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Where/How do you find the best deals on rental properties in Baton Rouge?
Posted on 3/16/16 at 3:29 pm
Posted on 3/16/16 at 3:29 pm
Mail marketing, sheriff sales, craigslist, other? Looking to pick up 2-3 rentals this year, but I don't want to overpay. What formula do you use to determine if the rental property is a good deal or not? TIA
1
Posted on 3/16/16 at 3:59 pm to joeytiger
We are going to sell our condo on Brightside View Drive soon. We now live in Mississippi and don't like being long distance landlords.
We have a great tenant in there and he would love to stay.
$89,900 is where we are starting on price. Price negotiable especially before we list it with realtor! Current rent is $800 but $850 is doable. $100 monthly condo fee. Condo association (4 plex) is financially stable.
Let me know if you want more info.
We have a great tenant in there and he would love to stay.
$89,900 is where we are starting on price. Price negotiable especially before we list it with realtor! Current rent is $800 but $850 is doable. $100 monthly condo fee. Condo association (4 plex) is financially stable.
Let me know if you want more info.
Posted on 3/16/16 at 4:03 pm to ProudLSUMom
quote:
$89,900 is where we are starting on price. Price negotiable especially before we list it with realtor! Current rent is $800 but $850 is doable. $100 monthly condo fee. Condo association (4 plex) is financially stable.
Not to discourage anyone from looking into this but do you make any money on this at all? After paying the PITI and the $100/month fee, $850 isn't making much at that price, IMO. I am sure it stays full but that doesn't add up. Just my thoughts and I definitely could be wrong.
Edit: To the OP, I have added this to most of the REI threads but look around for a realtor that invest as well. I found a younger guy from a REI group I found on the BP website and he sends me a few deals a week to look at. He knows our strategy and sends me deals that fit our niche.
This post was edited on 3/16/16 at 4:08 pm
Posted on 3/16/16 at 8:41 pm to stevengtiger
I thought the same thing with the above property. It doesn't seem like it would make much money. I go the Baton REI meeting sometimes and it's usually new investors with the same ole "get on my buyers list" pitch. I really want off market properties at an investor price with good cash flow. I'm definitely not looking to be a slum lord. I want a couple single family homes and plan to snowball using the equity in those to add more over the next 10 years. I'm also on BP, I'll drop a line in there as well. Thanks Steven
Posted on 3/16/16 at 9:08 pm to joeytiger
I'm about to sell my condo near LSU to move up to a fourplex. Need the capital out of it but I've made better money than any of my market accounts have touched. Have a friend in the investing business that has helped with properties.
Posted on 3/16/16 at 9:14 pm to mtcheral
How do you avoid getting taxed to death when you sell a property? I was told you can take the profits and roll into another property, is this true?
Posted on 3/16/16 at 9:21 pm to joeytiger
Yes. My actual equity profit is minimal so it won't be much profit to be taxed there anyway. But I will be rolling over into another property within 6 months. Most of my profit is cash flow that's built up.
Posted on 3/16/16 at 9:29 pm to joeytiger
quote:
How do you avoid getting taxed to death when you sell a property? I was told you can take the profits and roll into another property, is this true?
You do a 1031 exchange, google it. Your personal residence you don't bc you're allowed $250k net tax free or $500k if you're married but investment properties you can 1031 them but you have a short window to do so.
Posted on 3/16/16 at 9:41 pm to mtcheral
Four plex in BR? All the ones I've found are in areas I wouldn't want to buy.
Posted on 3/16/16 at 10:04 pm to stevengtiger
quote:
Not to discourage anyone from looking into this but do you make any money on this at all? After paying the PITI and the $100/month fee, $850 isn't making much at that price, IMO. I am sure it stays full but that doesn't add up. Just my thoughts and I definitely could be wrong.
We paid cash for the property. We bought it for our son to live in while he was at LSU. He had a roommate who paid rent. It was never geared to be an investment property for us. When they moved out they had friends who wanted to move in. And it's been rented out by referrals since Jan 2010.
It's been a low maintenance property for us. Every tenant has paid on time and I don't recall ever retaining a security deposit.
We would like the funds for a project at our new home.
There are advantages to owning this property when it comes to tax time.
I'm sure my husband could tell you what we actually "make" on this property. I don't really know or care.
Posted on 3/17/16 at 10:02 am to ProudLSUMom
quote:
We paid cash for the property. We bought it for our son to live in while he was at LSU. He had a roommate who paid rent. It was never geared to be an investment property for us. When they moved out they had friends who wanted to move in. And it's been rented out by referrals since Jan 2010. It's been a low maintenance property for us. Every tenant has paid on time and I don't recall ever retaining a security deposit. We would like the funds for a project at our new home. There are advantages to owning this property when it comes to tax time. I'm sure my husband could tell you what we actually "make" on this property. I don't really know or care.
I'm actually looking to buy a LSU condo to do this exact thing right now. Mine will be college age in 3 years. Looking to buy now, keep a renter there and in 3 years, if my child goes to LSU, move them in with a roommate paying rent. After that, I have enough nieces and nephews spaced out that if 1/2 of them go to LSU I have a built in tenant base for the next 20 years. How can I contact you about your unit?
Posted on 3/17/16 at 5:42 pm to tenortoga
quote:
I'm actually looking to buy a LSU condo to do this exact thing right now. Mine will be college age in 3 years. Looking to buy now, keep a renter there and in 3 years, if my child goes to LSU, move them in with a roommate paying rent. After that, I have enough nieces and nephews spaced out that if 1/2 of them go to LSU I have a built in tenant base for the next 20 years. How can I contact you about your unit?
This post was edited on 3/18/16 at 4:13 pm
Posted on 3/18/16 at 11:22 am to ProudLSUMom
quote:
ProudLSUMom
YGM. you can remove your email if you wish.
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