All Forum Posts by: Noah McPherson

Hey Guys, 

I'm practicing doing comps on my own property right now, but I noticed there is only one comparable property (3 bed, 2 bath duplex) near mine. Where do I go from here?? There are plenty of 4 bed 2 baths and comps in higher class neighborhoods. Advice would be greatly appreciated! thanks

Hey BP,

For beginner investors like me, I feel it's important to know which features change the value of a house the most because you can use this information to figure out ARVs and be aware of value add opportunities. Besides Bedrooms, Bathrooms, and Sqft, what do you guys put at the top of the list?

Hey BP!

I'm ISO advice from someone who is experienced at running comps or even better, an appraiser. As a beginner, who has only done one deal, how can I figure out the amount to adjust a comp for certain features. Let's say a house has a 1.75 bath, and the subject house only has one. How can I make a proper adjustment as a beginner? I figured if I found two nearly identical houses, I could get an idea. For example, If the comps were very close, except one had an extra bathroom, I could get a feel for the value of the extra bathroom. Any advice on this subject would be greatly appreciated. I have a list with a ton of comps I'd like to start practicing on.

Thanks @Andrew Postell. Extremely useful post. I knew there was a way to do it, and the interview questions will be valuable as well. Appreciate the tips, I'll start searching for investor friendly lenders. 

@Wayne Brooks @Jeff Shumway Okay, I appreciate the clarification guys. Also, I would most definitely like to get as much money out as possible, so I'll rule refinancing early out. Thanks

Good morning BP,

I was reading this article Felipe Mejia posted about BRRRR for beginners, and it said this about the seasoning period.

Is this typically true? I've never done a BRRRR, but from what I understood, if I used a HML or private lender, I could refinance out immediately when the bank takes over. Can someone clarify? If it is necessary for the property to be rented for 6-12 months before refinancing, what are some ways around that. Let's say I did a 3-4 month rehab. How can I refi as soon as the rehab is complete?

@Dan Neff I was thinking something along those lines. I'll try the letter. It does look as though they're in a public building down town. would it be wrong to just walk in and see if I find them?

Thanks @Forrest Williams I'll try that again. I didn't seem to have much luck with looking up the Llc. I did find two of the founders however, so I'll try to see if I can reach out through social media. 

@Robert Espenson @Matt J. Thanks guys. Ill give Spokeo and DealMachine a shot and let you know how it goes.

Good morning BP,

There is a property about a block from my duplex in Duluth, MN that appears to be uninhabited. I've already used the county tax auditor to find the LLC the property is under. My question is how do you guys go about contacting property owner's once you've found their name or the entity the property is in?