All Forum Posts by: Josh R.

Address is 720 Lynda Dr. River Oaks, TX 76114 near the military base in Fort Worth.

Home was built in 1951 on a corner lot, brick construction.
3/1
1872 sqft
Repairs include HVAC(new), electrical, plumbing, cosmetic updating, and landscaping.

Price-$45k
Repair est.-$30k (less if rental)
ARV-$110-$120k
Rents- $1100

CMA available.
Call Josh (817) 228-6765 for more info.

Welcome Paul Jones!

If you are looking to get out of your current employment due to health concerns I recommend you listen to the BP podcast #14 with Ben Leybovich. He has a great story involving his own health concerns and the how he got started in multi-family rental property to give him a stream of income whether he has the physical ability to work or not. Its a very inspirational story.

Glad you are here!

There is not a staircase in this house. I went back and measured the outside walls and came up with 1868 sqft. I guess I just never realized how much sqft empty wall space accounted for!

Yes I am still in my option period. I know the owner didn't publish that number I was wondering more about there really being that much difference between inside and outside measurements.

I am under contract to purchase a property that I intend to rehab. The local appraisal district has the square footage listed at 1880. I felt like that was off based on how the inside of the property felt. Sure enough when I went and measured every room/closet inside the house I only came up with 1588 sqft.

Without accounting for the footage of the wall space (surely that's not 300 sqft) how could this be off by so much?

Should I approach my seller about this and ask for a price reduction? I was basing my ARV off the footage listed in the CAD.

Edit: MODS please move this thread to the proper forum. I just realized I posted in the wrong one.

Michael Baradell I would hold any property you own in an LLC to shield any personal assets from our litigious society. Ask around for a CPA that is well versed in real estate (preferably with their own investment properties) and you should be all set.

A partner is a very expensive way to get started (think 50% of your profit, although they would also share in any loss). If your goal is 5 units in 5 years I would think you could go it alone and do just fine.

I think you mean 10% of your calls turning into deals would be 2 purchases a month.

Looks great Aaron McGinnis. Congrats on this one.

Thanks guys. I have projected about $25k in profit in my analysis and that figures taking 6 months and having another agent list the property instead of myself (im licensed). The cost of money is significant being hard money (4% orig. and 14% interest) but I would much rather pay that than not have a deal!