Posted by Alex Gurevich, TX on November 05, 1998 at 24:37:17:
Bud,
You got this one too, huh ? At first listening I was quite disappointed: a bit of motivation, a (little) bit of information, and a big sales pitch. On a second hearing, however, of the kind of volume these folks are doing, I got so charged up, I suddenly found myself buying 4 homes this month, and there’s still time and possibilities to do more.
Go figure.
2 bedroom homes - Posted by Travis
Posted by Travis on November 03, 1998 at 19:22:50:
I’m new to the investing world and have heard that 2 br. houses are not always a wise investment. Looking at my market locally, I find a lot of 2br homes that are more in my price range. I would appreciate some feedback from you seasoned investors. Are 2 br. homes worth pursuing or should they be avoided. Also what are the pitfalls of buying thses homes.
Re: 2 bedroom homes - Posted by Mark (SDCA)
Posted by Mark (SDCA) on November 04, 1998 at 12:00:54:
Depending on the price and what they rent for, they can compete quite well with 2bd apts. What would you rather have: a 2bd apt with all the associated hassles or for about the same rent, a 2bd detached house?
Limited thinking - Posted by Bud Branstetter
Posted by Bud Branstetter on November 03, 1998 at 22:18:41:
Travis,
Your comment about 2br houses being in your price range indicates a misunderstanding that should be addressed. The price is only applicable if you are looking at buying and doing rehab projects or if you are thinking about loans and rental property. As a beginner you should be thinking about cash flow first. Learn how to flip those houses or do L/O’s. Things that will bring you cash should be the first priority. You can control property that is many times your price range without using your money.
I was listening to one of Legrand’s propaganda tapes of a conference call with some of his students. They were making hundreds of thousands each and it wasn’t by doing a lot of rehabs or rentals.
Re: 2 bedroom homes - Posted by Bill Gatten
Posted by Bill Gatten on November 03, 1998 at 19:52:12:
I agree with Irwin. I have had great success with 2BR’s houses and condos. I have even had reasonably good sucess with 1Br condos, believe it or not; but the key to small properties is to make sure you’re buying in an area where there are known to be lots of young single people, or older retired couples. As a rule, the 3BRs are best, but a good deal on a 2 should not be overlooked. Just make sure there’s a lot there other than bedrooms: such as 2 baths, a den, large kitchen, 2 car parking, etc.
Bad deal: 2BR, 1 bath with carport on the wrong side of the tracks.
Bill Gatten
I agree, but look at demographics. - Posted by FJW
Posted by FJW on November 03, 1998 at 19:46:53:
Even though the cliche is to lean towards 3 beds, I think it’s even more important to have the 2 baths. Families are smaller now, more single people, so the 2 beds are fine, but you should be able to get some statistics from the NAR or even your newspapers archives on who’s buying what. Besides, those 2 beds in your area aren’t gong anywhere. It’s supply and demand.
Re: 2 bedroom homes - Posted by Irwin
Posted by Irwin on November 03, 1998 at 19:27:07:
They’re fine. Go for 'em.