Visiting my first houses with RealtorTim
This afternoon was yet another small step towards finding my first passive income through single family homes that I intend to turn into rental property. I met RealtorTim at a house about 15 minutes from my place, near the western edge of the city and we went through the first of four houses we visited this afternoon.
I drove about 30 KM in total, following RealtorTim from the first house to the second, third and fourth. Of course, I recorded my kilometrage, since this is a personal business. I haven't talked to my accountant about how to do it "right" but I'm just starting with recording it and that'll have to do for now.
Two of the four houses definitely had potential to buy, do a bit of fixing up, re-assess, and set the rent at 1% of this newly estimated value. One of the promising ones was "supposed to be vacant" but wasn't, quite yet, but perhaps this does show some kind of urgency in sale. Both of the promising ones have been on the market 14+ days - one 14 days and the other, 88 days.
It took us about an hour and 45 minutes to go through all of the houses and discuss the different parts of them, but was very educational for me.
I've sent an email to TJ to let him know I'd looked at houses and saw a couple that were "promising" but ... now what?? I think I'll also call my advisor line tomorrow and see what kind of advice they can give me. I guess now is the time to "tie up the property" so nobody else can get in there, so I can do my due diligence, and determine whether this really IS a good deal... but I'm kind of hesitant to jump on any of the early "deals" I find... I'm always of the mindset that the first things you see aren't the ones you should choose, unless you've also reviewed a bunch more. When you're first reviewing anything, you can't tell whether it's really good or not because you have no real frame of reference for this new thing. Only time and exposure can give that understanding.
I'm fortunate to live in a city that has a 98-99% rental occupancy rate, I should be able to find a family to rent the property, in theory...
But I'm not sure exactly how to go about things. I figure if nothing else, I have time :)
Jill
I drove about 30 KM in total, following RealtorTim from the first house to the second, third and fourth. Of course, I recorded my kilometrage, since this is a personal business. I haven't talked to my accountant about how to do it "right" but I'm just starting with recording it and that'll have to do for now.
Two of the four houses definitely had potential to buy, do a bit of fixing up, re-assess, and set the rent at 1% of this newly estimated value. One of the promising ones was "supposed to be vacant" but wasn't, quite yet, but perhaps this does show some kind of urgency in sale. Both of the promising ones have been on the market 14+ days - one 14 days and the other, 88 days.
It took us about an hour and 45 minutes to go through all of the houses and discuss the different parts of them, but was very educational for me.
I've sent an email to TJ to let him know I'd looked at houses and saw a couple that were "promising" but ... now what?? I think I'll also call my advisor line tomorrow and see what kind of advice they can give me. I guess now is the time to "tie up the property" so nobody else can get in there, so I can do my due diligence, and determine whether this really IS a good deal... but I'm kind of hesitant to jump on any of the early "deals" I find... I'm always of the mindset that the first things you see aren't the ones you should choose, unless you've also reviewed a bunch more. When you're first reviewing anything, you can't tell whether it's really good or not because you have no real frame of reference for this new thing. Only time and exposure can give that understanding.
I'm fortunate to live in a city that has a 98-99% rental occupancy rate, I should be able to find a family to rent the property, in theory...
But I'm not sure exactly how to go about things. I figure if nothing else, I have time :)
Jill
posted by SingleGrrl @ 9/08/2005 05:44:00 PM
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