All Forum Posts by: Daniel R.

Hello! As everyone in the country is seeing shortages of housing on the MLS, I am officially ready to dip into diving off market to search for potential properties. What site do you like using the best? I've heard of list source and prop stream just based off of BP podcasts and their books. Any pros, cons to each of these? Other sites you would use?

It looks like they offer free trial periods, so I am likely to take advantage of the trial runs and take it from there.

Thanks!

any other input?  

Hello BP! I have heard a zillion times the different approaches to obtaining properties outside of Zillow in hot markets. However, nobody ever goes into details on the actual process for driving for dollars, cold calls, mailing letters, auctions, etc. While these ideas sound great, hearing these same 4 or 5 bullet points is useless if a beginner doesn't know what to do with these ideas. So let's say 123 Main Street has foot tall grass, the roof is caving in, and the driveway has piles of rotting garbage. ARV is 150k, and I offer the resident who answers the door 50k and he accepts. Ok great, now what! I assume it's more than just handing over a duffel bag of 100's.

So what is the actual process from A to Z to close on a deal like this?  Who is involved?  I would assume title company, bank, county lawyer, the buyers own hired attorney?  Who do you need on your team to land a deal like this?  Is it preferred to have a realtor and just pay them a little cash commission for the help to oversee everything?  How do you check if they are behind on taxes or other liens?  Thanks for the help and please share any of your experiences

Thanks!

Going further west into the suburbs, how about North Ridgeville?  With Rocky River/Bay Village prices really through the roof the past few years, and Avon slowly becoming the capital of the west side with all of the new development (Westlake already full), how does North Ridgeville look for further development?  People say the schools are a notch below the surrounding areas, but can that improve with more development and money coming into the city once Avon fills up?

Will the city of Cleveland provide lists via the courts for homes which have had water lines shut off?  This is an intriguing lead concept, and am curious to what extent the city/Cuyahoga county provides for the investors.  Thank you!  

There is a new clunker on my local MLS (surprised it even made MLS!) that is obviously way overpriced but in my desired market, it may get offers. Comparing it to 2 other complete rehabs in the neighborhood that have sold over the past couple years, what would be a good offer? Properties A and B have already been sold, and C is currently listed.

A: Sold for $40,000. Per auditors website, 926 living sq feet. Lot 9350 feet (0.215 acres). Pros: New garage 2010. Cons: Foundation has been redone. Since purchase, an addition has been put on (with foundation to add to basement too). Currently still being rehabbed. Back half of driveway to be replaced. Price per square foot $43.19

B: Sold for $70,000. Per auditors website, 1296 living sq feet. Lot 6400 feet (0.147 acres). Pros: Good foundation, excellent driveway. Garage door replaced just now. Price per square foot $54.01

C: Currently listed MLS for $89,000. Per auditors website, 1018 living sq feet. Lot 6144 feet (0.14 acres). Pros: Can bargain against properties A and B! That's about it. Will need major foundation work and would like to put on an addition similar to property A as a value add. Busted asphalt driveway.

So where does the negotiating start at? Aside from price per square foot, where does foundation and driveway in addition to a smaller lot size come in? Property A had a lot that's 3000 square feet bigger and a new driveway, but needed foundation work similar to the current listing. Property B, with a sales price of $11 per square foot higher than A, didn't need foundation work, didn't need driveway work, and only needed a garage door.

This is assuming property C will be a total gut job. Knowing these minor details, what would be a good starting offer, and why?

Thanks!

There is a new clunker on my local MLS (surprised it even made MLS!) that is obviously way overpriced but in my desired market, it may get offers. Comparing it to 2 other complete rehabs in the neighborhood that have sold over the past couple years, what would be a good offer? Properties A and B have already been sold, and C is currently listed.

A:  Sold for $40,000.  Per auditors website, 926 living sq feet.  Lot 9350 feet (0.215 acres).  Pros:  New garage 2010.  Cons:  Foundation has been redone.  Since purchase, an addition has been put on (with foundation to add to basement too).  Currently still being rehabbed.  Back half of driveway to be replaced.  Price per square foot $43.19

B:  Sold for $70,000.  Per auditors website, 1296 living sq feet.  Lot 6400 feet (0.147 acres).  Pros:  Good foundation, excellent driveway.  Garage door replaced just now.  Price per square foot $54.01

C: Currently listed MLS for $89,000. Per auditors website, 1018 living sq feet. Lot 6144 feet (0.14 acres). Pros: Can bargain against properties A and B! That's about it. Will need major foundation work and would like to put on an addition similar to property A as a value add. Busted asphalt driveway.

So where does the negotiating start at?  Aside from price per square foot, where does foundation and driveway in addition to a smaller lot size come in?  Property A had a lot that's 3000 square feet bigger and a new driveway, but needed foundation work similar to the current listing.  Property B, with a sales price of $11 per square foot higher than A, didn't need foundation work, didn't need driveway work, and only needed a garage door. 

This is assuming property C will be a total gut job.  Knowing these minor details, what would be a good starting offer, and why?

Thanks!

This past week, a dumpster has popped up in 2 (not 1 as the title says- character limits!) driveways in my neighborhood, which is something that never happens here!  Earlier this week,  a monster one was dropped off and filled in the same day.  I had been thinking for the last year plus that this house was the one on my block that met the perfect "driving for dollars" criteria- yard never kept up, weeds growing from gutters, chipping paint, etc.  The second home belonged to an elderly lady in which the dumpster was dropped off and filled two days later.  Just curious when you see something like this, is it already too late?  Did somebody else already get the deal?  How would you approach the situation as an interested buyer?  Have you had any success stories reaching out to "dumpster homes?"  Thanks for the input!

Hello all:  Is there any logical explanation that many supply/return vents in my rooms (all 3 bedrooms and living room) don't have adjustments for me to close off hot air in the winter or cool air in the summer for the winter/summer months in rooms I don't use.  Especially in the cooler months to come, I would rather have warm air blowing in the rooms most commonly used.  

Are these ducts common to have in homes?  How easy is it to swap out new supply and returns? 

Thank you!

@Jaysen Medhurst @Christpher Schuebel @Mike Reynolds thank you all for your input!  I am uploading the pictures yet again, so hopefully they display properly this time.  Thanks!