All Forum Posts by: Ken Konecny

Hi Aaron, 

Check out Mores Custom Homes and Remodeling. Marty and his team do amazing work. 

Hi Laurel, Did this property sell?

Check out Podio. It's the best CRM that I have used.  Iv'e used a hand full of RE/ non-specific CRM's but was never completely satisfied. 

Start by analyzing the recent sold comps near the property. If the recent sales had similar lot sizes then you should have a good idea about the value of the lot. On the other hand if the sales don't have similar lot sizes you will need to adjust the value of the subject property up or down. 

Try calling the listing agents of properties that are currently active near the subject property and ask them how the lot size influenced their opinion on the listing price. Also you might be able to find the specific adjustment appraisers make for lot size by searching online. I've come across appraiser discussion forums that have a lot of information on adjustments.  

Network at your local REI group. Ask for referrals from other investors and real estate agents. Most agents who have been in the business for some time will have worked with numerous contractors and likely have one contractor they refer to clients. Look for currently listed properties that look like they have been flipped or had major renovations and call up the listing agent and ask about the contractor who did the work.

Hi Debby,

@Debby Chen The A/B areas I would look into are, The Pocket, Land Park, South Land Park, Curtis Park, East Sacramento, parts of Elk Grove, Fair Oaks, Granite Bay, Folsom, parts of Roseville. I would focus on areas that have homes that are at least 30 years old or older. There isn't much flipping activity in these areas though. A/B neighborhoods are typically going to have properties that have equity in them, and are in decent condition. Even the properties that are outdated might be in good condition, and would easily sell on the MLS. The opportunities are out there in those areas, just fewer of them.

An appraiser is going to look at similar income producing properties in the area that sold in the previous six months. The appraiser will evaluate the rents, condition and characteristics of the comps. He then adjusts the comps to best match the subject property. The value is derived from these factors. If all the recent comps were in great condition, had updated kitchens/ bathrooms, granite tops and so on, then you could reasonably expect the value of the subject property to be similar if it also had many of the same characteristics.

In regards to specific items, say granite tops or updated bathrooms, you need to think about your target renter. You also need think about the type of renter that is drawn to live in the neighborhood where your property is located. Are they college students, families, or some other type? What features do your target renters demand most? College students are going to prefer different characteristics in a rental compared to wealthier working professionals and vise versa. 

Thanks for your input! @Grant Rothenburger @Dave Van Horn @Mike H.

Best places are areas where there is a lot of flipping activity. Places that are transitioning. The number of cash sales can be a good indicator as well. In Sacramento I see signs in parts of Oak Park, South Oak Park, Tahoe Park, Colonial Heights, and Del Paso Heights.  

I am looking into starting a BP meetup in my local market. I'm looking for advice from other members that have experience starting and operating a group. What are some of the challenges you faced starting the group? What tools do you use to market and operate the group? What is your content strategy for the group. Looking back on your experience what would you have done differently? Any other advice or insights are much appreciated.