with it already (due to family having them for years) -- and because it tends to be one of the ONLY timeshares that continuously go up in value because of Disney's Right Of First Refusal program.
But, I'm still interested in hearing about what you have in mind. You can reach me at:
at gma il . c o m
(Put that all together as one long thing.)
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