All Forum Posts by: Doug Haisten

Thank you.

I am looking at a property that has been and is now a rental property. I don't intend to keep the property. The outside is a little rough but from the discussion with the owner the inside has recently been update (new kitchen, new bath, new AC etc. The ARV is roughly $63K with $5.5 repairs. MAO $38K using the standard 70% ARV - Repairs - Fee ($7K). When analyzing this deal using the BP Rental Property Calculator and targeting a $128 Cash Flow and a 12.09% ROI I get a buy price of $42.6K.

I looking for the archive of past webinars (I became Pro last week). Can someone point me in the right direction? Thank you.

I am using the Rental Calculator (in Bigger Pockets) for a several unit purchase (SFR). The owner's price is what the county has set for the properties on the Tax Assessors. How do I determine the value of these houses? By Comps or by putting in successive prices for the properties until the analysis s give me the monthly cash flow and Cash On Cash Return I want OR have a RE Assessor do a drive by assessment? The houses are well maintained and fully rented in nice neighborhoods.

Thanks  

@Brett Kirchoff Does Anchor Title (or any title company in Mobile) allow assignments or double/simultaneous closing (where the funds from the B-C transaction funds the A-B transaction? Also do you have a real estate you can recommend?

Doug

@Dave Rav I did tell him I may not be able to buy all of them. I do know someone in that town looking for build up to 10 rental properties (he's already bought 2 or 3). The owner is getting me the rent history and I am going to approach him about owner financing. That's a good way to look it. How would you determine or agree on the value of the properties? Is there a formula for that similar to the 0.70 ARV - repairs -fee?

Thank you for replying. First error, that's 14 separate properties, SFH. There are two properties, adjacent to each other, that are far larger than the others, 2300 sq ft and 4100 sq ft. He is renting each of those for about $1,000. I actually wasn't planning on wholesaling these wholesaling is just what I have been spending most of my efforts and studying on. I stated what his asking price is for all 14 properties and what I determine comps to be using the as sold homes from icomps.com and realtor.com. Although these houses are occupied and rented out the two large ones are not. I will need to add some monies for some rehab if nothing but a spruce up. I have not talked to him in detail about a down payment or him financing the deal he merely stated he has done that before. I meet with him next week to get more down to the nitty gritty. I know enough about doing one of these deals to know I don't really anything about doing one of these deals (of this size) hence I am seeking to find the knowledge I don't have.

A landlord in a small town (population 69K but the biggest town in the county) that had a FSBO house I approached to buy that house, as we talked, said he was wanting to get out of the rental business (he's mid 70s and has another non real estate business he is in) and said he would sell me the house I contacted him about and his other properties. I met with the owner and we are looking at 4 properties. These are SFH rentals in nice neighborhoods, the houses, with a couple of exceptions, are fully rented to working people (no Sec 8) and the houses and yards are well maintained. The houses are mostly 1970-80 vintage. There is almost 0 vacant houses in these neighborhoods. The houses are stated to be free and clear. Rents average about $700 pm.

At first blush he wants the tax assessors valuation for the properties, about $1.12M. Going through each property that valuation is sometimes higher sometimes lower than the comps on like houses about 1 mile or less. My total comps are $1.24M. The owner did make a casual comment he has done owner financing.  

I have not made any deals yet and I am working this as a wholesaler. I don't know if this will be the first but I am working on 3 other deals, trying to stoke the boiler so to speak. Any direction to where I can get mentoring or advice on what I need to be working toward is appreciated. I am meeting with the owner again next week. Thank you

I am working on an offer for a house that is 2 complete stories (levels). When looking for comps icomps.com shows 2100 sq ft, Realtor.com shows 4,000 sq ft, Zillow about 2100 sq ft. The owner doesn't know for sure. Its probably the 4000 sq ft. In this town, especially this neighborhood, there just isn't many 2 story houses. and there are about 14 houses sold within the last 9 month but most all of these are average 1800 sq ft. The 3 . RE sites I mention valuate the house at between $182K,, $187K and $187K. The owner wants to use the tax assessors' value of $209K.  Would I be wrong to take 3 or 4 similar properties (1 story) and determine a $$/sq ft and apply that to the 4000 sq ft of a two story AS A STARTING POINT ?

I am a wholesaler and I have a very motivated seller. She married moved out of state and left a family member to live in/take care of her house. Bad idea. She is now 4 months behind in mortgage payments (around $3000). She believes the house may be in foreclosure but does not know if the house has been foreclosed on (she was not getting her mail forwarded to new address). I saw no evidence of that at the Probate Court/Records where records for real estate transactions are kept. I did see the mortgage company just sold the note to another mortgage company (that she was unaware of). Is there any significance to this transfer (mortgage and a foreclosure)? She owes $85K. The comps, as best as I can determine, has the house ARV at $79K. The 1135 sq ft brick house needs $10K repairs that would include but not be limited to new shingles and a new AC and maybe kitchen appliances. This isn't a regular all cash deal. I don't she her getting anything but just walking away from it.

Any ideas what I can do with this? 

Thanks