All Forum Posts by: Jamie Parker

The next installment of 1522 Latham and also 1516 Latham:

Months have past and this project has lead to many moments of "what am I thinking" and "one step in front of the next". After finally surrendering to the city's opinion and not fighting the courts something great happened. A property, condemned and badly damaged. Talking to contractors and they suggesting to simply start over. I had to swallow my pride and ego to accept what was simply the best course of action to take in the matter.

This past weekend, labor day weekend, driving around town with my mom and daughter running errands. I got the ideal to drive past the property to see how bad the weeds were. I was simply waiting on the day that the county would demolish the place. The decision was made back in May. I didnt see my tax bill showing a line item. Nothing. However I decision to go with the ideal and drive by. Such a refreshing sight to behold. 

Quote from @Caleb Hall:

Quote from @Matt C.:

Hey All -

I am widdling down some areas I'd like to remote invest in. I have one house-hacking property in SLC, but homes here have gotten a bit too high to see any cash-flow. Looking for some less expensive areas that may not see a ton of equity growth, but should get a few hundred plus in cash flow each month. I have been hesitating on pulling the trigger for about a year now and I am getting frsutrated. Gotta make the jump. 

I am mainly seeking everybody's favorite resources for neighborhood analysis. I have a few that I utilize alongside Google Map Street View when I am really digging in, but I find I have to bounce around for resource to resource to get the full picture. Oftentimes, the data is at least a couple years old. 
What are your favorite resources?

Would also be interested in any suggestions for markets/neighborhoods that would be a good fit. On the higher end of what I am currently looking at, I have Twin Cities and Indianapolis. On the lower end, I have west of Detroit and some areas in Memphis, with preference currently in the Memphis area. If you have Realtor or PM teams in these areas, please let me know!

 I am a Realtor in Memphis, TN that works with savvy investors. I'd love to connect!

Would like to connect @CalebHall @JordanRay

Quote from @Chris Seveney:

@Jamie Parker

You really need to do a more thorough job on the comps and see why did one sell for $150-$190, that’s a huge spread

I built this spreadsheet and sent it to the seller. The seller went down from 190k to 160k in 2 days. before inspecting the property my number is around 134k, but yea. Check out this break down.         https://docs.google.com/spreadsheets/d/14j4Fbzx3L3N9WLn9Sfj9...

Quote from @Chris Seveney:

@Jamie Parker

You really need to do a more thorough job on the comps and see why did one sell for $150-$190, that’s a huge spread

1. 150k, hit the market @235k in  9/2023 sold 2/24 . 3/1 New carpet, Tile bathroom. Clean finishes. No pictures of the kitchen. 

2. 170k 3/1  no pictures on zillow/redfine, no listing sold in 2021 for 180k sold again 2/24 for 170k

3. 180k 3/1 list 199k in 8/24 sold 2/24. no appliances, fair rehab, exterior paint, New hvac, new water heater. LVP Flooring throughout 

4. 190k 3/1 listed @ 210k in december, sold for 190k this month. mordern kitchen, new water heater, new hvac & roof (5yrs) 

So I found 2 more

5. 199K 3/1 was a flip sold 4/23 110k listed 209k in 6/23 sold 8/23 199k full finish, clean, hardwood floors, paint interior/exterior, new windows, new fixtures. refinished bathroom.

6. 280k 3/1 closer to mid town Listed at 269k 3/24 sold in 4/24 280k.  Renovated kitchen with recessed lighting, stainless steel appliances, fences, 2018 Trane HVAC, 2015 tankless water heater, 2015 roof, 2015 electrical panel, fence installed in 2018.

Offering 110k for a flip would consider the 50k in rehape not considering the cosmetic stuff yet. The 3 of the first 4 are within a .1 of a mile the other 3 are across a major street in a neighborhood closer to an area college. 

It appears comp 6 would be the example to follow

Working with a coach, I have been agreed with a accountability program with a life coach business coach I know from real estate years ago. Not know where to start, this program has been very helpful to getting back in the game. So what been happening: 

I have made it to the point of conversation with a couple of sellers at this moment. 1 seller offered seller financing, I think that one is in the bag. 1 other is the reason why I am making this post. 

seller asking 190k. Comps(4) for the same 3/1, in the area(1 mile radius) have sold between 150k and 190k. If you average out the "sold" comps, the number is 172,500. Using the 70% before subtracting repairs 160,425.  After talking with the seller, Furnace needs to be replaced, part of the roof is 3 yrs old/ most of the roof 18yrs old, plus back taxes of around 5,000. 

ARV 172500

70% 160,425

repairs total 45000  (roof 15,000 new a/c 15,000 windows 15,000 taxes 5000)

MAO 110,425

I guess what my thing is. I don't mind making offers like this at all. From a wholesale standpoint, it is most beneficial to be able to get these number correct. Getting those reps in with the most accuracy in analysis. I guess what I am wanting to ensure; that 17,500 between the highest 3/1 comp and the average of all the comps, is  a good starting point for making my calculations.  

Quote from @Carlos Ptriawan:

you can try but these DST and GP have biz plans they must follow. Unless you want to overbid someone else they would not entertain if you want to buy an asset with a 25% discount lol, they are the pros.

In the part of town I am looking in, I have hear other investors all but refuse to buy anything near those zip codes. Funny turn of events, the "pros" are invested there. Well my goal is to bring "highest and best" use to the neighborhood. 1 year ago you could buy property for 35,000 and collect rent. 1 year late new construction under contract for 250k, rehabs listed at 239k. So yea getting a couple of those properties off there hands would be ideal. It may be for rehab price ultimately because I think the lot price for new construction is in the un 20K range for now. If the new build price gets over 300k. then we have lift off. 

Quote from @Chris Seveney:

@Jamie Parker

Yes a property can be liquidated. I would not send a letter I would call or find someone on LinkedIn

Thank you for that advice I have found that one of the Owners (maybe a partner GP/LP) is involved with a property management company in the area. Would stopping by the business be too aggressive? or, as you said, reach out to them on linkedin be sufficient place to start?  Would these types of companies prefer a cash purchase, or would seller financing be entertained? 

Going old school and driving for dollars, I have found some addresses. Of course, using the property assessors there is a great feature to research the deed. The only reason I am using this is, to add the sales instrument to my spreadsheet. In my process I come across a DSTs, GPs and Holding Companies that are holding on to 20 or more and one holding nearly 100 properties. 

For my purposes, I am not trying to purchase all the properties. On another post, I am working on a property and a couple doors down, one of these types of companies is holding. I want to buy it. 

How do I go about doing that? 

I have their information. SHould I Just send a letter? like normal?  Can 1 property be liquidated out of one of these holding funds? 

Its been a while since I have had something to say about the Latham St property. Well there has been some developments. With this being my first purchase ever, I am learning way more about what it means to "own" something.  

When a squatter decides to park his RV across the alley from the d**e house, never expected it to be Walter White. About 2 months ago I saw a camper parked in the back of my lot. The house is still vacant and have not made any progress at this time. I have to own that first. I had my suspicions about the neighbors across the alley and this situation definitely locked it in. When I first saw the R/V, I approached the R/V to understand whats going on. i will refer to the squatter as Walter. Walter says "Someone stole my battery and I cant move" I ask, "Why did you park right here?" Then I tell him, first of the month Im gonna get it towed. First comes around I did not get it towed. I seller financed the property. Seller is from out of town but for some reason she was in town and drove past the property. Walter White hanging out in the back yard. She calls me, ask was is going on with the RV in the backyard. I let her know the situation. She calls the cops.  I let the cops know the situation and meet them at the property. After the a few minutes I am told that if Walter is there the next day Call the cops to remove him from the property for trespassing. 

Long story short, after another visit from the cops the next day, I will have to get the R/V towed at my own cost. (1975 Roll-a-long Camper Special) not registered. While it is so sketch, because the vehicle is not reported stolen or involved in a crime the police department will not be helping out in the tow of this one. So after talking to a local heavy duty tow truck company the price tag is 620$ per hour to come get the R/V off the property. Wow, I literally do not have that at the moment. So there will be an update as there are developments.

I am so grateful for purchasing something like this as my first property. I literally would lose my mind if this a "operating" property with tenants and other variables. My next door neighbor, is championing the efforts but she has been there 6 months, and the R/V been there 3. Maybe she is looking to change something but I need to buy that entire corner. Before putting footers in the ground on 1522 and 1516 Latham.
 

Quote from @Saab Saab:

I tried fb groups. Still no email list, but still working on it

Quote from @Andrew Syrios:

They're all over the place generally. Go to your local REIA group or ask investors for wholesalers they know. Or post in local real estate investor groups on Facebook (or here). You'll get on more email lists then you'll know what to do with.

 Depending on how urgently you want to pursue, and how much of the negotiating you care to partake in, a realtor is gonna be a safe play. Don’t forget there FSBOs as well.