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All Forum Posts by: Richard Arakelian

Richard Arakelian has started 5 posts and replied 19 times.

Post: Cleveland Heights - Is house hacking basement possible?

Richard ArakelianPosted
  • New to Real Estate
  • SF Bay Area
  • Posts 19
  • Votes 4

This site says you can install an egress window in Cleveland Heights!

Post: Cleveland Heights - Is house hacking basement possible?

Richard ArakelianPosted
  • New to Real Estate
  • SF Bay Area
  • Posts 19
  • Votes 4

Kudos on the purchase, Michael! 

Maybe you can rent the extra rooms out and live in one. If it's a three bedroom you can collect rent for two bedrooms, especially college students. That'll help. 

I'd get quotes from professionals first before thinking you can't add an egress window. Check these guys out.

This shows you can do it with these guidelines, and these.

Who did you go with as your lender, can I ask? I actually want to buy a multi-family in Cleveland too. I want to live in one of the units and rent out the rest. I have my eye on one that's in my price range. 

Post: Lake House at Lake Isabella, MI $40k !

Richard ArakelianPosted
  • New to Real Estate
  • SF Bay Area
  • Posts 19
  • Votes 4

This house has great curb-appeal, a big house among many mobile homes on the block! This house actually is a single-wide which had a couple of additions added to it making it like a full sized house. There are two living rooms, one in the single-wide and the other on the second floor.

This house needs much work to be done all over. Some of these things include but not limited to reroofing, second floor foundational issues, black mold, exposed wall, drywall and insulation needs to be reinstalled, flooring, paint, needs a new HVAC. Contact me for more details.

These are two lots side by side: 

1014 Barcelona Dr, Weidman, MI 48893     |     APN: 22-062-00-293-00    |     0.45 acres

1010 Barcelona Dr, Weidman, MI 48893     |     APN: 22-062-00-294-00    |     0.45 acres

5 bedrooms     |      2 bathroom      |     2,800 Sq. ft.     |     $60 annual HOA

The house is an ear-shot from the lake. It's a twelve minute walk around the block to get to it. It has a private forest in the back area and towering trees surrounding the whole property with deer running through! There's a very nice deck with a jacuzzi on it which comes with the property! On the other side of the lake is a country club with a golf course!

Its a 25 minute drive to the town of Mount Pleasant, home of Central Michigan University. Mount Pleasant has all your shopping needs with restaurants and breweries. There are Amish communities in the area and you see them on horse and carriage when driving to Mount Pleasant! Great baked goods!

Since there are two lots, the house can be fixed up, and a second house can be built on the second lot 1010 Barcelona Dr.. Half acres in the area go for about $20k.

I am asking $39,900 and am willing to negotiate. 

The ad is already set up on Zillow, so please check here to see the on-site pictures. Its listed as 4 bedroom but actually it's 5 bedrooms.

Post: Vacancy Rate - Louisville, KY

Richard ArakelianPosted
  • New to Real Estate
  • SF Bay Area
  • Posts 19
  • Votes 4

Hi, Rosalie Westmeijer,

Here's the Unemployment Rate. It seems to be relatively low, which is good!

The general population seems to be rising gradually. The population in Jefferson County is on the higher side, yet it is in a slight decline currently.

The poverty level seems pretty low low right now, but is in a current incline. 

The walkscore of Parkview Village is high.

The walkscore of Chickasaw is kind of low but has some public transit.

1 bedrooms go for around $1,100, while 2 bedrooms go for around $1,300 from rent.com Near the university there seems to have a positive annual change. 

The schools vary wildly depending on neighborhood, with Parkview Village at a 7, and Chickasaw at a 6. Louisville has many 10s, 9s, and 8s.

The entire state has very low crime.

Here are resources that'll help too: usa.comusa.com/rank/city-data.comhttps://www.zillow.com/research/data/

You can also go on to zillow and check under the for rent section and check individual properties for how long they have been on the zillow market.

From scrubbing the internet for all this data to find vacancy rates, I'd have to say Louisville has low a vacancy rate, which is good, yet how much so depends on the specific neighborhood. You can find the very best areas of Louisville to rent based on the above resources. 

Also, call property managers in the area and ask them what areas are best for renting. 

I hope this helps.

~Rich

Post: 1st Rental Property in Reno, NV - Looking for Advice!

Richard ArakelianPosted
  • New to Real Estate
  • SF Bay Area
  • Posts 19
  • Votes 4

Carson McFadden I'm interested in the rental demand for the Reno, Fernley, Silver Springs areas. Can you or a Property Manager which services those areas reach out to me regarding the direction of rental demand?

Post: How can I keep a home and have cash for next project?

Richard ArakelianPosted
  • New to Real Estate
  • SF Bay Area
  • Posts 19
  • Votes 4

How long have you been at your job? What's the timeline that banks utilize your employment income for your DTI, 2 years?

Can your family that owns the lot finance the rest to you?

What about getting a Private Lender, Hard Money Lender, or Portfolio Lender from here on BiggerPockets? If you get a loan/s at a high interest rate you can then restructure your loan including your new DTI with your job established finally after 2 years. Seems like time is the most problematic variable. 

Post: How do you determine rental demand?

Richard ArakelianPosted
  • New to Real Estate
  • SF Bay Area
  • Posts 19
  • Votes 4

That's very helpful, Ko. Thank you! I'll keep you in mind, Joe. Thank you!  Yeah Michael, the name of the metric for rental demand of Vacancy Rate or Occupancy Rate was easier to search. FRED was really easy to search by state and county, but I couldn't get by city or smaller than that. Rent.com has a pretty good indicator of rental prices going up or down. I suppose if they are going up then rentals are in demand. Just be careful about the Days on Market could mean properties on the MLS for sale.

Post: Money Pit, what to do?

Richard ArakelianPosted
  • New to Real Estate
  • SF Bay Area
  • Posts 19
  • Votes 4

Like I said, I'd like to sell the properties for value of the land so I can move on. I realize that the rehab value is very high, that's why I'm hoping to sell to someone that does construction themselves. The area doesn't have comps for this size house so the ARV is difficult to know. I'm not looking to rehab this house or tear it down myself, so I don't have a complicated strategy. People don't seem to rent in this area so there is no cash flow to discuss. I simply want to sell it for the value of the land at this point.

I was answering Michael's question and I posted this because this is the real estate I'm involved in and I wanted to share with the community. This isn't a standard property that's usually discussed in BiggerPockets, so common calculations don't seem to apply. I'd like hear what people themselves have to say... Perhaps there is a creative solution to this or that there are companies that buy distressed homes like this, or that someone themselves is interested in buying it for cash because it's so cheap, etc...  

Post: Money Pit, what to do?

Richard ArakelianPosted
  • New to Real Estate
  • SF Bay Area
  • Posts 19
  • Votes 4

Like I said, I'd like to sell the properties for value of the land so I can move on. I realize that the rehab value is very high, that's why I'm hoping to sell to someone that does construction themselves. The area doesn't have comps for this size house so the ARV is difficult to know. I'm not looking to rehab this house or tear it down myself, so I don't have a complicated strategy. People don't seem to rent in this area so there is no cash flow to discuss. I simply want to sell it for the value of the land at this point.

I was answering Michael's question and I posted this because this is the real estate I'm involved in and I wanted to share with the community. This isn't a standard property that's usually discussed in BiggerPockets, so common calculations don't seem to apply. I'd like hear what people themselves have to say... Perhaps there is a creative solution to this or that there are companies that buy distressed homes like this, or that someone themselves is interested in buying it for cash because it's so cheap, etc...  

Post: Money Pit, what to do?

Richard ArakelianPosted
  • New to Real Estate
  • SF Bay Area
  • Posts 19
  • Votes 4

Sure, Michael Smythe. Here's the Zillow link which has many good pictures of it. I'd rather not upload many pictures here bcz it's laborious. 

Basically, 

- The bathroom on the second is sinking and cannot be stepped on,

- Roof has many holes including a giant 5X3 ft. one above the tub and it's snowing a lot!,

- There's a massive exposed wall on the second floor where the sliding glass door fell in and the frame around it is rotted,

- There's black mold growing all over and probably wood rot considering the weather exposure, 

- The previous owner installed sliding glass doors instead of windows on the second floor that lead nowhere,

- The subfloor in the kitchen has massive holes in it and it's hard to walk and stand there,

- All the flooring needs to be redone,

- The entire ceiling, drywall and insulation, has come down in the upstairs living room exposing the rafters and the sky at the holes,

- There's many random holes in the drywall all over the house,

- The garage has three layers of jerry-rigged windows. One on top of each other and the outer layer is thick plastic sheeting stapled,

- There's exposed wall from the back room to the garage,

- Low hanging ceiling fans that are head height and drooping,

- Small side room has no wall to the hallway. I think there was an accordion compacting wall there bcz of the track on the floor. That part is the mobile home,

- Punctured hole in door with hot water rubber tubing going through it and traveling across the hall and across the bathroom!,

- Second bedroom floor subfloor is has a giant three foot bubble raised,

- The garage's middle support beam, which are three 2x4s stacked together are bending. This holds up the second floor living room,

- I'm not sure if the first floor back bedroom is legal and seems to have no foundation but is built wood on soil! Yikes!,

- Wood stove and massive wooden base on the second floor that needs to go so the insurance will cover he house. This mean HVAC in the second floor addition needs to be installed,

- Damaged garage door wont close all the way,

- Not sure if water or septic would run,

- Electrical lines in some places the previous owner messed with and added some,

- Mismatching handrails on the stairs,

- Kitchen has many animal dropping in the cupboards which I cleaned up but is still dingy. There's a hole in the kitchen ceiling with a net stapled around it so the previous owner could catch the animals that were running around above the ceiling!, 

- Broken and out-dated cupboards and countertops,

- Many minor damaged areas all over.

There may be more I'm missing, but as you can see there is a lot. The entire roof needs to be re-done with the OSB underneath that needs to be replaced. 

In that specific area half acres of raw land goes for $20K. I have two lot side by side at 0.45 acres each. They each have a separate address and APN but are on the same title. The septic system was redone just five years ago.

Yeah, I know it could be torn down. It's kind of in this middle state where it could go either way. That'll cost a lot of money to do so. Houses in the area are not that valuable, even though it's by a lake. This is Michigan, the lake state. So they're not scarce. There are Amish communities there! That's pretty cool!

I just want to get rid of it. Any more suggestions?...