All Forum Posts by: Mary D.

Ok sounds good!

@Johnny Kang

Right. I spent enough. :/ And I can say Ive learned more by going to REIAs and BiggerPockets.

I do feel fortunate to have family experience. I have my brother left. My Dad has passed and husband at a young age. But I love any kind of real estate. And am still learning.

Holy smoke $24K. Whats the ROI on those?

I just looked at the Precanceled Stamps it looks good you need a permit. Prices look as good as post cards or better.

Ive looked at yellow letters or yellow letter. Ill have to look, either of them sell lists I believe. So you think Listsource is possibly saturated?

Can I ask where you look for delinquent taxes, registry of deeds?, landlord filing eviction, fire damage, vacant lots...

I have made lists of out of state owners near/on the ocean and older neighborhoods but honestly havent been consistent. 

Again thanks so much! Feel like Im taking a course here. LOL. Its all good.

Mary

@Johnny Kang

Answer to your question- I use BiggerPockets analyzer. I have a formula that I learnt through one of the many guru seminars Ive been to, to get the numbers down. I grew up in a family of contractors/builders so Im familiar with alot and if not I ask as far as repairs or over all condition. I have a friend thats an Realtor and I have her look at solds, DOM, whats current. And local rents. I also use registry of deeds to get any other info that will help. 

Hey @Bill McCartney the demographics is what I want to look at no matter what property, if its out of familiar territory. Thats all. I like to research and look at everything.

Agent very confident with empty answers. So Im not counting on the her at all! Good point about the cash to carry the place if I have to or want to evict right off the bat. The agent says all apartments are rented but not the store front. So I will find out one way or another.

@Account Closed I have the monies to close but Bill has a good point about carrying the rents. I dont have a ton of cash to work with yet and figured I would have to do some updating whether cosmetic or other. Im subdividing land so I will have more cash but when... ???

Yes the agent is cocky and asked me what I expected for that price? Shes obviously missing the point. 

Thanks for your feed back. I appreciate it!

Mary

Hey @Patrick Buttermark and @Johnny Kang. Thanks for all your feed back its helping a ton!

Patrick, your so close... the rent shows income over $3600 month and the unit is $125K. With those numbers it is a money maker BUT thats going on the agents word. And the inspection was done just last year. So im going to keep searching myself to get info. Absolutely wont count on the agents info! Oh and this has a store front which the agent says hasnt been occupied since the sellers owned it. For 10 years! what?

Johhny, Ill check out Trulia. Ive used it before guess I didnt realize it had that feature which is great!

As far as A B C areas. I kind of figured that but wasnt sure and when Im looking out of state how would I be able to tell, or whats the best way? I will definitely read Brandons article. Thanks for that.

I dont have a ton of money right now and am trying to be so careful but dont want to get paralysis of analysis. LOL

I too would rather deal straight with an owner but not happening right now. 

Can you tell me what you do for a campaign, equity/length of years owned... mail how many times how far apart? and what company do you use?

I guess like anything else the prep is the most important step and you make your $$$ when you buy. Is that how that goes. LOL. And my Dad "you get what you pay for"

I appreciate all the time you guys took to respond! Appreciate it!!!

Mary

Thank you @Johnny Kang. Wow! love the sites. Thank you so much for explaining what & how to look for this info. I dont totally get the A,B,C...areas. Can you elaborate on that?

Im primarily looking for cash flow right now. The 5 unit Im looking at is in a small town. Doesnt have much. A factory town but is with in half hour from the state capital. It needs work, outdated. So Im figuring I can update as I go and sell with appreciation and profit when the market gets better. I havent physically been in it yet. The agent says its a no brainer, it makes money but, when i asked her for financials she doesnt have anything from the seller. Also told me it was under contract in 2015 and they had a inspection... structural, mold, lead. She doesnt have a copy of that either. I asked lots of questions. She told me sellers are selling because there tired of it, have owned it for ten yrs. They live south of the town. Again when I looked at the registry of deeds it was sold in 2013. Different name actually it was a realty co. or LLC. Tax card shows a persons name that now owns it. Its been on the market for over a year so theres my red flag. Thats why Im looking into it so hard.

 And its funny  mentioned a Plan. I just read the towns plan which is scheduled for the next 2-3 years. I wasnt sure if that was a good thing but, looks like it is.

Im going to look more at the sites you suggested and again thank you for taking the time to respond. Its appreciated

Mary

Thank you @Chris T.. I have looked a little at the schools... Appreciate the feed back

Mary

Hi

What am I looking for to justify buying in an area and where is the best place to find this info?

As Im looking at new territory, for me anyway. Multi-families. And most of what Im looking at are out of my familiar area.

I usually look in the town/cities/state website. BiggerPockets. Nerdwallet and research web to find local opinions/facts...

Thanks,

Mary

Hi @Penny Clark, Yes its the listing agent. She said there was a inspection in 2015 when it was under contract. Inspection was strucual, mold and lead. Didint tell me the results just said it wasnt what prevented the buyer from buying. It was something that had nothing to do with the building.

After asking alot of questions agent said the buyers have owned it for ten years and dont want to deal with it anymore. doing my due diligence I looked at county records that shows sold for $70K in 2013. Its listed for $125k DOM over 400. Agent says owners have gotten low ball offers and are not interested.

Agent also commented quote... " it's a 5 unit for $125K. Sellers are looking for a serious buyer, this is not a high end property, so I am not sure exactly what you are expecting in this price range! But the numbers work and the last buyer was fully excepting of the building's condition".

Im getting a little irritated but will continue to look into it. Theres got to be a reason its been on the market for over a year!

Question to all of you, What am I looking at as far as demographics??? Market to justify buying. I live about an hour from this town. Not too familiar but have looked at the town site for demographics.

Appreciate your feed back!

Mary

Hi Benjamin,

Welcome to BiggerPockets! Its a great place to be. Theres a ton of education and tools here. As well of a ton of help!