All Forum Posts by: Billy Rowe

Thanks! That makes a lot a sense. I just want a cash flowing property maxed out to its fullest potential.

I'm looking to Buy and hold

and the home im interested in has been fully renovated and is in awesome shape!! i obviously cant say that for the comps I pulled. I may need to bump my numbers up and re try thanks for all the input!!

Ok here’s my question.

I’m running the numbers on a property that I’m interested in (for the first time by the way) Trying to get a Fair market value. Here’s what I’ve done thus far.

I pulled 10 properties that have been sold in/near that area for the last year that has the same criteria as the home I’m interested in (bed rooms# bath# etc.) . The formula I’m using is: Price per Sq foot Avg. of the 10 homes I pulled X Square foot of the house I’m interested in. The number I get is 66261.57 the asking price of the home is 74950.00, 8689.00 higher than what I determined the fair market value to be. I also am interested in getting my 10% discount when I buy (That’s what I’ve read is a good starting point) that would mean my offer would have to be 59635.(66261-10%) I think I would get laughed right out of this house if I offer that. I just realized I haven’t asked my question yet lol. What am I not doing right with these numbers? What do I need to take into consideration before making an offer? As I stated before this is the first home I’ve attempted to run the numbers on, so I’m sure I missed a step or 10 : )

Thanks!!

Louisville here too welcome!

Thanks!! all!

"I also provide an emergency contact list with appropriate numbers (fire, police, poison control, etc) although I am not sure it is a must have." Awesome Idea!!

Are there any "must have" items in your home before you rent them out? Not so much must haves for looks, i'm talking more safety products like CO detectors, fire extinguishers? Any thoughts?

Hello,

If anyone in the Louisville, Ky. or surrounding Area wants to colleague with me please feel free to send an invite! Lets build a solid network!

Thanks!!

I always hear that "Evictions are expensive", but how expensive? What is the actual cost? (court cost, etc.) I'm in Kentucky, and I know it probably various state to state.

Thanks!!

Good stuff!! That's what its all about people taking care of people!!