All Forum Posts by: Dan D.

Hello,

Sorry if this isn't correct forum etiquette, but posting here as I too I'm looking for contractor recommendations. Looking to renovate a condo thats roughly 1,000 sqft.

Thanks!!

First, I apologize as I am sure this has been posted thousands of times. I did attempt the search function, but could not figure out how to just search the Washington Forum.

I reside in Socal and was just getting ready to invest in the midwest. Got my pre-approval and agents, etc. Recently, just found out there is a 95% chance I will be relocating to Seattle for work mid-august. Before finding this out I had lenders pull my credit and I am still within the 14 day window for additional pulls (right?)

1. Can I still reach out to lenders for a FHA pre-approval and not get dinged as long as its within the 14 day range of the 1st pull?

2. How long do pre-approval letters stay valid for?

3. Can anyone recommend  lenders? 

Idea now is to house hack a SFR. Possibly convert a garage/basement as my living quarters and rent out the main portion.

Thanks!!

@Caleb Heimsoth No, Clayton Morris didn't present this. I was simply scouring realtor.com and wanted to know if my numbers made sense and if my idea of B/C/D neighborhoods were correct. Either way, good to know.

35k rent @ $850  in good area = *The Deal* - Exactly what I am aiming for.

@Jay Hinrichs Thanks for responding. Those are great points and something I didn't even think to evaluate.  I like it.

@Lane Kawaoka Thanks for the response and insight. I'll definitely be analyzing/aiming for more properties in the $900 rent range.

@Andy Rumple Thank you for your insight as well. "Neighborhood is blue collar C" I don't think is necessarily a bad thing, right? 

If purchase price was lower in the 20k-30k range, it would make sense?

https://www.biggerpockets.com/calculators/shared/391096/1f041e8b-b1a9-4065-a9d9-5fcfc08b0d1a @ $35k

-I understand that it is hard to get a loan for properties under ~50k - just playing with ideas/numbers

Hello,

I have been trying to research the Indianapolis area to the best of my ability. I am curious to know if the report below is a realistic investment I can make? Or am I too late to the Indy party.

I found this on realtor.com - its no secret I just want to know if I am analyzing/thinking of this the right way.

List Price: $49,000

Purchase Price: $44,000 - lets say I can get a couple thousand off and magically get a 30 conventional with 20% DP.

Repair Cost: $5,000.00 - 

Property Taxes @ 2% of list price - could be lower

Rent: $650.00

If there are any Indy market experts that want to chime in on my rates for vacancy, repairs, and CapEx that would be great. Can you also confirm if this would be considered a B/C area?

Any feedback appreciated.

Thanks!

View report

*This link comes directly from our calculators, based on information input by the member who posted.

Doing a bit of research and this MSA caught my interest.

11.9% is quite high -- is it not? Feel like I am missing something here.

Annual Statistics: 2017 : https://www.census.gov/housing/hvs/data/ann17ind.html 

Following - Curious to know as well

Hello,

I have decided to invest out of state and have spent the majority of the weekend scouring forums, websites (Zillow, Realtor, Census Bureau, Bureau of Labor, and many more), blogs to put together a spread sheet to "try" and help me narrow down my choices.

Criteria:

Budget $$

Active Listings (I used Zillow data for Feb. Might of not have been the best source)

Population (18+)

Unemployment

Vacancy

I also used Avg. Cap Rates & Rents by Region from Integra Realty, but I'm realizing this may have been better at the county/city level. I also attempted to look at job growth using the Census and Bureau of Labor, but I don't think my numbers actually made any sense.

I have been able to narrow down my list, but I feel as though I either narrowed down due to personal criteria like volume & population or unemployment & vacancy. Example - I eliminated states that were both above vacancy and unemployment, but kept it on my list of it had I high population?

I believe this is what they call "analysis paralysis" - I haven't even started analyzing properties...

TL;DR What criteria do you use to determine a state to invest in? Does it come to a point of personal preference?

Hello,

I have decided to invest out of state and have spent the majority of the weekend scouring forums, websites (Zillow, Realtor, Census Bureau, Bureau of Labor, and many more), blogs to put together a spread sheet to "try" and help me narrow down my choices.

Criteria:

Budget $$

Active Listings (I used Zillow data for Feb. Might of not have been the best source)

Population (18+)

Unemployment

Vacancy

I also used Avg. Cap Rates & Rents  by Region  from Integra Realty, but I'm realizing this may have been better at the county/city level. I also attempted to look at job growth using the Census and Bureau of Labor, but I don't think my numbers actually made any sense. 

I have been able to narrow down my list, but I feel as though I either narrowed down due to personal criteria like volume & population or unemployment & vacancy. Example - I eliminated states that were both above vacancy and unemployment, but kept it on my list of it had I high population?

I believe this is what they call "analysis paralysis" - I haven't even started analyzing properties...

TL;DR What criteria do you use to determine a state to invest in? Does it come to a point of personal preference?