All Forum Posts by: Andrew Angerer

Good evening all,

   Just trying to get a conversation started about why others have given up in the past. I know many people who are interested in real estate, some pursue it, but many many decide not to do it after a little bit. Two of my friends did this, and their reason was mostly the same, they didn't know what to do next. 

What would you all say is the biggest reason (you have seen) that keeps people from getting started??

Cheers,

Andrew

Wow, that's great how did you get it for such a low amount of money down?

Best of luck on your move, and good luck in Cleveland! You always have the option of using other peoples money to fund your project,try to find investors right now while the economy is still "good" many people have the money but neither the time nor the knowledge to get started in real estate.

Do you have pictures of the property?

@Jeremy Z.

I will need to research and see how my house compares in terms of finish and quality. As far as adding an extra bathroom, it has been something on my mind for some time, however it may be hard to add one without it looking awkward in the house. It may be something to look into professionally. 

Thanks for your advice

 Good to know, I went through a credit union but I am sure they will be in favor of the CU.  Is it worth challenging the appraiser? 

Thanks for the fast response Jonathan,

 The house has an extremely small living room as well as all the other rooms are smaller compared to mine. The lot sizes are exactly the same size and are both the same shape.

As far as 2/1 comps go, super close by ones sell for around 120 to 130k range. 

Thanks for your input!

No expert here, but I would get 2 more estimates, something doesn't seem right, mold needs more time to grow.

Best of luck

Good morning friends,

My next door neighbor's house just sold for $160k after being fixed and flipped. This is convenient for me because I am soon getting my house appraised for my HELOC. The neighbor's house is a 3/2, smaller in square feet and has a 2 car detached garage, besides that everything is similar, same year of construction, same building materials and size of land. Both properties had only one owner, then were fixed and flipped. My house is a 2/1 and has a one car garage attached, and a huge covered porch.

According to J Scott's book on estimating ARV, I should subtract 3% for the bedroom, I assume the same amount for the bathroom and for the bigger garage. That should put my house at $145k which honestly seems insane since I bought it for 75k only 4 years ago, and have only replaced the hot water heater.

Does this seem right? I want to have a good number in my head for when the appraiser comes by, as I want as large of a HELOC as I can get to cushion me for my real estate investing.

Thanks so much for reading! Have a great day.

@Clayton Hepler You are correct that the trend is moving towards duplexes etc. I think this was mentioned but why not just get a current duplex?

Make some money from that and then use that money for your idea.