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All Forum Posts by: Kevin Martinez

Kevin Martinez has started 4 posts and replied 32 times.

Post: Tear Down Property Analysis

Kevin MartinezPosted
  • Flipper/Rehabber
  • Newport News, VA
  • Posts 38
  • Votes 9

Hello everyone,

I currenly have a deal i'm about to put under contract on a property that needs extensive work. It's about 950 sqft, 2 bed 1 bath with a detached garage and comps sell for 145k-150k range. Due to the condition of the property it will most likely be a tear down. Newer properties in the 1500sqft range are selling for about 240k-250k. The lot is 6000 sqft and the city assessed value of the land is 70k and I have an accepted offer of 30k. I've never dealt with tear downs and evaluating them. I'm looking to wholesale this deal due to the distance from me. Would you do this deal?

Post: Investor Friendly Real Estate Broker

Kevin MartinezPosted
  • Flipper/Rehabber
  • Newport News, VA
  • Posts 38
  • Votes 9

Thank you for the response.

What's the commission split like there?

Post: Investor Friendly Real Estate Broker

Kevin MartinezPosted
  • Flipper/Rehabber
  • Newport News, VA
  • Posts 38
  • Votes 9

Hello everyone,

I'm looking for an investor friendly real estate broker to hang my license with in the Hampton Roads area. Does anyone have any recommendations? Preferably on the Peninsula (Hampton, Newport News, York County) but I'm open to any suggestions

Thank you,

Kevin Martinez

Post: Lost in decisions for selling house

Kevin MartinezPosted
  • Flipper/Rehabber
  • Newport News, VA
  • Posts 38
  • Votes 9

I'm not a 100% sure but I think you may be able to get in contact with the school board and see what they require for your son to attend a school in another area. I know people have done it. The only downside is that they most likely won't provide public transportation so you would have to take him to school and pick him up. From my observation York schools seem to be the best by far.

Post: First Time Home Buyer

Kevin MartinezPosted
  • Flipper/Rehabber
  • Newport News, VA
  • Posts 38
  • Votes 9

Well as long as the property would cash flow if you were to have tenants on both sides then it should be a good deal.

Good luck and congratulations!

Post: First Time Home Buyer

Kevin MartinezPosted
  • Flipper/Rehabber
  • Newport News, VA
  • Posts 38
  • Votes 9

It depends. What are similar duplexes renting for in your area?

Post: How Do I Find Holding Fees/Taxes ?

Kevin MartinezPosted
  • Flipper/Rehabber
  • Newport News, VA
  • Posts 38
  • Votes 9

Just to name a few.. you could do direct mail, craigslist, driving for dollars, social media, SEO, bandit signs.

Post: How Do I Find Holding Fees/Taxes ?

Kevin MartinezPosted
  • Flipper/Rehabber
  • Newport News, VA
  • Posts 38
  • Votes 9

Okay, well understand that a lot of investors say "cash" in the means of ready and available. That can be hard money, private money, etc. And you're welcome! 

Post: How Do I Find Holding Fees/Taxes ?

Kevin MartinezPosted
  • Flipper/Rehabber
  • Newport News, VA
  • Posts 38
  • Votes 9

The holding costs vary, depending on the type of financing. The taxes you should be able to find on your county tax assessor website. Then you would just add in the projected amount of utility costs and insurance. And HOA or condo fees, if applicable.

Post: Unexpected wholesale opportunity

Kevin MartinezPosted
  • Flipper/Rehabber
  • Newport News, VA
  • Posts 38
  • Votes 9

Before you reach out to buyers you should have the property under contract so that you can actually market the contract, not the property. I would say be conservative with your ARV and say it's worth 80k. That leaves only a 15k spread if the bottom dollar is 65k. Since the house needs work, I don't think any investor will take that deal. There's no profit for them (probably even a loss) and no profit for you. If houses in your area are renting high then a landlord may be interested. As a general rule of thumb just use the 70% rule, or 60-65% if you're wholesaling. That should give you a good ballpark estimate of what price range you should even offer. Of course there is further due diligence and budget adjustments to be made to get your final offer amount but the 70% rule prevents you from wasting your time on something that's not a deal.

As for finding buyers... if you don't already have a buyers list. Just network, call bandit signs in your area, call craigslist posts, local REIA's, google investors in your area, utilize social media, use Bigger Pockets. Typically when you reach out to them they're going to want some information on the property. The best thing to do is to build a comp package of comparable sales that support your ARV, the listing sheet of the subject property and the comp properties, tax accessor card of the subject property, map of the subject property and the comp properties, repair estimate sheet or contractor bids, terms of the deal/contract, pictures and/or video of the subject property and the comp properties.

Hope that helps!