All Forum Posts by: Andrew Newcomb

I'm new to BP... although I have a few rentals in my local area, I'm just now starting to seriously research different markets and investing out of state (which brought me to BP and all its glory).

But there is definitely an overwhelming amount of information! Wholesaling, finding deals, structuring deals, evaluating the props, the markets, etc

Would be great to find others that are willing to do a study group with me.

Assign some learning resource(s) like a book, podcasts, blogs, etc and then get together and BS about it.

Currently I'm going through the SMART learning articles on BP website, along with listening to podcasts, and it would be great to review with other BP rookies how they are learning and how any of these new concepts, calculations, strategies, etc. are creating any "ah ha!" moments. I think the knowledge will stick better and a more confident vision for action will be more clear when journeying with a group. It would also hold us accountable to actually do the learning. 

Let me know if youre interested

Just following up on this in case anyone is still following:

I learned about "cap rate" and "cash on cash" metrics in the BP learning articles and watched a couple vids on the BP rental calculator showing how it calcs those metrics for a prop (you have to add the details like loan info, expenses, etc). very cool tool. Check it out if you havent already

@Jake Andronico definitely what I'm looking for!
Ya lets connect, would love to check it out. Its only for the Reno market?

I might be in the minority... but I have found Zillow and Redfin to be pretty accurate with property values in Portland, OR. and the neighboring cities/suburbs for "average condition" properties. So I think it depends on the location... and of course getting estimates from multiple sources is helpful (the county, a few real estate agents).  

As Zillow (and Redfin) collects and aggregates sales data I think they have much more data now to analyze - and they have the ability to analyze all that info - and come up with a more accurate sales price (for an "average condition" property) better than an appraiser or real estate agent could (especially in locations that are more populated and have more sales data).

If you're renovating though, specifically looking for ARV, I would trust a good real estate agent more than I would Zillow/Redfin because "condition" is a data point Zillow simply can't analyze (remodeled kitchen/baths, master suite, modern updates, style/condition of flooring). It also doesn't know if there is a brothel across the street

@Austin Paige sorry if dumb question, but regarding the REI calculators you mention: are you referring to the ones found on biggerpockets (shown in image below)? Or are you talking about a third-party REI calculator tool that you like and use?

Thanks @Nick C. and @Austin Paige ! 

So basically Redfin/Zillow/MLS is just not going to be a great resource for finding deals. I can understand how a wholesaler would find some deals (I've heard some podcasts about that, essentially they're hitting the pavement) but I wonder how "investors" and "realtors" find properties if they are not using MLS/Zillow/Redfin?

I believe if you are willing to relocate to a market that is cheaper than Dallas you could make either option work.

I dont think you have to pay capital gains tax on the condo since it was your personal residence. You could potentially take all the proceeds from the sale tax free and put it into a better property that has no HOA fee.

The HOA fee may be costing you more than the high rates right now

First post on BP... it is too wordy :) Sorry.

I'm trying to find if zillow and redfin are good tools to find investment properties today. They are geared toward homeowners not investors. So was hoping someone knows of a similar app or website but geared toward investors.

I'm really curious about buying out of state (or anywhere) wherever I can get the best ROI. I'm not bullish where I live, Portland, OR (high prop taxes, tougher landlord laws, affordability, etc.).

But my method of evaluating properties has proven time-consuming. I have always used Zillow/Redfin to find property and then use other tools to verify and evaluate details about them (like finding out how much rent you can get, confirming property taxes on the county website, HOA fees, etc.). I like the maps on Redfin/Zillow/Realtor.com to see where the property is and what is for sale (and use the quick filters to narrow down a price range). But then after finding something I'm interested in, I usually have to do more evaluation on a spreadsheet (find out a cap rate, figure out potential rent, interest calculation, utilities, property taxes, wear and tear, depreciation, etc) and then find that the numbers don't work out.

It would be great if there was a tool that had all that information in one place, and would do the analysis instantly! That way it could show the properties that already cash flow, rather than having to run the analysis manually on a bunch of properties. I'm curious how more experienced real estate investors find and evaluate properties? What are folks doing to find deals, and find out if a property can cash flow? Do you also use Redfin/Zillow as a starting point? and then have a separate spreadsheet for evaluating? And go to different services to find "Rent" (like the bigerpockets rent tool, or "rentometer") and property taxes? Or do you have a tool that can do a lot of this in one place?  

Thanks!

I've just joined BP recently and would also like to follow along on your journey! Please keep us updated. @Kyle Oyer if you're open to connecting I'd love to brainstorm with you and find out if partnering would be a good option, or like @Kayla Taras mentions and keep each other accountable.