All Forum Posts by: Danny Day

The first listing agent for the first flip I ever did told me flat out he does not do open houses because they are a waste of time. I will never forget that.

Go with an agent who is organized, has systems in place, knows the area, and a detailed plan on how & when they will get your property sold.

Welcome to Bigger Pockets

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Wow! Can't believe this thread is still alive. For anyone starting out I will give you the details of this deal

$65,000 purchase price

$35,000 repairs

ARV when I bought property: $125,000

ARV now: $155,000

I held this property for roughly 2 years and have been renting out. It was cash flowing great and the market heated up. We listed and it was sold first day on market.. at full asking price. Had to replace an AC & heater during the time it was rented so it bumped the repair cost up a little.

To anyone starting out here is the biggest lessons you can take from this deal

1) Source your own deals

2) Never hire a general contractor (would have saved $8-10k)

3) Post the numbers here, and run them over and over again

Good luck to all

D

@Eric Robertson , as previously stated do not base your entire deal on Zillow estimates. You need to find an agent who will comp it for you on the MLS.

Find out who you want to list it with when you're done, contact them and let them know they will have a listing if the numbers work out - you need to find the ARV before you buy it.

They should have no problem getting this for you.

Good luck

D

Welcome to BiggerPockets@Bob Lanzrath

What type of real estate investing are you looking into?

How much time to do you have to invest in real estate?

Time is money after all - the more time you can put into the investment, usually the greater reward you should have.

Since you move every 8 months, maybe something passive would work best. If you've got $20k in savings, I would work on building that up while building (what I think) is the most important skill in RE investing -- sourcing your own deals.

Lots of info on BP on sourcing your own deals. Search through and figure out how to do this.. if you are not able to find what works for you, wholesale it to another investor and keep building that savings account.

When the right deal falls in your lap, jump on it and start cash flowing.

More 'hands on' and time consuming approach - rehab / selling homes.

Either way - you're in the right place to learn!

D

@Frankie Morrow , lot size will matter in pricing real estate. Are we talking about land (acreage) or lot size in subdivisions?

More details needed- however, here is the approach I would take.

If dealing with acreage, I would look up and see what the average price per acre are in the area, and add on the value of the home and any improvements to the land (well, septic, etc) as well as fixtures (garages, sheds, etc).

If dealing with subdivisions, pull comps from MLS regarding larger lot size with similar size homes.

Good luck

D

Even if they are not motivated to sell at wholesale price, perhaps you can ask to put them in touch with a market expert (licensed) who will be glad to list at retail value. Throw a few of these kind of leads at a specific agent and you won't need to worry about where to pull comps from :)

Cheers,

D

You need MLS access to comp properties

Yes you need to get it.. all you need to do is disclose.