All Forum Posts by: Al Alfaro

No additional information is available without a signed CA. Please email me for more details.

Flipping means you turn around and resell the property. Some flips don't require much fixing up, while others may require a total rehab.

Rehab is short for "rehabilitate". You may or may not flip rehabs (you can fix them up and rent them out).

Those are the kinds of improvements I'm suggesting. Knick-knacks don't count for much :) Most investors that I find properties for want appraisals before anything else, so it is an important tool to have. I agree in that it's not always a deal breaker, though.

If that apple has extra features and upgrades (esp. kitchen and baths), it's going to appraise for more than a similar, "no frills" apple.

Some MLS databases have an option for requesting these. If your database doesn't have it, request "Sold Listing Comparables" directly from your realtor. I prefer using FASTWEB from firstam.com (I have no conection to that site). They have everything that you need for pulling comps and getting full property details and it's very user friendly.

Glad that I could help :)

If you're serious about your comps, you'd be better off using FastWeb or something similar. If you have a good relationship with a realtor, ask them to pull comps for you (or find FREE access to MLS listings on the net and do the sold comps yourself). Property records at the courthouse will also yield excellent, thorough comps. That being said, if the bid price is lower than "Zestimates", you may have a good bargain :)

Find out what repair/upgrade work (if any) is needed first. HUD or the courthouse will usually have a report on the property detailing what's needed, but you should check the property out for yourself. It would be a good idea to bring a contractor along to get a more accurate estimate of what repairs/upgrades are needed. Don't forget to check out the neighborhood while you're there.

Do your research on the neighborhood- find out if the property values are going up or down and why. We all know that the bubble has burst in most places, but if the neighborhood you're planning on investing in is depreciating due to crime, neglect, or other external factors, you may want to reconsider your bid. Find out if properties are selling in the area. If the neighborhood has a good number of homes that aren't selling, then you'll likely have trouble selling the home that you're planning to bid on.

Contact whatever agency is auctioning this property to find out the details of how much of a deposit is required, how to pay, and how long you have to come up with the balance. You don't want to secong guess those kinds of things :)

Hope this helps!

Both are important, and good comps will support (or debunk) an appraisal.

Just a note- if a home is appraised at a value significantly higher than recent comp averages, find out why. Unscrupulous appraisal companies can inflate an appraisal (usually done in cahoots with the seller). This is FRAUD! If the home doesn't have any features that increase its value, then suspect that something fishy is going on. You can always contact the state's real estate appraiser regulatory agency to find out more about an appraiser (or to report suspected fraud). Here's a good site to find Real Estate Appraiser Regulatory Agencies by state: http://www.aaro.net/Directory.htm (I'm not affiliated with that site in any way).

Fixer uppers are really good to get into if you do your homework. Do your comps, get an accurate assessment of what it'll take to get the property up to selling standard, and for really big projects, make sure that you have a good contractor (unless you plan on doing all of the heavy work yourself). Ask for references, portfolios, and compare quotes.

If you're going to do the heavy work yourself, search for the best deals on your construction materials. Don't assume that your local retail home improvement store is the place to go for all of your needs- remember, every dollar spent in excess is a dollar lost.

Make sure that your figures work out, and give yourself some financial room for the unexpected expenses that almost always come up when dealing with rehabs.

Establish a good business relationship with wholesalers in your area. They may be able to introduce you to some great deals a bit above their cost in exchange for some birddogging.

Hope this helps!

SKI & SNOWMOBILE MOUNTAIN RESORTS LIQUIDATION

Turn Key - All Inclusive (all resorts operating & maintained)

*** Ski Resort: 3 lifts, 14 runs, Snowmaking Equip. etc. etc. (Lodge less than 8 years old) . New master plan to triple the current size.

*** Two additional year around lodging resorts in same exclusive area.

***· 400 acre mountain lake, year around streams & springs - the ability to use the water for snow making & natural pipes is a huge advantage!!

*** Close to 3 airports and 2 Y ear Round Highways with snow removal

*** One of the Largest Gas finds in the country is right around the area!

*** Price: $ 47 Mill. (Depending on cash and terms). Per the May 2006 Appraisal

*** Included: 840 Acres Development Ground- NO Zoning Restrictions! Near the resorts with the only access road going right through the resorts. It backs up to National Forest Service land so no one will ever be able to build next to them. This maintains the wilderness ambiance.

The seller is selling due to a sudden tax liability and strongly motivated . The seller has spent the last 6-7 years putting all the pieces together and now has to liquidate this property. He is nice to work with and will negotiate seriously with any qualified players who put offers in writing . Cash will be the largest deciding factor.

Please send me an e-mail for a Confidentiality Agreement (this ensures I get the correct e-mail address to avoid any delays).

Once the C.A. is approved by the seller, I will forward the appraisal and some added info for your review.

SERIOUS INQUIRIES ONLY!