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All Forum Posts by: Jim Sliker

Jim Sliker has started 2 posts and replied 3 times.

Post: Purchasing a rental investment house.

Jim SlikerPosted
  • Investor
  • Grants Pass, OR
  • Posts 4
  • Votes 0

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $376,000
Cash invested: $130,000

Built 2008, 3 bed 2 bath, 1500 sq.ft. Mortgage payment including taxes and insurance plus monthly maintenance fees $100 is $1,750. $250/mo. positive cash flow. I just retired and may sell it in 5 to 10 yrs. With current inventory lows and appreciation well above 3% and mortgage being paid down at about 3% a year gives me at least 6% ROI. This investment should be a good hedge against the stock market volatility.

What made you interested in investing in this type of deal?

I was interested in this type of deal because it is a newer house in a newer safe neighbor hood where a young family with kids would want to live. Its near the Hospital, Schools, Junior College and shopping. Because it was newer I didn't have to renovate and there will be fewer repairs and maintenance in the near future. I got the current owner to replace a damaged heat pump air conditioner and make other minor repairs with out me having to pay for them. Also, did a 1031 from another sold prop.

How did you find this deal and how did you negotiate it?

I used a realtor. I saw comps and knew it was a one owner house in mint condition priced lower than similar neighbor hood houses. Also, they are building similar homes down the street, boosting prices and rents in the area. I negotiated knowing another offer was coming in. I offered full price with a clause stating I would pay $1000 more than any other offers up to a limit of $5,000.

How did you finance this deal?

Also, the seller wanted a guarantee that if the appraisal was too low I would pay balance in cash. I agreed to pay up to $5,000 additional in cash if the appraisal came in too low. My offer was for $372,000. The other buyer offered $380,000 but would not agree to pay additional cash if the house didn't appraise.

How did you add value to the deal?

I added value by being flexible and giving the sellers what they wanted.

What was the outcome?

The sellers accepted my offer of $376,000. Keep in mind most of Oregon is a very hot real-estate market and not uncommon to pay more than the asking price.

Lessons learned? Challenges?

Listen to what the sellers wants and needs are.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes, I worked with Ryan Johnson at John Scott here in Grants Pass. He recently sold us our current primary residence. I would highly recommend working with Ryan.

Post: Comps software

Jim SlikerPosted
  • Investor
  • Grants Pass, OR
  • Posts 4
  • Votes 0

Thanks, I have been using Trulia, Zillow, Realtors, and Title companies for comps. I also have anotherr program called Property Farm that I like alot because it provides a lot more info that it pulls from the county assessors office such as past and present owners, lenders, amounts owed, refies, addresses, phone numbers, maps plus comps. You can do radius searches, date parameters. You can search for FSBOS, REOS, preforclosure and more. Catagotize leads as hot, cold, dead and more. My subscrition ended and I was looking for something for less money. Using a combination of all the above seems to give me a more complete picture of the area. Also I can do nore searches faster. I ended up re subscribing to Property Farm because I couldnt find anything that could do what it can. I highly recomend it. Thanks for your responses.

Post: Comps software

Jim SlikerPosted
  • Investor
  • Grants Pass, OR
  • Posts 4
  • Votes 0

I am looking for advice on what software ware programs are good for finding comps. I am currently using property farm. It is good but the renewal is a bit spendy.