All Forum Posts by: Kurt Michaelson

I visited this home today and was not expecting to see this much damage. I have entered estimates for repairs and will possibly begin an offer at $105K.

Here is a link to the Google photo album of the interior of the house - https://photos.app.goo.gl/mMoCL5Erq4hcqAdP9

The figure for Plumbing is for each bathroom (2 1/2) as a full remodel.
The figure for Doors includes reframing with lumber and doors throughout the house and windows, which also includes drywall, mud and other appropriate items.
The figure for Cabinets/Countertops is for an entirely new kitchen with appliances.

I appreciate your feedback. I'll be calling the homeowner tonight at 7:30 p.m., PST.

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Originally posted by @Jeremy VanDelinder:

Just wanted to through my "two cents" in since its a fire damaged property (this is becoming my niche).

Here are the things often overlooked on these kind of "minimally damaged" properties: All areas contiguous with the fire area (no fire wall separation) will have a film over them that will need to be thoroughly cleaned: walls, ceilings, appliances. You are best to hire a fire-remediation company unless you have a contractor experience in this. Also, HVAC--if it was running at the time of the fire the ductwork will be contaminated and will need to be cleaned at minimum, or replaced if bad enough.

Hope that helps and good luck!

Thank you! I never would have thought of this regarding the HVAC system and the ductwork.

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@Guy Olds Does this group still meet in Riverside?

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View report

*This link comes directly from our calculators, based on information input by the member who posted.

Tomorrow afternoon I have an appointment with a woman who owns this house that was damaged by a fire a few months ago. Sadly, her mother died in this fire also.

She's asking $300K for the house and I've done some preliminary repair estimates based on the amount of fire damage, which she said wasn't very much. I've included a $6,000 cost for fire restoration as a miscellaneous item but it does not show up on this report.

I've used a Deal Analyzer from FortuneBuilders and have become dissatisfied with it, but I'm feeling MUCH MORE CONFIDENT with the use and presentation format these calculators produce, so thank you to BiggerPockets for creating these tools and the website to help investors, especially for a rookie like myself.

I believe she's negotiable as far as a price is concerned and I was thinking of beginning to start negotiating at $269K. Would that be too low to start?

I appreciate the feedback on this and I'm incredibly grateful for this community of people here on BiggerPockets.

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Originally posted by @Account Closed:

Hi Rilicia,

PM me. I have a couple of letters that I'm more than happy to share. One is for homeowners who are in default and upside down; one is for homeowners who are in default but still have equity in their home; and one is for homeowners who have received Notice of Trustee Sale and their house is about to be foreclosed.

Good luck.

@minhle I'm interested in seeing what those letters look like. Could you send them to me, please?

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@Warren Garceau Congratulations!

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Looking forward to attending and meeting some new people.

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Originally posted by @Matt M.:

@Kurt Michaelson Nice last name sir!

I agree!

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Originally posted by @Russell Brazil:

Property doesnt look like it is in bad enough condition to be flipped to me. I see its been on and off the market for a couple years, but based on the 1 picture on Zillow and the pictures you have posted here, the photography is crap. So I have to ask, was it ever marketed by someone who knew what they were doing?

I don't think it was ever marketed very well at all. From what I learned the commission offered was .5% and my friend who is an agent here in Murrieta said that no one would work for such a small commission as that.

He's greedy for the price of a Mercedes when it's Mazda. Thanks for your feedback.

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Originally posted by @Jay Hinrichs:

well I took the time to look at the photos you posted.

as most of CA is still quite brisk and the only way a property stays on the market that long is its Massivly over priced

so myself I question your ARV first off.

and is the ARV of 600k a complete update IE this house is dated but very clean.. so does that mean a new 30k kitchen

7 to 10k per bathroom making them new and modern.. and then it looks like it needs complete landscaping which in our area could be done for 10k.. just throwing in some grass and a few plants .. I do front yards on new construction with sprinklers for 3k per house.

so it could be to get to 600k you need to dump 100k into it @JD Martin and then with holding costs and sales cost your 405k offer is probably what the BP calculator said it needed..

but something is off here.. seems to me based on pictures that house if its really worth 550k should have sold aright at that. but maybe the ARV as I stated is way off..

Jay, thanks. I started off too low and should have started at $440K and stated how much repairs were for each area of the house.

Lesson learned.

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All Forum Posts by: Kurt Michaelson

Kurt Michaelson has started 10 posts and replied 144 times.

Post: [Calc Review] Help me analyze this deal

Post: [Calc Review] Help me analyze this deal

Post: Investor in Riverside

Post: [Calc Review] Help me analyze this deal

Post: Sample pre-foreclosure letter

Post: Successfully Three Family Deal in CT

Post: San Diego Real Estate Investor Happy Hour - Friday, October 19th

Post: I made an offer of $405K and he laughed at me

Post: I made an offer of $405K and he laughed at me

Post: I made an offer of $405K and he laughed at me