All Forum Posts by: Rhonda Davis

Good advice @Mike Cumbie. Thanks!

True - then I start to re-analyze the same things! LOL! Thanks @Andrew Johnson

@John Daley and @Andrew Johnson I feel better knowing it's not just me and I need to do the best I can - and avoid analysis paralysis.

And Andrew, my baby IS THE CUTEST! LOL!

Thanks guys!

Thanks to you, @Angel Hagen and all the others for the feedback!

@Elbert 

@Elbert D. you are so right! Some realtors don't help, but I've found a couple who do at least analyze and make suggestions. 

Thanks! @Russell Brazil You say they don't trade on a per square foot basis in this area. So, what do you suggest? 

Thanks for the feedback @Patrick Philip. My mom is retired - wish I could talk her into training as a realtor. Not sure she'd go for that! LOL! 

Thanks @Rich Kniss. I'm already including square footage in my search parameters.

Thanks @Bob Okenwa. I read that J. Scott's book last year and will review that chapter again. I hadn't thought about Keywords! That's a great suggestion. So, from your reply it seems maybe I am over-analyzing. Or I have, as they say, analysis-paralysis. LOL!  Thanks!

Maybe it's just me. Maybe I'm over-analyzing. Webinars show how quickly the BP tools can help you decide if a deal is worth pursuing. In reality, it takes quite a while getting the input right. I'm finally fair/good at estimating repairs from on-line pictures. I've questioned realtors and bankers and I can also ball-park settlement costs. However, when it comes to ARV I am spending hours and hours coming up with a number!

Why? Because I’m not trying to see what similar properties are selling for so I can make sure I’m not offering too much. I am an investor looking to flip a distressed house. I am supposed to back-in to the offer price. Right? I want to know what homes have sold or will sell for, that have the features my house WILL have when I’m done.

I pull up many listings according to # of beds/baths/square footage/distance etc. Then 1-by-1 I look at pictures and eliminate those that don't have the updates I am planning. Sure, I note the list price but again, I am an investor trying to get my ARV. This is time-consuming! And when I pull up properties that have sold more than a month ago, there are rarely pictures of the inside.

So the problem is, first it's very time consuming just to narrow it down to 3 properties or so that match my criteria. And, since there is rarely a check-box for "newly rehabbed", my searches end up with low ARV that really represents many old (not updated) properties. I'm looking in PG County of Maryland, close to DC so there is a lot of competition. Recently, I started asking a realtor for comps but get the same thing (usually after 24 hours). I must get to my ARV much faster without being reckless.

I thought I’d reach out to other BP’ers to see if this is a real issue for any of you. Your feedback would be greatly appreciated.

@Hilary C. Location! Location! Location! 

BP is full of wonderful information and helpful members. Here are some suggestions.

It would be great if I could view lists/discussions by location, in the Forum Posts, Success Stories and especially in the Marketplace. Sure I can click and then find out, but by making it an optional input field, it could be displayed as another column. I could simply scroll down the list and see the investing location. 

And I know this is asking a lot, but providing the ability to sort or filter by columns would be great!

And, I agree with a previous post. The Marketplace Filter could be updated to allow multiple options. Meaning - use a checkbox instead of radio button groups. For example, I'd like to be able to search for Properties, then Residential. I then wish I could check both SFR and Duplexs.

Thanks for all you already do!

Okay. I get it. I need to listen to the advice given and stop trying to make you all see it - for what I hoped it would be. Unfortunately, to stop foreclosure I've already forked over $4,000+. 

So, I will do the best I can to get that back thru cash flow (ask PM about Section 8 tenants). It will take several months. Then, I will dump it as quickly as I can. I guess I'll then let the bank take it. *sigh*

Thanks @James Wise and everyone else. 

I appreciate the feedback, Rick.  I'm not really sure I see it the way you do. For one thing, over $500 monthly is NOT skinny cash flow for me. But you are correct - I would not have gone out of my way to purchase this property. And I am still not "purchasing" it.

I can just continue collecting rent and paying the bills, including the bank. But here's the thing - the bank payment is NOT in my name. A year from now if I stop paying, my credit isn't messed up. I would have gotten "free" cash flow that covers the initial $4,200 I put in. When the bank finally takes the home, I walk away free and clear. Am I missing something here?