All Forum Posts by: Cory Mccarthy

@Jeff Rabinowitz - thanks Jeff you are always good for a word of advise.  Sounds like a desk appraisal is just the thing I am looking for as I was hoping to avoid a full blown $300 or $400 appraisal. I will start working that angle tonight and tomorrow.  Kindest regards!

Are there any appraisers out there in the Jackson, MI area that are willing to give me a quick opinion on an ARV for a property I am considering?

Thanks @David Roberts.  don't suppose you can recommend any appraisers out in the Jackson, MI area can you?

Looking at a particularly promising property in an area that has not had a lot of recent sales in immediate neighborhood as it is in a smaller town or area that is a little more rural. A local real estate agent with good knowledge and experience working with RE Investors has provided me with a list of 7-8 properties, most sold within last 4-6 months, but a couple still on the market. My concern is that looking at those comps on a map, they look to be several miles away albeit circling the property fairly well. Are these comps considered a good basis for establishing an ARV if they are still that far away? Any advise or opinions from those involved in lending, appraisal, or long time investors would certainly be appreciated.

Welcome to BP @Alan Morrison, you have come to the right place.  Lot's to learn here and lots of ways to do it.  Strongly suggest the podcasts as they have been extremely helpful to me.  You can also search the forums and blogs for help on any one particular subject that needs clarification and if you can't find it in a search, just start your own forum post and see how many responses you get from a plethora of really experienced investors.  You should also start to research the local real estate meetings.  I still have not found one in the Flint area, but I am still relatively new myself and if I can locate one eventually, I may try to start one if I can drum up any interest.  Feel free to reach out if you have any additional questions or think I can lend any assistance.  Best of luck to you!!

@Jason Fish

While I am not a lawyer and am certainly not offering any legal advise here, I believe it to be wise to at least establish an LLC and place all of your assets into the LLC via a quit claim deed to help limit your liabilities and keep your private assets a safe distance from any legal troubles. Not hard to do and not very costly either, but a few hours spent with a lawyer who can set that up for you and provide some basic guidance will go a long way to protect yourself. Might want to try AVVO for a lawyer if you don't have one already or are not sure where to start. Best of luck to you!!!

Hi @Josh Cunningham and @Cheryl Grissom,

I would be interested in seeing your wholesale lists.  Honestly your areas are little further away than I would like, but I don't want to completely rule them out either, particiularly if you can also assist me in assembling a team in the area with contractor, realtor/appraiser and possibly local lender.  Just getting started and may need quite some time getting geared up, but no better time to start making contacts than right now.  Please reach out and share any lists and information you have on your respective areas.

Thanks, Cory

I like it myself, very versatile room...Garage/Laundry room.  Throw the clothes in on your way out to pick up the kids, scoop them out of the dryer on your way back in.  At the same time, you get a Linty, Furry Car to protect against the elements and keep your car like new so the sun can't damage the paint job.  Every house should have one of these....

Don't go.  It is just a scam, they want your money, nothing more.  Starts free, next meeting is a couple hundred dollars, then they go for the jugular at something like $20-35K whatever they can sucker out of you.  You can get a better education on BP for free.  Just takes lots of time and effort which is no different than what they will ultimately tell you at Than Merrills class.  Do more google searches on them....  you will do better here for a lot less money.  Good luck!

@Sean Richway,

Saw this post and was curious. I found a property that while I am still researching, has an acquisition cost of about $15k. I believe it to have a $90-100k ARV (please understand I am still researching). Without having been inside yet, I believe it will need about $30k +/- $10k to renovate. I can come up with total acquisition cost, but would prefer to find financing for renovations. Since total loan is likely to be less than $50k and significantly more than total acquisition, I am not sure I can find conventional financing (but honestly I have not spoken to anyone yet since I just found this yesterday). If it truly needs $50k or more of renovations, It may not make as much sense (unless my ARV is off slightly on the low side) and as a result, I would probably just pass. But if my numbers are on, would your firm ever consider lending 2-3 times acquisition cost to renovate based upon this scenario? If not, would you be willing to participate at any level? Thanks for your input and consideration. Any advice you can share would be most appreciated.

Respectfully,

Cory McCarthy