Archive for the ‘investment property’ Category
Friday, February 13th, 2009
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Here are the final numbers on the rental property that I purchased.
Price: $106,000
Interest rate: 5.125%
Term: 30 years
Down payment: $21,200
Principal & Interest: $457.37
Taxes & Insurance: $128.87
Total monthly payment: $586.24
Estimated rent: $770
The townhouse is 1100 sq.ft., 2 beds & 2 baths, washer, dryer, carport, and small back yard. It has a great central location and should rent easily. I have another property nearby that is very easy to rent.
It needs some cleanup and repair work in the kitchen, fire alarms, blinds in the windows, new toilet sets, etc. There is nothing big that we have to do to it. With my wife and kids pitching in, we should have it ready to go by the end of the weekend.
Here are a few more photos of the kitchen, the living room, and the back yard.
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Tags:Fix em Up Rent em Out, fixer upper houses, rental houses, townhouse
Posted in buying fixing renting rehabs, buying real estate, fixer uppers, fixer-upper business, fixing rental houses, house repair, house repairs, investing, investing in real estate, investing in your spare time, investment house, investment property, investments, investmet properties, learn repair skills, learn to invest in real estate, learn to make repairs, new purchase, rental house improvements, rental houses, rental properties, rental property, rentals, renting, repair, repairing properties, repairing rental houses, repairs, townhouse | 7 Comments »
Friday, January 16th, 2009
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Update on Investment Property Purchase Offer
Last week I made an offer of $105,000 on a 1100 sq ft townhouse that was being offered in a range of $115,000 to $125,000.
I asked for sellers to pay 2% of the the value of the house to help with closing cost (about $2,000)(see my previous article about a key phrase to include in your purchase offer to reduce closing costs)
The sellers countered with an offer of $112,000. I sent a note to the sellers saying “in order for this to work for us as a rental property, we have to stay pretty close to our original offer.” And I replied that we wanted to stay at $105,000.
After a little more back-and-forth we finally settled on $106,000 and they paid the 2%.
Other townhouses in the complex rent for $775 and my monthly mortgages payments should come in below $600 per month.
Presentation to American Businesswomen Association
Last Tuesday I made a presentation to the ABA about how I got started in the house fixer upper business. I’m trying to get out a little more to make presentations to various groups to promote my book.
It was really a warm and friendly group. They treated me to dinner and asked a lot good questions about the fixer-upper business, and they purchased many copies of my book.
Info on Terry’s Book
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Tags:american businesswomen association, Fix em Up Rent em Out, fixer upper houses
Posted in book sales, fixer upper book, fixer upper houses, fixer-upper business, investment property, presentations, purchase offer, speeches, townhouse | 5 Comments »
Wednesday, December 31st, 2008
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What do millionaires do that most other people don’t do?
According to Thomas Stanley, in The Millionaire Next Door, most American millionaires own their own houses, and they own at least one rental property.
Rental houses are the silent wealth creator.
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Tags:rental houses, The Millionaire Next Door, Thomas Stanley, what do millionaires do that other people don't do
Posted in buying fixing renting rehabs, buying real estate, create wealth in real estate, investing, investing financial independence, investing in real estate, investing in your spare time, investment house, investment property, investments, investmet properties, millionaires, rental houses, rental properties, rental property, rentals, safe ways to invest in real estate | No Comments »
Monday, October 27th, 2008
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With all the bad news about Wall Street and the credit market, with banks unwilling to loan money even to each other, what hope is there for the average fixer upper house investor? The situation may not be as bad as you may think!
Here’s why:
1. There is plenty of money available for home mortgage loans, either to purchase or refinance a house. This is because the American home mortgage market has been federalized. Ninety percent of all loans are being made through the Federal Housing Administration (FHA), plus Fannie Mae and Freddie Mac. FHA is owned by the federal government and Fannie and Freddie are operating under federal conservatorship, so all three have complete access to global capital at low rates because their borrowings are guaranteed by the Treasury Department.
2. Despite tougher credit standards, you can still get a loan for 3 percent down
with FHA, or 5 percent down on Fannie Mae and Freddie Mac programs.
3. Interest rates are still at historic lows.
4. Home prices, dragged down by foreclosures and short sales, are at 2003 and 2004
prices.
For more details see Kenneth Harney’s article Crises Aside, Would-be Buyers Can Still Get Reasonably Price Loans.
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Tags:Fix em Up Rent em Out, fixer upper houses, loan money, loans for fixer upper houses
Posted in fix up houses, fixing rental houses, home loans, housing market, investing in real estate, investment house, investment property, investments, investmet properties, loan documentation, loans, mortgage rates, mortgages, mortgages and real estate, new purchase, real estate principles, refinance, refinancing, rental properties, rental property, rentals, renting | 4 Comments »
Monday, October 20th, 2008
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I’m pleased to announce that my book, “Fix em Up Rent em Out,” is an Award-Winning Finalist in the Real Estate category of the National Best Books 2008 Awards, sponsored by USA Book News.
Top 50 Amazon Reviewer D. Blankenship says,
What this work does give you is ideas and an outline, that through hard work, common sense, and a bit of luck, you can do quite well for yourself and have a bit of fun while you do it. The author is quick to point out the down side of every aspect of this business and points out ways, if there are any, to avoid them. On the other hand, the author does a wonderful job of pointing out the positive. He not only emphasizes the financial aspects, but does a very nice job of drawing attention to the many side benefits involved, and there are many of these! I like the way that the author directs your attention to the fact that a job well done is a wonderful feeling. The author has listed given us a great list of other books and resources to turn to which I find most helpful. Actually, his list of places to go for information is almost worth the price of the book alone.
A complete list of winners and finalists in each category can be found at:
http://www.usabooknews.com/bestbooksawards2008.html.
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Tags:best book awards, Fix em Up Rent em Out, USA Book News
Posted in book award, buy rental property using refinance home, buying fixing renting rehabs, buying foreclosures, buying real estate, career changes, excellent real estate books, Fix em Up Rent em Out, fixer upper book, fixer upper houses, fixer uppers, fixer-upper business, fixing rental houses, how I got started in fixer uppers, How to start your own house fix up and rental busines, invest real estate repai and sell or rent, investing book, investing in real estate, investing in your spare time, investment property, investmet properties, learn to invest in real estate, learn to make repairs, real estat investing, real estate books, safe ways to invest in real estate | 1 Comment »
Thursday, September 11th, 2008
Is it a good idea to invest in fixer upper houses in today’s economy?
I invite you to read my guest article Recession-Proof Investing with Fixer-Upper Rentals over at the ever-insightful moolanomy.com.
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Tags:fixer upper houses, moolanomy, recession
Posted in fixer upper houses, fixer uppers, fixer-upper business, fixing rental houses, how I got started in fixer uppers, How to start your own house fix up and rental busines, investing in real estate, investing in your spare time, investment house, investment property, investments, investmet properties, Moolanomy.com, real estate investing, real estate principles, recession and real estate, rentals | 2 Comments »
Friday, August 29th, 2008
In the fixer upper house business sometimes we need to anticipate the unanticipatable!
What’s the most important thing that you should do before signing the closing documents to buy a house?
Check out my ezinearticles.com piece entitled Don’t Go to Closing Before Doing This, Or You May Really Regret It!.
The article recounts my ill-fated effort to purchase a house last month, and the valuable lesson that I learned.
Info on Terry’s Book
Press and Media
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Tags:fixer upper house business, house inspection, real estate closing costs home repairs, signing closing documents
Posted in closing, house inspection learn a valuable lesson, inspecting investment properties, inspections, investment property, problems with closing, purchase offer, real estate principles, structual inspection | No Comments »
Tuesday, August 19th, 2008
Tags:door of opportunity for real estate investing, investing in real estate
Posted in fixer upper houses, fixer-upper business, fixing rental houses, invest real estate repai and sell or rent, investing, investing financial independence, investing in real estate, investing in your spare time, investment house, investment property, investments, investmet properties, opportunity zone, real estat investing, Uncategorized | No Comments »
Monday, August 11th, 2008
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Would you like to start investing in fixer-upper houses in your spare time?
Check out my new ezinearticles.com article Fixer Upper Investing For the Small Investor – People 5’6″ Or Shorter. It may be easier than you think to work your 8 to 5:00 job and start a fixer-upper house business on the side.
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Tags:fixer upper houses, fixer upper investing for the small investor, investing in fixer uppers, small investors
Posted in fixer upper houses, investing in real estate, investing in your spare time, investment house, investment property, investments, investmet properties, rental houses, rental properties, rental property, rentals, renting, safe ways to invest in real estate, small investor | No Comments »
Monday, July 14th, 2008
Buying fixer upper houses and converting them into rental houses is a great business. And anyone can do it. You don’t need a certificate, you don’t need a degree, and you don’t need anyone’s permission. You just do it!
To view a condensed version of how I got started in the fixer-upper business, check out my article at ezinearticles.com. This is the version with no bells or whistles, and no accompanying three-part harmony.
The townhouse closing may or may not happen today. If not, Angy has to catch a flight out of town tomorrow. In that case, we will have to sign power of attorney over to me so that I can sign for both of us at closing.
Just like the recipe for my famous extra-chewy chocolate chip cookies, the plot thickens!
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Tags:fixer upper houses, how I got started, investing in fixer uppers
Posted in buying fixing renting rehabs, buying real estate, closing, do it yourself, fix up houses, fixer upper houses, fixer uppers, fixer-upper business, fixing rental houses, house buying, how I got started in fixer uppers, how to start a real estate business, How to start your own house fix up and rental busines, investing financial independence, investing in real estate, investing in your spare time, investment house, investment property, investments, investmet properties, making repairs | No Comments »
