All Forum Posts by: Matthew Koch

So a problem that I have been noticing and I'm not sure if this is true in all markets but if a lot of people have a hard time buying in bad neighborhoods c or d class neighborhoods then the suggestion is to buy a run down or bad looking house in a good neighborhood so it could cash flow or it could be sold at a decent amount for profit. I submit to you where is the super team that is able to come in and on a block of 15 or 20 houses that's in a bad neighborhood that has a lot of crime that is known for either shootings or drugs or whatever and a group of 5 or 10 people are able to come into that area and work out a deal so the whole block is able to be negotiated with to help those people out get them out of a bad neighborhood or work out some sort of deal where their house is bought and fixed up and then protected by working with the local police department or the government in some way shape or form to systemically one by one block by block in one market or another could potentially be a better investment area so the end goal is Be able to get rid of crime for 1 to bring up the housing market in that specific area 3 have more of an economic standpoint on those houses to bring more jobs to people to get those houses taken care of and renovated and then maybe it's as simple as once the houses are bought those same people might have a potential of moving back in them if they can afford it to have a nice updated or new house or it could just be a rental and so it could potentially work out for everybody so where is this super team of investors that works together on one city block or one city area piece by piece. Overall the big picture that I'm looking at wood help everybody out? forgive me for my opportunistic and naive point of view but if I don't ask I don't know I'd love to hear people's opinions know about this. 

Is there a chance that the rental you currently have could be made into an Airbnb instead? I guess it would all depend on the least that you have with that tenant how long they are there for and instead of selling try the Airbnb route to where it might be beneficial to have your expenses paid off faster of course depending on the location as well and considering if your state allows that kind of thing and there's no anti-competition laws or something like that. Hope it works out for you and good luck

I'm also looking forward to it even though it is a small group of people. I wanted to take this moment the kind of cheat a little bit to share and hopefully reach everyone as I'm not sure who all listens to the podcasts for the real estate side of things but episode 290 and episode 307 are absolutely wonderful! do you have a chance to check them out it's definitely worth your time despite episode 290 is 2 hours long! Happy listening

I also would agree with @bob Daniels, that the PDF forms for a state specific purchase and sale agreement with added contingencies like walk through or due diligence period clauses. 

One category is offer her my first offer again at 80k the second offer is seller financed up to 80 percent of her purchase price or lastly 3rd option is being able to give her the purchase price that she's asking for minus 1 year of living expenses to move to Oregon if she agrees to finance the whole amount and become the bank and the terms are 5% interest only loan for 30years with a balloon after 2 years to be paid in full. 

Based upon the asking price of $189,000 in Jerome Idaho for a 5 bedroom 3 bath house. 

The goal is to have the homeowner move out and the home would take too much money to recover or renovate it so the goal is to take it down and build new from scratch as the lot would be able to allow for 3 units and each unit to put a duplex on that unit so the end result would be an almost full acre lot allowing the lot to be subdivided into three parcels and each parcel has one duplex on it or 6 doors total. 

Which options of those would be acceptable terms in regards to being in a position to get this house under contract or how else can I get it structured?

I'll update what info that I have found so far and I'm excited to share what I've uncovered so far. The property can be used for a duplex and there can be 3 duplexes on this almost full acre lot. The first step is to make sure that there is someone out there in the surrounding areas of Jerome Idaho than is a builder or contractor or developer that I can coordinate with in getting an actual real world final price for what it would cost to build those 3, 2 duplex units. I'm talking with a couple wfiof Realtors and getting their helpful info also and one in particular who is a 25 yr seasoned realtor president that could be in a position to at least give me at least the last sold info for other recently sold duplexes Wich will give me the idea for the arv. This particular setup of a deal I think is going to be built for around 120 k a piece per parcel per unit then total possibly 400 k in regards to water and sewer plus power hookups and then the appraised value can be strong 900 or more up to a million as the other duplexes around the area are going for 200 or more a unit. I'll hopefully know more tomorrow on Black Friday or at least next week at some point and time.

@Weston Johnson

Sure thing! feel free to text me as my personal number is on my footer for my replies.

@George W.

I appreciate the info and as I have talked to the city of Jerome the lot is subdividable and it does have enough space for 3 parcels on this almost full acre lot and I've talked to a couple of contractors one in particular that had told me they can do a home for 120 a square foot but he is all packed with his projects right now and would not want to do it. It would all connect to City water and sewer for all three units they would be brand new and preferably 1500 square foot for 3 bedroom 2 bath of course the house that is currently on the lot will have to be taken down first and if the foundation is able to be used and that's already half the battle right there or part of it.

I'm trying to do my homework and see what the costs are to tear down an existing home in Jerome Idaho but also figuring out how much it's going to be to be rebuilt with three other houses on this particular slots on an almost acre of land and if there's somebody out there that is able to do it for around a hundred bucks a square foot for 1500 square foot 3-bedroom 2-bath house times 3 for 3 parcels on one lot that I personally believe they will be reappraised for 150 a square foot. so where is the calculator to analyze how much those costs are for the demolition of the current house where the cost is and who to talk to for building new within this area also the appraiser who I can get a confirmation on the after repair value sort of speak like where is the new construction build calculator.

@Ben Feder I absolutely believe that it's possible to obtain a property of that quality as that is kind of the end goal for a lot of people and the model that you're talking about is a turnkey property so whether it's an apartment complex and multi-family or single family homes once the person is done being proactive and bringing up the rent up to market value or renovating and remodeling the single-family home to where it is livable rentable the only hurdle you'd have to jump over is the price of what you would want to pay for it and depending on the person who selling it you could still potentially good a good deal if it fits your personal numbers and your financial situation. Would love to you and hope you find what you're looking for