All Forum Posts by: Jody Newman

So I'm very new to the game. I haven't completed a deal yet. I'm analyzing constantly and think I found a decent deal. The numbers can work with the use of private money (family friend). My hesitation is "Why hasn't another investor scooped up this property yet?" It's been on MLS 110 days. It's a small row home that needs about $50k in work (listing agent's number, I'd definitely confirm). And my reno would be a bit less because we'd be doing some ourselves. Listed at $80k but my agent says the seller is HIGHLY motivated (older, in the hospital). I want to offer $45k if the $50k reno is accurate. ARV $130k and the area has been growing. ie 50% rental growth in 2 years. Current rent around $1300. So my question is...

"Why hasn't another investor scooped up this property yet?"

Sorry but id trust other investors over you. WHY? Because you are new........lol. $50 k is quite a lot of work on a lower priced property.

If your numbers are anywhere close to reality it would have been bought already. So i conclude yr numbers are off BIG LEAGUE.

Very rare a person falls off the turnip truck and succeds at flipping RE.

0 Votes

Trust your instincts and find another . I dont like that 6 digit ss number. Thats a big REDD FLAGG. Sound like a player , she senses you dont know what you are doing.............lol.

On the down side looks like you will need a big cut in rent to attract applicants.

3 Votes

In a nutshell, LV isnt a cash flow market anymore. Only play is APPRECIATION. GOOD LUCK with that.

0 Votes

Las Vegas, Nevada

It gets worse. Just did a HOTPADS rent study in the area. No way you gonna get $900 plus in rent. Lots of 3 beds going for $700 -$750.

0 Votes

Originally posted by @Bill Larsen:

Hey John,

Welcome to the party! I'm one of those "investor friendly agents" and have a house in escrow in Corona currently for an investor. When finding an agent to work with, it's important they know the grind it can be to find an investor client a deal. Many will get burnt out after the first 20 offers written :)

I'm happy to chat anytime

20? hahahahaha!

0 Votes

Originally posted by @Victor H nieves:

@Hau N. my loan rate isnt helping me & somehow this deal has so much Closing Costs. But, is there hope for me when I hold this for 20 years if the projections and assumptions pan out as shown above? That I dont and wont know I suppose.

I googled st address then googled homes for sale in your zip. You getting JACKED big time kid.

$74,900

3574 Bowen Ave, Memphis, TN 38122 is a lot nicer than your deal..............lol.

1 Vote

Are the momS days numbered?

How about respecting the sons decision and wait till the lady dies. If i were the son i wouldnt sell to you at any price if you hounded me about selling prematurely.

0 Votes

Originally posted by @Snehann Kapnadak:

Hey @Akash Jain, thanks a lot! So far it's going really well! Just last week there were a few minor repairs needed (caulking around the sinks, lining, etc.) and the provider told me that he'd take care of it. Which was really good of them to do.

Other than that it's been fairly well!

These minor things should not be happening in only 3 months................................RED FLAG here. Should be done at no charge to you.

1 Vote

All Forum Posts by: Jody Newman

Jody Newman has started 2 posts and replied 88 times.

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