For my patrick.net fans, bought my 12th home July 24th!
invite response
2012 Jul 25, 2:33pm 35,304 views 93 comments
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FuckTheMainstreamMedia
2012 Oct 4, 1:38am
I don't really see the issues with Roberto's postings.
You all really have to recognize that theres a world of difference between what Roberto is attempting to accomplish, and what most of the rest of us seek to accomplish.
Simply put, Roberto is a landlord of properties in a desert city. Nothing is as easy as someone like Armando Montelongo makes it out to be, and Roberto puts a realistic face on the landlord/investor. Note that Roberto is in is mid to late 40's and while he may soon have a life of luxury, he had to put in a lot of years and a lot of work to get there. He still has a day job. In otherwords, theres no easy street, instant riches. For reference, my parents got to the place Roberto wants to be by their late 50's simply through 401K investment and smart living. They now live in a dream home a block from the beach in coastal AC, in a home that would qualify as a "McMansion". They spend what they want, when they want, enjoy their grandkids, and blah blah blah. In other words, theres more than one way to accumulate wealth. Real estate is not the be all end all. It is simply one way to get to the gold pot at the end of the road, and has dangers that I notice most of the investors on sites like this tend to gloss over.
Most of the rest of us are gainfully employeed, looking for a home we can afford, in a neighborhood we are happy in, reasonably close to our work places, in big city coastal CA. We have no intention to become investors in property. Investors are a concern as they can set a temporary or permanent bottom in housing. So its useful to learn what investors are doing. But the information gleaned from Roberto's posting is of limited value due to proximity and VERY differing markets.
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Yes, just three weeks after home 11, ($80K, +$9K in remodel and appliances, hoa = 100, taxes = 800 a year, insurance = 750 a year, rented for $1100) which is now rented at the predicted amount.
This one was $85k, 3/2/2 car garage in 85201. Another cash purchase short sale. It needed paint, minor fix ups, and flooring in the 3 bedrooms, plus the wild overgrown yard needed attention, and the wooden fence had fallen down. I thought I could completely remodel it in 2 days, but a few problems arose and where overcome, it looks like 4 days to completion. The reasons I particularly wanted this home, in addition to its very central location, in an area seeing tons of commercial development (among others like mesa riverview mall, is the cubs spring training facility directly adjacent,http://www.azfamily.com/news/Cubs-Mesa-spring-training-facility-finally-breaks-ground-162144835.html)
But this home had a brand new 50 year shingle roof put on in 2011, and a new ac as well, courtesy of a major hail storm. It is solid slump block too, which is my favorite construction material.
One of my local friends offered me $110,000 for it, a $20,000 profit for one week's work, but I believe in the area, and this home, so I'm going to keep it for the long haul. I'll post some pictures of the remodel tomorrow. If anyone needs a good rental in that area, contact me through my profile, $1100 a month.