All Forum Posts by: Michael Minton

@Jon Crosby, I really appreciate your input and I was thinking along similar lines due to the amount of time the house has spent on the market and the lack of offers, especially since the house is a bit atypical in regards to its lay out and number of beds/bath. And due to its condition it would have to be a rehab which doesn't fall into the standard 3/2 SFH that most rehabers are looking for. I just want to make sure that I'm giving her the best advice possible and this property is a bit beyond my experience/knowledge level. Thanks again.

-Michael Minton

My mom is trying to sell her house because she can't afford the mortgage payment. The house is definitely not going to an end user and will have to be a rehab. I'm still very early on in my real estate investing and don't know how to assess the full market value of her property based on the comps from her real estate agent. Additionally, I live out of state and am very unfamiliar with the real estate market she lives in. I want to give her the best advice possible in her situation but it is very difficult without knowing what the property would actually be worth in perfect condition. Her agent produced a list of comps (Link Below), but only 3 of them have actually closed and none have same number of beds/baths. Also, her house is 15-20 years older than almost all of the "comps".

Can anyone offer any advice on how they would determine FMV in this situation, based on the comps provided or any alternative methods they would employ in this scenario. She had listed the house for 6 months with only one cash offer which was from someone already in her network. She relisted the house a month ago and has had no showings or offers. She says the cash offer is still good and is for $195,000. I think she should take the offer but want to ensure she's getting the best price possible in her situation. Can anyone offer any advice or direction in this scenario? Any help offered is greatly appreciated.

https://triangle.paragonrels.com/publink/default.aspx?GUID=086dde13-11aa-4686-be6c-5c49a11860e0&Report=Yes

Her house, is listed as a 4/3 with 2,550 sq/ft, built in 1978.

-Michael Minton

I found this on the MLS today. it looks like it has a lot of potential but my main concern is that it was built is 1954. It looks like a good rehab was done, should that put me at ease about the age of the property? Any advice/perspective is greatly appreciated, thanks.

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

@Jaysen Medhurst, I'm definitely going to keep hunting and hopefully I can find something that will make a good long term purchase. I really appreciate your insight and will definitely start working CapEx into my calculations. After tweaking my calculations I'll definitely be posting back here once I think I've found something. Thanks again.

@Jaysen Medhurst, I was heavily considering the multifamily option. However, my wife and I breed dogs as well so we need a place that would accommodate that as well. Additionally, I travel a lot for work and haven't been able to find a good strategy to generate leads as I'm always away. Unfortunately at this point I'm more looking for something that would work for my family and not be a bad deal long term. I definitely appreciate your input and I'll keep looking to see what I can find.

You mentioned CapEx and I know that some investors work it into their calculations. I had a friend who was an investor and she said to work in 10% for maintaining the property. How much do you estimate for CapEx and does that change your maintenance estimate at all?

@Ryan Hebron Hey! I didn't realize that I'd find you here on BP. Thanks for the info on the meetup, I'll definitely be going. Hope I see you guys there.

Hey BP,

My name is Michael Minton, I'm originally from Durham NC and currently living here in Clarksville TN. I've been doing a lot a reading, research, listening to the BP podcast, and trying to acquire my first rental property. I've been listening to the podcast for awhile and figured it was time to stop working so independently and start getting plugged into the community. So I signed up here and thought I should introduce myself to everyone. Over the next couple of years I want to start building my portfolio and eventually get my realtors license similarly to what David Greene has been doing. I know my profile is pretty sparse right now and I'm rather time poor at the moment, but I'll be adding to it as I get the chance. Thanks everyone, its good to be among like minded people.

Hey Everyone,

I'm new to BP and trying to start investing in real estate. I'm only going to be living here in Clarksville TN for a couple years for work and I'm looking for a property that will accommodate my family situation and make a modest return once we move away. If anyone could take a look at this report and let me know if I'm on the right track I would really appreciate it. Thanks.

-Mike

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