All Forum Posts by: Robert Miller

Yeah 3 units.If I fixed it and resold myself I`d probably just list for between $200k-$220k tops.I`m 97% sure I`d sell it fairly easily for that.I just need to get a contractor in there to determine repair costs.Yeah that`s on 5 acres mine is on a little over 1 acre.The sq footage is also slightly larger 2230 on mine 2310 on the new paltz rd property.But I`m almost positive it will sell for atleast $200k

Yes my property is a legal 3 family.Here`s the more detailed list of residential comps.

http://org.mlxchange.com/Pub/EmailView.asp?r=1744367662&s=ORG&t=ORG

Here`s the Multifamily Comps in the area.

http://org.mlxchange.com/Pub/EmailView.asp?r=775616409&s=ORG&t=ORG

Yes these are all the comps in the area.

THe residential show list and sold for price.The multi list just shows list price and original list price,the 1st 2 sold,the 3rd is active.Hope this helps.But yes most of this area is similar unless you go into the town of highland,but the rest of the neighborhood is exactly the same.

I have the link to all the comps.Page 3 is the property I`m purchasing.The 1st 2 pages are sold comps.I`m thinking the ARV is atleast $200k.I just want to make sure.

http://org.mlxchange.com/Pub/EmailView.asp?r=241230121&s=ORG&t=ORG

Thanks alot

I usually get comps from zillow or a similar site.I also search the County Records for comps.I did find 3 sold properties in the area,but they were all smaller than the property I`m looking at.2 sold for over $200k and 1 sold for around $160k.the 2 higher ones were less Beds and Baths and less sq.ft.they were each 3 beds and 1 or 2 baths.The one I`m looking into is 6 beds 3 baths with an est. value of $292k.I know I could resell easily for atleast $215k and I can get it for $85k.

How accurate is the County assessed value on a property?
Where I am there are no comps to compare to,Is there a way to use the Assessed value and deduct a percentage to get an accurate number?Thanks in advance

The written estimate came in at $76,800 and 20% is added for any buried problems.It`s a multi-family,6 bed,2 baths,1800 Sq.Ft.in the City of Newburgh,NY.Similar houses in that area are selling on average at $160/sq ft.I decided to be conservative and went with $150/sq ft.I know for a fact it will not sell for $270k because of the area,that`s just what it`s worth,I know it would sell for atleast $220K-$225K.There were alot of offers made on this property,but I went about $2k higher than the bank wanted,that`s why I got it.

Hi I just want to make sure my numbers are correct on this deal before I put down the EM and sign the contracts.I pulled comps myself(I`m not too confident in my ability to determine ARV on my own yet).ARV is around $270K.Purchase price is $10k.Repairs will cost between $70K-$100K,contractor said it will not exceed $100k.So I`ll be all in for $110k.I figure if I can get a HML I could easily resell for $200k and gross $90k on the deal.I need to make sure my ARV is right though.Could somebody help me out with that?Just let me know what you need.Thanks alot

Not sure if this is the right place for this post.If not,moderators please move it to the proper forum.Ok I have a HML that only lends on the As Is value of the property,they don`t use the ARV.So my question is How do I determine the As Is value before repairs? Thanks

Yeah it`s a full sized basement,meaning you can walk around without crouching.Yeah I`ll contact my contractor and ask him how much extra it would cost to pour concrete and then that extra 1000 sq.ft. would be added to the value.That`s a great idea(don`t know why I didn`t think of it).Thanks

well the basement floor in this house is dirt,so i`m not sure if that counts as being unfinished or not,but I think public record excludes the basement,that`s why it`s only 1776 sq.ft. instead of 2700.