All Forum Posts by: DaVon Brooks

If $200 per door is what your goal cash flow is, then that should be your focus. 
If you don't see any value adds to increase the cap rate/cash flow, then I wouldn't do it. 

Not to discredit your friend, but if this is your first property then you definitely want to buy right. It's the only way to "secure" your cash flow.

I used to work in the GH area, so I understand the temptation and attraction but don't let the "shiny object" trick you. Hunt down those $200 per door units and build your portfolio. 

Happy investing!

@Shawn Crawley Thanks for that insight!

@Paul Amegatcher thanks for that site. I ordered my search tonight and I'm anxious to see the results.

@Rick H. You are VERY correct and I couldn't sit and let that go, I took action. Hopefully it's fruitful. Either way thanks for the motivation!

@Shawn Crawley you say VA as in virtual assistant?

@Account Closed as the deal stands I wouldn't want to spend more than $100 to track down the owner and/or his POA.

It is particularly frustrating seeing a deal with cash to be made falling to the way-side. However, that means I need to work on my lead pipeline (already happening). Thanks for all of the input guys!

I don't believe the grandson is delivering my messages. How would I go about tracking down the attorney and executor of the estate?

I wholesale only at this point, but if I find a deal that's profitable enough on a conservative business plan, a mentor and financing, I am more than willing to jump into rehab and/or infill.

@Sean Davidson the area is 37208, and I also scope 37209. For my lot values, I do use a quick sales price x .2 to get my MAO, but I like use this formula too ARV - 20% - ($100 x square footage of house built) -10% - $10000

@Derrick R. thanks, I completely missed the idea of seeing what those lots themselves sold for. What's the oldest I should look back for the year built? I was thinking anything before 2010 would be getting too close to the timeframe of the market collapse. 

@Devan Mcclish thanks, I had thought about that idea but wasn't too sure how well it would be received. 

@Sean Davidson the rehab comps for me aren't as tough for me, the area is seeing more rehab than new construction. I most definitely agree about there being a bit of intuition involved in the comping process. 

Thanks so much for all of the responses!

Hi Guys! I'm reviewing the comps for a property whose owner I'm currently trying to track down. I normally use sales from the last 6 months, properties within 20% of the size of the subject property (for rehabs), 2 mile radius within the neighborhood and a year built range of 2010 to now. Currently there are no comps that fit the criteria due to the sale dates. 

I was considering altering sales date to Jan 1, 2016 and closing the distance to a 1 mile radius regardless of neighborhood.  That netted 4 comps. Is the market too thin? Nashville is by no means dead and this area is still seeing new builds go up (two more being built 4 blocks down and 2 blocks over, but they haven't been sold yet.) 

@Mario Nacev thanks for the response! I've never done a rehab so everything is helpful to me.