All Forum Posts by: Alex Huang

When analyzing properties, I've been using conservative numbers. It might lead me to pass up on some ok/good opportunities, but my inexperience leads me to be a bit more 'safe' initially. I personally use 15% for maintenance and 10% for vacancy and try to hit my desired numbers. Ultimately, if those numbers are too conservative, then my reality will produce better numbers than I was hoping for.

Not sure what volume you are doing but setting up a Google Voice account and forcing every interested party to leave a message is a great way to filter out serious vs non-serious callers and prevent yourself from wasting time answering too many calls.

I don't have any experience in these type of direct mailers, but have worked extensively on different email campaigns in my previous jobs. Like emails, I would strongly encourage doing some A/B testing and trying different messages to test their efficacy. Try different types of paper, colors of paper, wording, time to send (eg a time when maybe mail volume is lower so your mailer isn't lost in the shuffle of bills and paperwork).

Direct mailing is definitely something I intend to try in the future. Good Luck!

I'm new to the game as well but thought I'd share with what I've been doing when trying to determine the ARV of a house:

1. Recently sold homes within the area. Ideally, within the same neighborhood. I look for exact bed/bath matches and try to get the square footage to be within a 5-10% range. I also try to find pictures of the house from its listing - just to get an idea of how updated the interior is.

2. Same as #1 except for listed homes.

I bounce around county property records, Zillow, Redfin, and Realtor.com to aggregate this information.

I'll try to find 5-10 properties that match this criteria of mine and then I'll take 90-95% of the median price as my ARV. I use that percentage simply as a small buffer until I gain more experience and confidence in my ability to evaluate properties. It's a very conservative method, but if I can find a property where the numbers work under that criteria, then it seems almost impossible to fail.

Thanks.

Can you give me an idea on the fees associated to aligning with a broker. I'm really disappointed that it is a requirement for the state...

I'm looking to get my prerequisites up to the point that I can sit for the Ohio Real Estate exam.

There's a load of information out there and I'm still not entirely clear on a few things. I was hoping for some clarification:

My main goal in getting my license is to help make accessing properties easier. I'm not intending to use my license in the conventional sense (becoming a traditional 'realtor').

I am hoping to do the majority (if not all) of the coursework online. Is that possible? I see Hodros referred to often around here (https://www.hondros.com/programs/real-estate-sales.... The package is $1,600 - I assume it is your one-stop package for all requirements to be eligible to sit for the exam?

Has any one done their courses elsewhere? 

 Thanks. Can you opine on what the other user said with regards to its potential impact on the foundation resettling, etc once the roots are removed?

Walked through a property today. 

One point of concern is a tree that is in the neighbor's yard. The tree is very old and healthy, but its roots are MASSIVE and are growing near / under the foundation of the house (monolithic slab). The original fear was that the foundation of the house was a mess, but an inspector looked and felt pretty certain that the settlement is due to these tree roots.

The obvious option is to open a dialogue with the neighbor and to see if we can have this tree removed (50/50 split on cost, whatever), but in the event that this neighbor has no interest in helping, what are my options?

Thanks for the reply.

I definitely feel like my estimates are on the high-side, but I'm trying to be ULTRA conservative when it comes to estimates only because it's my first ever project. 

I'm assessing a HUD property (my first investment prop) and am trying narrow my estimate on the cost of rehab on a house.

I was able to pull up a PCR on the property (a brick ranch) and here are some key things:

Cooling/AC - Damaged

Heating/Furnace - Damaged

HVAC Duct - Damaged

Plumbing:

 - Sink: Damaged

 - Pressure Test: Fail

The property is a 1,500 sq ft ranch home that seems like a good opportunity provided I don't overshoot the cost of these items. Which is why I'm here.

My best guess is that, worst case scenario, a new A/C or heat pump would cost about $4k (I had one installed in my own residence last year). I assume some portion of the plumbing / piping needs repaired so I'll say $6k to be safe. The duct work seems like a big variable so let's say $8k as well.

That's $18k in rehab costs before any minor things like flooring / painting / fixtures.

Do these numbers seem egregiously off?

I'm looking to buy my first rental property. My target is to find 3/2 (or bigger) homes in B-/B+ neighborhoods. I think I can find some in the $35-$45k range and Craigslist indicates that rent would be in the $700-$900 range.

One thing that I seem to struggle with is in drawing the line between what's suitable for a rental vs what I would personally want. I was hoping to get some other landlords and property owners opinions on some things below to help me better understand the expectations within the rental market.

The general thought that I have had while looking for my first property is to invest initially in hardening the property (no carpet, etc).

I'll share a few scenarios and would love if any one can shed some light on their opinions:

- Property has a bright blue insert bath tub. It's in fine condition (usable, just needs cleaned). Is this something that would impact the appeal of the property to a renter? Or is it something that you just clean and leave since it's functional?

- Walls need repainted. Do you just go with bland neutral colors (eg a coat of primer and grey/tope) or do you do something else?

- Light fixtures are outdated. Is this something worth swapping out or is it the rule of function over fashion?

As you might be able to see, one thing I struggle with is the line between function and fashion (and how valuable fashion is within the rental market). 

I suppose a good example would be -- if you were to buy a property whose interior was straight out of the 70's (heavily outdated but in mint condition), what would you be updating/putting money into before putting it on the rental market?