All Forum Posts by: Jim Pellerin

Hi everyone! I am looking into a property that is very interesting to me and would love y'all's input. It's been on market for 90+ days but has been overpriced. It has been droppings 30-40k per month, but the sellers aren't in a rush to sell it and don't want to lower further (according to the agent). It has an acre of land with a 4b3b house (2 bathrooms are unfinished), a studio casita with an unfinished bathroom, an unfinished garage and 2 unfinished workshops. It was listed with the 2200 square footage of the house only, not including the extra 500 sq ft that was added for the extra bath and utility room nor the casita or extra garage/workshops. With that finished the house would have 2 living ares, 2 beds with insuite baths, and 2 that share the bath in the hallway. Everything is outdated so I would need to rehab the kitchen, flooring, and other bathroom as well. All electric and plumbing seems to be in line, the roof doesn't look bad, the HVAC is broke but the window units work, and the foundation is iffy. The listing says it's slab, but it's clearly pier and beam. I saw a small crack in the ceiling, and a few big ones on the outside. 

So it looks like it will be a ton of work, but the ARV is looking to be higher up in 550k-700k because the area is great. It is in the medical center and it is in a fancier area of town. So I am thinking of a few different strategies. I could BRRRR it and get it fixed up while I live in it and then either sell or rent it out since the neighborhood is mostly rentals or open a dog boarding/daycare center (which is why I was looking at it originally), or I could wholesale it to a fixer upper. However, this is literally my first investment and I'm not sure if this is too much to take on as a beginner. I have been doing a lot of reading and watching youtubers, but I have been very nervous to actually get started bc of my lack of experience. I am working with a realtor who suggested getting a $350 inspection to see what all needs repairs, but I don't want to pay for it if it's not a good idea overall anyways. Thanks in advance y'all, I adore this community and please feel free to be blunt I really want some truthful advice.

Hello all, 

I am a recent college graduate in operations management and am passionate about building my real estate portfolio. I have somewhat of a game plan for how I want to reach my goal; which is $30,000 a month in revenue. I want to accomplish this by either owning commercial real estate like storage units, large apartment complexes, or both. My short-term game plan is to pay off my student loans first and then begin saving up money for a down payment on a single-family home to rent out. Should I look for different routes like fundrise or any other options? Or does this sound like a good goal to set for achieving my long-term goal? 

Thanks, Antonio 

Rare SE DC Detached Brick Colonial with Side Addition (Off-Market)-For Investors Only

Fort Dupont Park Single Family Home. Walk, bike or drive to Fort DuPont Park, Capitol Hill, Eastern Market, Navy Yard, downtown DC, and more.

Four bedrooms (one bedroom is now a large library on the main level - can be made back to a master bedroom on the 1st floor.
Two full baths and two 1/2 bath
One car garage with a driveway
Corner lot
Roof is 5 years old
Ac 6 years
Windows been replaced
Full Finished walk-out basement

Buy: $375K
Reno: $100K-$120K
ARV: $625K-$650K

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Closing on August 24th 2022
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What’s the difference between wholesaling to a flipper compared to landlord?

Are more wholesale deals done with landlord end buyers opposed to flipper end buyers? 

I ask this because I know that rehab costs are cheaper with rentals. Ex: A flip rehab might be $65k where for the same property a BRRRR rehab would only be $40k. This extra $25k would therefore allow your offer to be more competitive.

This leads me to guess that more deals are done with landlord end buyers. Am I right or wrong? 

And how would you decide to price your wholesale offer either way?

VACANT, this is why mill budget and why I got it so cheap :) 

Hey Everyone,

I'm getting into Commercial Real Estate and I'm not sure where to find formulas to underwrite deals. Can someone help me out with formulas that you guys use to underwrite large multi family deals?

Thank you 

I just went to contract last week on an 80 unit (each unit has 3 -5 offices, used to be all doctors/dentist offices) in Euclid OH, rehab budget of 1 mill, should be a bit less. Net income about 450k on 750kish gross. I can flip the contract (to a cash buyer) for 1.8 mill so the buyer will be all in under 3 mill, ARV about 4 mill, or I can keep, not sure what to do.