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All Forum Posts by: Jared Bryan

Jared Bryan has started 3 posts and replied 10 times.

Post: REI Workshop Weekend

Jared BryanPosted
  • Minneapolis, MN
  • Posts 10
  • Votes 4

I have read the discussions where people are posting about being upset that the weekend is pushing people to pay 30K for the extra bells and whistles. I understand that but I want to hear from people who went through this training and actually spent serious time applying and making offers and deals on the strategies they are promoting. Do the strategies work? Does the software help? Or do they just take your money, give you the tour and then say goodbye and good luck?

Post: Real Estate Investing

Jared BryanPosted
  • Minneapolis, MN
  • Posts 10
  • Votes 4

Sorry I thought I had “workshop” in there. 

Post: Thoughts on Doug Clark Real Estate Training

Jared BryanPosted
  • Minneapolis, MN
  • Posts 10
  • Votes 4

Is there anyone out there who actually made the 30k investment and used the software the software?

Post: Real Estate Investing

Jared BryanPosted
  • Minneapolis, MN
  • Posts 10
  • Votes 4

I’m in a workshop instructed by Doug Clark. Has anyone heard of it or worked directly with him or his network?

Post: 2nd Opinions on my First Property?

Jared BryanPosted
  • Minneapolis, MN
  • Posts 10
  • Votes 4

At this point, I'm planning on backing out of the deal. Thank you @Sam Shueh for making me take a harder look at my numbers, and thanks again to @Matt R. and everyone else who gave such great feedback and information!

I was on verge of making a few lethal mistakes, over estimating the resale value and underestimating the repair costs. If the resale value is more like $200,000 or even $210,000, after the cost of repair, some of which I would need to finance, my profits would be low to negative. Leaving me stuck house hacking or renting at best.

If had other properties generating passive income, or connections on getting materials at a discount, I could see this being a good deal. For me right now, I don't have flexibility in schedule or room for failure on my first purchase to take on this property.

Thanks again, I've learned a lot!

Post: 2nd Opinions on my First Property?

Jared BryanPosted
  • Minneapolis, MN
  • Posts 10
  • Votes 4

One concern is the inspector found loose decking on the roof and an oversized hole cut for the turret. The only sign that water might be coming was small stain about the size of half dollar on the ceiling of the bedroom directly beneath the turret. The inspector said the decking could be secured from the attic side. Anyway, the house might need a new roof and/or new insulation.

The other thing is the radon test came back at 4.3 and will need to be mitigated. 

Post: 2nd Opinions on my First Property?

Jared BryanPosted
  • Minneapolis, MN
  • Posts 10
  • Votes 4

John, the basement has two nearly finished bedrooms and pluming for 1 maybe 2 bathrooms. 

My plan is to remodel the kitchen, finish the basement, and rebuild the garage. That would make it a 5 bedroom, 2 bathroom house with a little over 2000 finished square feet and a 2 stall garage. I guess the size of the lot might suppress the value, so I should adjust my estimated appraisal value to $225,000+?

Post: 2nd Opinions on my First Property?

Jared BryanPosted
  • Minneapolis, MN
  • Posts 10
  • Votes 4

Mike I can't say I follow what you are referring to. Are you talking about the trim around the windows, doors and floor in the interior?

Post: 2nd Opinions on my First Property?

Jared BryanPosted
  • Minneapolis, MN
  • Posts 10
  • Votes 4

Thank you Matt! I appreciate those insights. Your observations are very good. The inspection went better than I was expecting, but my expectations were pretty low. I haven't gotten the full report back yet, but I'll briefly clarify what I can based on the walk through. I can post the full report when it comes in. The bones are good but there is just a ton of stuff to do and redo. This house has been purchased at least twice with rehab loans, and there are some goofy things that have been done or half done. 

A/C unit - turns on but the fan doesn't turn. Might need a new capacitor or motor. That and the furnace are both lennox and appear to be installed in 2006. 

Siding - compressed board in good condition. Needs to be caulked and repainted.

Popcorn ceiling - I'd send that, along with the glue holding the tiles in the entryway and kitchen, out to be tested.

Egress window - correct height from the floor and plenty tall and wide. The wells are not quite 3 feet back from the window and don't have ladders. Inspector said they might still pass since they are so shallow, not even 2 feet deep.

Upstairs bedroom - has a closet in the left corner out of the picture. That apparently was once the door to the basement.

Most of the outlets around the house are two pronged so I hope you are correct about them being grounded. Changing to three pronged outlets is easy as long the ground has been run. I didn't happen to look for one in the bathroom, good call on that though.

No idea about aluminum wiring upstairs, but it might be in the report. The basement has new wiring. It appears to have been run by a professional because there were notes on the wires about where they were going to and things like that. The inspector said it wasn't something amateurs typically do. However things are not finished and would definitely no meet code, like exposed electrical boxes.

The gutters around roof are in decent shape, could be cleaned and resealed. They are rusting though, so they're not aluminum and are probably original. The spout might have completely rusted away. 

Foundation is in good condition. No leaks or signs of moisture in the basement, we did have torrential downpours earlier in the week. There is a lot of settling going on below the walkway. The steps are on the foundation and haven't shifted, but yeah there is a giant crack between the walkway and the foundation. Could be sealed with foam, mortar, and caulk. It will be a skating rink in the winter though.

The attic fan does work. I have never seen one before. It probably won't stay though.

All the visible pluming is copper, except for the waist pipe coming from the bathroom is galvanized. The inspector indicated like you said, it shouldn't be a big job to replace with plastic or whatever.

That was a big help! Thanks again. 

Post: 2nd Opinions on my First Property?

Jared BryanPosted
  • Minneapolis, MN
  • Posts 10
  • Votes 4

https://www.zillow.com/homedet...

I am new to Bigger Pockets, started listening to the podcast 3 months ago, and I've learned a lot but I'm diving down this rabbit hole on my own. So, I thought I'd try soliciting the kindness of strangers to see if I am on the right track or missing some things.

Mostly I want to know what might come up in the home inspection that would be a(or maybe more than one) red flag. I'm thinking of pluming issues or foundation problems.

The gist:

Price: $171,000

Down Payment: $8000

Est. Rehab Money: $30,000 - $40,000 (I am prepared to do the bulk of the work myself, with assistants, over the next year)

Est. Potential Value (base on comps in area for 4-5 bedroom 2-3 bathroom house): $230,000 - $250,000 

Est. Potential Rental Value (base on comps..): $2250 - $2500 per month

Est Mortgage payment (including property tax, insurance, and pmi): $1300 per month

Est ROI: 20-30+%