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All Forum Posts by: Colton Sibley

Colton Sibley has started 10 posts and replied 20 times.

Post: My first deal deal on a quad 9.5 cap ( thoughts and suggestions)

Colton SibleyPosted
  • Real Estate Professional
  • Simpsonville, SC
  • Posts 22
  • Votes 2

Sorry fellas. Error on my part. 1st Problem trying to get a post on BP before you hit the sheets!

Here are what the numbers look like and the info:

Asking $175,000. The Seller does not have a note, it is free and clear.

Central HVAC heat pump. all unite are individually metered. 

Current Rents (Under Market Value): 2 units at 450 and 2 units at 475 ** Market value is 525

He has escalation clause for 2018 for a $25 increase across all units for monthly rent.

Yearly Income: 1850 x12= 22,000/ YR

  • Expenses (yearly):
  • Water/sewer: $1800
  • Garbage: $480
  • Lawn Maintence: $350
  • Taxes: $1667
  • Insurance: $1137
  • Total: $5,434/ Year

Net Income: $16,766

I cannot recieve conventional Financing until February due to my job. I am a RE agent and working on full commision. My 2 years at full commision will not kick in until that time therefore I wont be qualifying with my 33% tax bracket. So my problem here. 

I believe this deal is great starter due to the fact he will seller finance it to me until that time I can conventionally qualify. 

Im jogging for ideas on putting a deal together. Thanks for the responses this is my first time getting close to a finish line.

Post: My first deal deal on a quad 9.5 cap ( thoughts and suggestions)

Colton SibleyPosted
  • Real Estate Professional
  • Simpsonville, SC
  • Posts 22
  • Votes 2
I'm need some help understanding a deal I'm working. It will be owner financed which is a help to him because he is offloading to get into a new business. I need help understanding the Cap rate to look for and to run a comp analysis for surrounding units in the area. There are several ways to force appreciation into the unit so I see a great upside with it. I don't want to get caught staring at a shiny object. With this being said how would one structure a seller finance deal on a quadplex for a short term? Down payment by keeping the same income moving to the seller until I refi? Need some help here on this one and some ideas. Operating Income: 5,434 NOI- 16,766 per year Asking 175k What do these numbers look like?

Post: My first deal... finally

Colton SibleyPosted
  • Real Estate Professional
  • Simpsonville, SC
  • Posts 22
  • Votes 2
Man that looks great!

Post: Anyone tried offering through Red fin before?

Colton SibleyPosted
  • Real Estate Professional
  • Simpsonville, SC
  • Posts 22
  • Votes 2
Looking to see if anyone has tried this method before ? If so how did it work out for you?

Post: Why not use a Subject-to Appraisal ?

Colton SibleyPosted
  • Real Estate Professional
  • Simpsonville, SC
  • Posts 22
  • Votes 2
Understood. It's such a slippery slope because the way our market is moving and now. The neighborhood is piggy backing off of our flip essentially. I don't have the experience to understand what this will do on hold costing costs. It's a hot area that not much has sold out of recently but a great area/home. Thank you for the response Mitch

Post: Why not use a Subject-to Appraisal ?

Colton SibleyPosted
  • Real Estate Professional
  • Simpsonville, SC
  • Posts 22
  • Votes 2

I have a property that Im looking to wholesale however, It is almost becoming a whole tail due to the Seller and their situation to move before summers end for school district. Buyers are having trouble justifying what My ARV and what Im selling it for. I have had two people in the community across the street have appraisals essentially for $30/ Sq.Ft higher than I originally thought the ARV to be. Simliar style home.

My numbers:

contracted at 250K, Original ARV (thought to be) was 340 on the low end. The home needs 20K in repairs I asked 260 for the deal.

The new ARV after comparing the appraisels have it around 400k, low end at 380K

Should I go ahead and pay for a Subject-to appraisal to help a buyer understand what the deal looks like? I haven't heard of many wholesalers using this method to present value on a property.

Or could I have some insight on why this deal looks bad? 

Post: Probate Property Question

Colton SibleyPosted
  • Real Estate Professional
  • Simpsonville, SC
  • Posts 22
  • Votes 2
Thanks for the insight. I guess the tricky question here if that how would I finance this? Traditional? I'm still new to the game so this is the issue for me moving forward. Trying to think of creative ways at this point

Post: Probate Property Question

Colton SibleyPosted
  • Real Estate Professional
  • Simpsonville, SC
  • Posts 22
  • Votes 2

Recently came across a probate property that is essentially a duplex type of home. Located right next to a college. It is a SFH with a guest suite in the basement. It is joint tenancy with three sibling. Two of the siblings want out. I am friends with the other.

My questions is...Is there a way to buy them out legally? I know you can but how? while gaining equity to keep a cash flow mindset and partner with the 3rd sibling. 

As a bonus to this question...does any one have any good strategies for claiming a cash flow year around on a college property? It is also located 10 minutes from a thriving down town. 

Thanks for all the insight!

Post: Flip with extra building- studio idea?

Colton SibleyPosted
  • Real Estate Professional
  • Simpsonville, SC
  • Posts 22
  • Votes 2
I'm looking to buy and flip this home with a building that has two floors. It also has a meter attached To it. The house price is too high community already. 1..What could I do and set a value on this extra for the buyer to come down on the price. Would this affect the resale value? 2. What type a rent could you do for a 500sq. Ft studio attached to a garage on a sFh lot? Are there any potential issues that could arise with an individual and family living on the same lot? Thank for any advice.

Post: Looking for investors SFH and Multi in Greenville SC

Colton SibleyPosted
  • Real Estate Professional
  • Simpsonville, SC
  • Posts 22
  • Votes 2

Sounds great Lane, Thanks for response.