All Forum Posts by: Levi Dullum

I currently work 12.5 hour days with 3.5 hours of commute on a bus as a pipe welder at a mine. I wake up at 4 and get home at 9:15 most days. Assuming there’s no bus issues. I’ve been passed up for 2 advancement opportunities as I have a job that’s difficult to replace(non union pipe welder.) I’ve been blocked from a transfer for the same reason. I have a decent enough hitch, Monday-Wednesday one week and Monday-Thursday the next week alternating. But if it’s 100 degrees out I’m welding. If it’s -10 out I’m welding. After my blocked transfer 3 months ago I started to put together a plan. I refinanced my house in November and gained 70k in equity in 5 years and knew there was money to be made here somewhere. Last 3 months I’ve been putting together finances and a plan and I’m on the heels of buying my first property.

@Austen Mueller it's a rural town with some active mining and power plants in the area. The ability to rent will be there. There are a couple apartment complexes in town and some other single family rentals. The nearest comp I could find that even comes kind of close is 97 miles away and it's more of a resort. Another 150 miles in the other direction puts me in a large uncomparable metropolitan area. I ended up running some numbers based on the local cap rate and came up with 198k as a conservative ARV. Talking to a local contractor it seems like rehab may be equal to or more than purchase price. As a first time investor I think I'm going to let this one go by, as I'd really like to start my career on a positive note rather than feel like I am in over my head. I appreciate the helpful posts from everyone on here.

Thank you for the reply. It appears it is currently a single family. There are 3 electrical boxes, but unfortunately the realtor is not very helpful on whether there are 1 or 3 furnaces or water heaters. I plan to visit the house next week with a contractor in tow to give me a better idea of the full scope of work, as well as nail down some of the gaps that the realtor is leaving me with. 

Hello all, first time poster. I am currently examining multiple properties as a newbie and first time investor. I'm specifically interested in the BRRRR method as I have some capital but not enough to purchase and rehab a property on my own. I have private money to help assist with where I come up short. I've been practicing running numbers on tons of properties and recently came upon an interesting listing. It's an old (1924) 3500 sqft house, 8 bedroom and 3 bath. It appears that at one point it was a triplex but the most recent owners used it as a single home. Asking price is $64,950. I would be interested in reconverting it to a triplex. My issue lies in calculating ARV. It's a fairly rural area with no similar comps. Any help/tips/tricks from more experienced investors on what to do in this scenario? I understand calculating single family homes, but I'd hate to pass up on a deal due to my own ignorance.