All Forum Posts by: Kwok Wong

@Jonathan Greene 

Thank you very much for the great advice on finding comps. I appreciate you taking time to share your expertise!

Mahalo Nui Loa, 
Kwok

Thanks for your response again. Based on what you mentioned, 

1. When you say the agent is not "running the comps correctly," what specific factors might they be overlooking that I should pay attention to?
2. If there are no comps that exactly match my criteria (e.g. bedroom count), how much flexibility is advisable when searching for comps? For example, we can expand to two-miles radius, where is a good stopping point if there still aren't enough comps?
3. Are there particular tools or resources you recommend for finding and analyzing comps accurately?
4. Do you even adjust the value of your comparable properties? Or it's generally not ideal?

I appreciate any insights you can provide! 

Mahalo Nui Loa, 
Kwok 

Hi @Nicholas L., thank you very much for your response again and the threads. 

I do plan to buy a property with 30% to 50% off and have it "acts" as a margin of safety. I love that you are straight with me. 

Hi @Jonathan Greene, @Chris Seveney thanks for your response and I apologize for the short message. 

No, I do not have other out-of-state properties. This is my first out-of-state BRRRR. The property is a single family located in the East of Irvington, Indianapolis. I put a simple CMA report in a Google sheet if you want to take a look. 

There is actually eight sold comps. However, all the sold comps are crossed out after following a three-tiered system to determine the ARV:

T1: Stay within one-miles radius, sold for fewer than six-months.
T2: Size of the properties are within 200 sqft., must share certain attributes (bedrooms, bathroom, etc.).
T3: Compare property type

In "The Book on Flipping Houses" by J Scott, it mentioned about adjusting the value of the comps to ensures that they resemble the subject property as closely as possible. And I am wondering if it can apply to this case. Thanks for your time and energy. I appreciate your input. 

Mahalo Nui Loa, 
Kwok 

Aloha guys, 

I am looking at a potential deal that has been on market for over 60 days to BRRRR out-of-state. I asked my agent to send me a CMA Summary Report. After looking at the report, there is no solid sold comps. Should I adjust (+/-) the price of the sold comps? Or let this go? What should my next step be? Thanks for any input.

Mahalo Nui Loa, 
Kwok Wong

Hi @Nicholas L., 

Thanks for your honest response. 

I am looking for on market, have been talking to an agent found on the BiggerPockets Agent Finder and decided to work with this agent. 

I also have been talking to a property manager and asking for insights/advice for the location. 

For the rest of the team, no. I thought my next most important step for me would be finding a deal with deep enough discount for me to make mistake. 

My agent/property manager will be my boot on the ground and supervise the rehab. 

My local market (Honolulu) is expensive and limited fund, I chose to BRRRR out-of-state.

No offense at all and would love to hear more about your thoughts and learn more.  

Mahalo Nui Loa, 
Kwok 

Aloha guys, 

I am a new investor with no knowledge and experience looking to BRRRR in Indianapolis and looking at a Seller's Disclosure and Lead based paint. Is there anything on the disclosure that I should pay close attention? Or any clues on the document that would allow me to spot any major problem, such as foundation, electrical, plumbing etc.?

Thank you very much for any advice. 

Mahalo Nui Loa, 
Kwok 

Hi @Jaycee Greene, thanks for your reply. I would love to heard about your thoughts and insight.

View report

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

Hi guys, I am looking to BRRRR out-of-state. What can I do to make this deal work? Any mistake I made on this analysis?

Any input will be greatly appreciated! Thanks!

 Got it. I guess I do not have much options at this point. Thank you very much. Really appreciated.