All Forum Posts by: David Chan

Isn't 70% of arv used for flipping more then buy and hold?

Anyways I walked through it with a contractor and he said because the subfloor is composite wood and not ply wood. Kilz won't cover up the cat smell. And removing the subfloor and retile with ceramic tile will cost about 10 psqft. Its 900 sqft down stairs too so around 10k on flooring?

Comps are about 140k.

Gutted: he took out the carpet and padding and the walls need to be painted and the smell is horrible. Going to roll by with my contractor to get a more accurate number.

2br/2bth duplex in good part of town.

potential rent: 1400 a month if both units rented currently one unit is empty.

empty units has cat damage and has been gutted out by the owner. Outside the unit is in pristine condition.

50% rule would have me all in for around 100k.
2% would have me all in for around 70K

i'm thinking prolly 7-8k in repairs before it is rent ready.

What type of neighborhood is it? The rents seem low.

So, how should i approach the seller?

Just go and tell him "i know ur in trouble and i can offer u this price for your home?"

Researching a property for sale by owner. And notice while checking the GIS for comps that the property taxes hasnt been paid the past few years for the property for sale, another property, and few cars. Does this mean? Will there be possible tax liens involved?

what kinda neighborhood was it in?

Did you follow the 50 % and the 2% rule?

Any good books out there that give good strategies on bargain hunting?