All Forum Posts by: Brian Ragsdale

Thanks @Josh Tilton I never know how to keep up with all of this--B

The age of the house is important to me.....Your capex may need to factor in life of roof, furnace, etc. If the roof is on its last leg, then you will need enough in reserve to fix it. Any new laws coming down about increasing property taxes?  How come he can't sell to tenants? Or suggest lease with an option to buy.  The margins are a bit thin for me Just my .5 cents

I have done two -203 k, one streamline and another full for about 55k.  Would be glad to share my knowledge, just hit me up.  Good luck and the newness of it all, dissipates after the first property or so.  

@Tom Day It looks like my subtracting 20% was pretty accurate...to a degree.  Thanks for sharing this--B

I tend to triangulate my data...by this I mean I get redfin, trulia, zillow estimates and then I shave off 20%. Why 20%?...I don't know but it feels good to do it, and this feels about right for me.  Yep, I try to use right and left brain thinking and feeling in real estate.

 I also look at what was sold in that area (like others have suggested), by looking at the first five properties that compare to the one I am looking at ---the sold prices come up on the right hand side panel.  I then take the average of these and compare them to the estimate by Zillow.

Another method I use is to develop a rough metric based on the square footage of the house and the dollar amount that I am willing to pay in my target area.  I divide the current sq ft price by 4.  Four always seem to be the magic number in business.....Finally, I check the city tax records and glance at these to determine the valuation that the city has determined.

Housing prices are slippery beasts, and in my experience, the pricing of the house can be best understood by the neighborhood in which it rests.  For example, the property I want to buy may look sweet, but then by using google maps I can get a visual sense of what the street looks like by dragging the thing a ma jig and going up and down the street.  I learned alot about neighborhoods by using good old google map.  

Buyer beware...and all that glitters is not gold...and all that jazz (being a little flip with all that jazz, but it sounded good when I wrote it).  Hope this helps, and great question....

Stack up on the mac and cheese, collard greens, get some chickens, grow some potatoes.  Look for pennies like the rest of us. Recessions for one group most certainly will be depression for other groups.  I got lots of room here and can shelter lots of people if need be.  Change is the only constant...so they say

Welcome Glenn--vrooooom vrooooom

Hi Julie--I appreciate your posting this discussion and the ensuing conversation.  I had several reactions to the photo, that I hope will be helpful.  I can tell that you love your home very much, and many renters might think that they might not have the ability to love it as deeply as your family. I believe that houses have spirits, just as trees do, water, the earth that we walk on.  

The ominous gray sky also brings a certain mood to the house which might not be shown in the best light.  Also, as others have noted, the application process; 2x salary, pet fees, etc...may appear too cumbersome for renters. A renter may feel or think that the landlords might become too invasive, or too detailed for their lives...just a thought.  I also think that including interior photos will help to draw people into the house, as others have suggested.

The hardest part of renting a home that brings us fond memories is letting go.....but inevitably that is what we have had to do when we rented our previous homes.  The person or family that you rent to, has to feel right for you and your family.  

Trust your wonderful, giving, and caring heart--and of course, run the credit check too!  Get to know them as people, as a family, and the rest will work itself out.

Condos, in general, are dependent on the financial stability of all of the owners. A friend of mine shared that two or three (I dont remember) went through foreclosure and this impacted the value of his property. He lives in Bronzeville...although he is financially stable, his financial future was tied to the other owners. Also, Condo's, some make stipulations about whether or how many renters can be added to the property. Finally, I was a president of my 5 unit townhouse/condo in roger park, and it was very interesting in how we had to raise our HOA fees in order to meet capital expenditures...it seemed like when our toilets crashed or went away to toilet heaven, all of the others did too. Finding a good renter who likes condo living seems like a relatively safe bet...if the positive cash flow is not eaten away by capital expenditures, lack of reserves, and routine maintenance on big ticket items.

Can we become BFF?