All Forum Posts by: Michael Barnhart

@Devonte Dixson welcome to BiggerPockets! Best of luck as you continue to learn about real estate investing!

@Joy Park welcome to BiggerPockets! You'll find the answers to all your questions here! 

@Bryan Newman calculating the ARV is just as much an art as it is a science. I would recommend working directly with a real estate agent but also do you own calculations. In addition to the blog post above, I would recommend picking up a copy of the book on flipping houses by J Scott, he goes into some really good detail on things to look for when calculating the ARV. The basics of it are finding properties that have been sold in the same neighborhood or even the same street within the past 3-6 months. The more recent, the better. Then compare your property to these properties. Focus on beds/baths, square footage, porches/decks, fireplaces, basements, age, etc. Using these metrics, you can then adjust their selling price either up or down based on what your house has/doesn't have. After looking around in your area you can get a good feel for how much a bedroom/bathroom costs or how much additional square footage goes for. It can be really complicated, but with practice it gets easier. Best of luck!

@Frank Rubino nice, sounds like you have an exit strategy! And by the time you move out the rents should increase enough for you to have a nice cash flowing property!

@Frank Rubino if you lived there 2 of the last 5 years then you won't have to pay capital gains taxes and won't have to worry about tricky 1031s. However, I think you might have moved out in 2016 according to your post. Either way, you'll have a nice down payment for a large multifamily!

@Schuyler Witt well done! Thank you for sharing! What's next for you?

@Paige de W. great work! Are you going to continue to try to find deals like this?

@John Erlandson well done! Thank you for sharing this awesome deal. What are your plans next? Looking for another BRRRR?

@Ashley Terenzi well done! Great first deal! How long do you think until you can move and what is next?

@Frank Rubino another great story. Thanks for sharing. Does the rent cover your PITI and expenses? Or do you still have to pay to live there? How much longer do you plan on staying there?