All Forum Posts by: Kurt Michaelson

If you're a PRO member, you have unlimited use, but if you're not, then I think you can use the calculator up to 5 times. 

Look at the top menu and place your cursor where it says TOOLS and you'll see the listing of calculators you can use.

@Shelby Van Horn Welcome! I was living in Murrieta up until mid January when I moved to Oklahoma for a new job opportunity. 

SoCal is an expensive market but there are opportunities to win. All the best to you and your boyfriend's endeavors in medical school. Have you joined a local real estate investment group from meetup.com?

All the best to you and your boyfriend's endeavors in medical school.

@Ashley Dupoux I've just used the BP calculator and even when I've asked for some feedback on a potential deal with other investors, in Riverside, or Temecula, they've used 70% in calculating their numbers.

If you're going to wholesale, it might be a good idea to join a local real estate investment club to ask some more questions with others in the area where you'll be searching for properties to wholesale. You can find which groups are closest to you by going to Meetup.com. I hope this helps.

@Julie Kern That is awesome, congratulations! I'm confident that your renewed focus will get you to accomplishing that goal for you and your husband!

Thank you for sharing your story, which is very encouraging.

Excellent! Congratulations!

It shouldn't happen because if the deal is good enough for them it shouldn't matter how much you would be making. Besides, you've done a majority of the work to get the deal for them. If a buyer doesn't appreciate your work to help them make money on an off-market deal, then you might want to consider not doing business with that buyer and find someone else to replace them.

Thanks @Courtney M. @Joe Eckardt & @Account Closed,

The extent of the damage is mainly in the garage, bathroom and laundry room. The kitchen and rest of the house needs some repair, but it's not as bad as the area where the fire damaged the house.

I'm facing another situation like this one, where the owner's asking price is too high and where the property is not even close to being at a comparable market value. Eventually the owners have to have a reality check and change their asking price.

I think Menifee is a nice area, as an up and coming area for investing. There are others whom I've found that own property there as rentals, so it's working for someone.

Sun City might be good for long-term buy & hold.

@Michelle Hashmi I have a friend who successfully does wholesaling in CT and I've heard of other successfully doing it NJ too. In upstate NY people are wholesaling, as I've heard on the BP podcast, and by upstate you know that I'm talking about Albany, or west towards Rochester.

Great story and the house looks great! I really like the lessons learned section that you included. Great work!

Thanks Account Closed. I met with the owner about 3 weeks ago and made an offer to him of $250K based on the BP calculator, repair estimates and the ARV.

Unfortunately, he's very set on his price of $400K because he doesn't want to lose any money on his investment, which he continues to lose since it's not rented out. He did say that he was planning to sign an agreement for the repairs to begin, so I'm not sure if that has started yet, or not.

The insurance claim paid him $250K, but he's going to push for $50K more, since he believes he should receive that much more.

I was a bit surprised that he wouldn't accept my offer of $250K realizing that combined with his insurance claim check of $250K would give him more than what he was asking for to sell the house.

I did send him an email with a document of my offer in case he changed his mind and so far, he's not interested.

He is interested in selling 16 apartment units (2, 8 unit buildings) for $1M each, but he's only had them for 12-18 months respectively. He bought them for $800K each and never said what he had done to increase the value of the units by $200K to validate a $1M asking price.

He was also very set on the fact that the house, which is on 2.23 acres could have 2-4 mobile homes on the property that would rent for $2K/month each. I did let him know that if that's what he wants to do, to generate some income on that property, then there was no reason to talk to me about selling the property.