All Forum Posts by: Randy Dulac

I am looking at a property from a wholesaler, that is in a good neighborhood.  Its a 2/1 and 904 SF.  I know the area that it is in and most houses that fit that description are around $215k-$230k.  I found the actual house that the wholesaler has under contract and Zillow and Redfin have it at around $155k.  It's the cheapest house in the neighborhood by far.  Supposedly the house is built from a railroad car, but it doesn't appear that way from the outside.  Is the low price because this would be considered a manufactured home?  Would Zillow redfin take this into account?  Finally I know that comps are better than using Zillow, but I was just trying to get an idea of the value.

Thank you for the answer.  This helps a lot.

My realtor said to use the rents shown buy the seller when doing the deal analysis.  This seems like solid advice, except there are certain properties that seem like you would be able to get higher rents.  How do you calculate the rents when analyzing a deal?  DO you just use what the seller is getting?

I live in an area that snows, so off st parking is a must.  How much of a problem is tandem parking spots?

I am looking at a property that is a college rental.  The higher cash flow is appealing.  What kind of premiums does everyone see for college rentals?  I am trying to evaluate the property 

Thanks for the replies.  I have learned alot reading through what everyone has to say

I am looking at a 2 family that is close to me and is in a good area. I

want to BRRRR this property. It needs a lot of work. The home has

been vacant for 10 years, and has no heat. The was built around 1900.

Structurally it is solid and the exterior needs minimal work. Here are a

few questions that I have regarding the rehab

1 Windows look original, should I assume that I need to replace all of them due to the risk of lead paint?

2 Should I assume the home needs all new plumbing and none of the original plumbing is salvageable?

3

The electric panels are fuse boxes, and I don't see much wiring that

looks new even though there appears to be some grounded outlets

upstairs. Should I assume all wiring needs to be replaced?

4

Since I have to get into the walls to do plumbing, electrical, heating,

should I assume that the house has to be gutted to studs?

I am in

the construction industry, but I don't have a lot of experience dealing

with older homes. I appreciate any insight you can share. TIA

I am looking at a 2 family that is close to me and is in a good area.   I want to BRRRR this property.  It needs a lot of work.  The home has been vacant for 10 years, and has no heat.  The was built around 1900.  Structurally it is solid and the exterior needs minimal work.  Here are a few questions that I have regarding the rehab

1 Windows look original, should I assume that I need to replace all of them due to the risk of lead paint?

2 Should I assume the home needs all new plumbing and none of the original plumbing is salvageable?

3 The electric panels are fuse boxes, and I don't see much wiring that looks new even though there appears to be some grounded outlets upstairs.  Should I assume all wiring needs to be replaced?

4 Since I have to get into the walls to do plumbing, electrical, heating, should I assume that the house has to be gutted to studs?

I am in the construction industry, but I don't have a lot of experience dealing with older homes.  I appreciate any insight you can share.  TIA

Wow great.  Thanks for an informative answer!

I am looking at buying a couple of short term vacation rentals in my state.  I understand that 10% down is all that is required.  I also understand that I am only allowed 1 vacation rental loan per vacation area.  I have heard that my wife could be the holder of one note and I could be the holder of another note, bringing the total to 2 properties we could own under this type of loan.  I know this is probably a silly question, but if going this method, won't we be greatly limited to the amount of a loan we could get on a property?