All Forum Posts by: Reid Griffith

How does one get MLS access?

Ok, great insight everyone thank you. I've been working with Realtors in the area but didn't want to bug them every day as I hone in on my exact target area. This will all be helpful, thanks again.

So would this math be safe to assume if we have a 12 month interest only loan:

$90,000 loan | 10% interest rate | 12 months

$90,000 x 10% = $9,000 / 365 = $24.65 / day interest

Transitioning into a remote investor so I'm wondering how best to get SOLD and RENT property data? My biggest concern is that a lot of the comps available on the Zillows of the world are mostly from the boom of this past summer and are not reflective of the current market. I know I can ask Agents in the area but was just wondering if there is a site worth paying for or some other alternative so I don't have to bug them 24/7.

Hey, thanks James. Rentometer seems to be a solid option. I did notice on Zerodown that certain states are not available, for example Indiana. Anyway, I am off to the races, thanks again.

Not necessarily a hand in development, it just seemed like a valuable piece of land for a developer so I'm curious to hear from anyone in that world. Definitely considered talking to the neighbors about it, I do talk with some of them frequently. Thanks for the input I will give you a call sometime!

Hello,

I own about 4 acres of land in a very up-and-coming area - on the west side of Georgetown off the main road HW 29. New neighborhoods are being built left and right. This property is tucked away about a 1/4 mile off the main road, surrounded on two sides by one of the new neighborhoods. Currently on 2 acres is a 1,600 sq/ft house with a big shop (75x30ft) double bay/steel walls and roof, an additional small building 10x18 which was renovated (initially for an esthetician), a covered RV storage spot, and a fenced in hot tub area. The bottom 2 acres has a garage and a pole barn, all hooked up with electricity and water.

A commercial pool company is renting out the whole property currently but from an aerial view it looks like you could fit about 24 houses (easily viewable since they border the west fence line) inside this area. Who do I even talk to about development options? Am I missing out on the major potential of this property?

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $230,000
Cash invested: $90,000

Bought off market for a great deal. Put on a roof, paint all around, new appliances, etc. House next door in worse shape sold for $350k about a month later.

What made you interested in investing in this type of deal?

The house was brought to my attention by someone in the neighborhood who knew I was looking for property.

How did you find this deal and how did you negotiate it?

From a neighbor and negotiated myself at their kitchen table.

How did you finance this deal?

Conventional 25% down commercial loan.

How did you add value to the deal?

Put on a new roof, fixed all the rot, painted inside and out, all new appliances, new tile bathrooms, ect.

What was the outcome?

Doing most of the painting myself along with my family took longer than it should have, but in the end, the property turned out great and is one of the nicer houses in the neighborhood now.

Lessons learned? Challenges?

Lesson #1: Just pay to have it done quicker
Lesson #2: Timing matters when leasing. If you can time it to hit the rental market in the summer you are better off. After running into the most insane tenant issue in my experience we were prolonged several more months leading into late summer/fall when applicants were much more scarce.
Lesson #3: Have a system for screening tenants. And even so, no amount of credit checks can tell you how someone is going to act.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Loan People in Texas (Candy Buzan) was a big help in getting my financing done quickly.

What are the best websites, software, or tools to analyze data for the purpose of real estate investment? (Long term) Interested in the basics for a market such as average rents, property costs, average days on market, info on how many properties are being rented out each month compared to how many are on the market. Population and employment info as well? Doesn't have to all be on the same site.

Hello,

I am a small business owner who has just made it over the business hump and am interested in investing my time and money into real estate. My business is primarily seasonal and after October I have a lot more time on my hands. For now I have been educating myself on real estate rental properties in general and would like to start feeling out my local market. Step one, are there any agents out there who can connect me to the MLS? I am excited to get started locating and evaluating properties. Hope to hear back from anyone with any helpful information.