Today me and my roommate went and looked 2 of the apartments in Blackfoot, Idaho. This one was total crap, but the other one I liked a lot. I uploaded some pictures for everyone too see. I will tell you guys some more info once I start talking to realtors and junk. Also thanks for the comments on the last blog post, I appreciate it.
EDIT: Let me get some specs for everyone…
One more click
List Pr: $125,000
Hand them like: $115,000
Give bank: $23,000 (20% down)
Mortgage Monthly: $650 (30 years at 6.25 is $550.00. I estimate $650.00 with taxes and escrow)
Makes Monthly: $1500 mo (100% full… That’s $300 per renter)
Profit Monthly: $850 (Of course this is an estimate..)
The apartments are in decent condition. Needs lots of easy work to be done. Such as repainting, all the landscaping, I would put a fence up between the restaurant and the building, it also needs new mail boxes and looks like some new window. I haven’t seen the inside yet. All the work is easy.
If I purchase this or another property, what I am looking to do is just experiment. See how things go, see if I like the renting business. Cas you never know until you try. I am also in this for the long run, keep it for a few years, then probably do a 1031 exchange and get something bigger.
I go and look at this building this Thursday, I talk with my CPA Friday, I will call the dude who did my last mortgage and see If I can take another loan out, If I do end up buying this, it will probably been in the next 2 weeks. IT WOULD BE NICE TO HEAR YOUR GUYS INPUT 
and thanks for everyone that has been putting there input in.
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Geeze, your turning into a douchbag. Always posting about your houses…
Go make a blog with tyler, you seem to like blogging about same thing
Wtf coops…there is a big difference
He is investing in properties as a business…Tyler cruz is talking about the condo he is living in…
Hey Jon check this out http://www.roadkilltshirts.com/ProductInfo.aspx?productid=PS%200043%20IDAHO
LOL, thats funny. There is a big different between me and tyler. First of all this is an investment, and you are reading a entrepreneur blog. Second, I actually give info out… read some of my earlier posts..
harvard, lol, thanks thats awsome!
Coops is obviously jealous of your success. Keep it up Jon!
Apartments are the way to go as an investment. You profit from multiple sources of income as opposed to one from one unit. Good luck with this venture. I’ll be keeping an eye out to see how it goes.
p.s. Nothing like Tyler
yawn…
you should read this also, your blogging is getting boooooooooooooooooooring.
http://www.myhateblog.com/2007/01/12/i-hate-internet-entrepreneurs/
First of all, Tyler’s blog is personal/ business. Buying some were to live is big, especially if your young.
Second. I enjoy reading this blog especially recently as there is more an dmore stuff about new ventures i.e buying places to rent out, its a business thing. So what you guy’s are whining about i don’t know. So if you don’t enjoy reading stuff like that then don’t…
I agree with shane, keep up the good work!
I still love you Jon.
Fence between Rupe’s and the apts is a good idea, a pretty one. I bet Kevin would like that too
Like other people have said, im not really interested in the place where you live (unless you tell me about the money side of it). I AM interested in how you plan to make money in the real estate market though.
I’m looking to move out of michigan soon, so keep me posted on your apartment buying. I might be looking for a place to rent out
$800 a month is not worth the headaches and plus you probaly will not have all of the apartments rented out all the time so that drops your monthly profit in addition.
It would probaly be more of a pain in the ass if anything unless you find something more worth it.
Place looks like a dump anyway.
That might be true, but Im gonna try it. See what happens. And yes I 100% agree with you about it lookin like a dump, Im going to put my own time in it to fix it up. When I look at it I see how it will look when I get done with it, not how it looks now…
Congrats Jon.
You know what is pretty funny. I saw Tyler Cruz’s blog a few months back when he wasn’t quite as obsessed with his condo, but now that I check it out again, it is actually pretty scary. The funny thing is that in it is in his latest ‘video’ recording touring the place, all I’ve got to say is that I’m thankful I’ve got a normal voice. Otherwise, if I was as arrogant as him, and had that horrible, Im-talking-like-a-three-year-old voice, I would be in pretty bad shape ;).
Jon, keep it up man. Yours is one of the few I visit everyday praying there is a new post. I love it here.
Hey so I’m assuming the bike in picture 4 is the one you rode there
Haha just messin with ya, I know your an excercise freak though. Hey they should include the bike with your purchase though.
The only thing I saw as far as problems is that it looks like alot of corners were cut on the building and there looks like alot of nig rigging going on. I hope everything is up to par for ya and you don’t run into a snag anywhere.
Make sure everything works and have your lawyer look over everything for you also but you should already know that.
Almost forgot, give us an update soon
The houses are so damn cheap there!
Im going to meet with the realor tonight and look at the apt. I cant wait to see his face when I meet him in person (cas Im 20).
Kyle, thanks for commenting on this, yeah it looks like they did, im going to have to bring someone that know about that stuff to see the apt. with me before I buy it. I also use my lawyer for everything, and I will get ya an update tonight with some pics of the inside…
Rob - I have never really liked tyler, not sure why people do. People are making him a sex symbol just because he makes 200$ a day. He seems really booksmart (not to street smart) but he dosent talk like it.. ummm.. like…hmmm.. tada… lol
Jon, I’ll be honest, more than his acclaimed ‘notority’, I find his attitude really annoying. I mean bottom line, no one really cares that he brought 6 sticks of beef jerky with him when he got lost hiking (no joke..), or that the ambiance from his television is his new condo is great….
DONT FORGET TO HAVE AN INSPECTOR COME OUT AND CHECK EVERYTHING…
BOB: You generally can’t get a financing until doing so…
If you purchase this investment property, are you looking at running it for monthly profit paying only the minimum on the loan, or would you be using any extra money made from renting it out to pay off the mortgage as quickly as possible?
I know there are a few strategies that you could go, but I’m not familiar on United States properties and such, whats the capital growth like in that area, would it be something you would be looking at making money on as well?
Soj - Im buying this for the long term, it only makes 300$ everymonth so its not worth to buy for the monthly profit. I would save the money during the first year so I have some savings for this investment, then after that probably put the money towards the mortgage..
Jon… All i can say is do your due dilligence… If i screwed the spelling forgive me…
Is this Commercial or considered MFH? That would make a difference in taxes, mortgages and things.
Look into getting a management company, a good management company that you feel confident in and add that into your costs.
Save, save, save… and more savings would be a good idea… I’m about to buy my own MFH in Michigan in a wealthy/ college neighborhood so I’m pretty familiar with my tenant type. I would say have an idea on the type of tenants you want to attract.
all is good.. smart move on the investment…
Keep the updates coming.
Holy crap, is that snow???
I’ve never touched any in my life (from Australia :P)
That website has some
funny
t-shirts,
I almost wet my pants! Whoever found it thanks, I need that after the day I had!
One thing you didn’t mention is who pays the utilities for these complexes?
SWEET place man!