All Forum Posts by: Andy Bankston

No horror stories yet, but here is mine:

Welcome Meidrian. I looked at some stuff in Columbus about 3 years ago and almost bought an 8 unit property, but it was going to be a lot of work and too difficult to try to manage the project from a distance. I may end up looking down that way again sometime as I'm wanting to start adding some more rentals.

Godspeed Dale and prayers for his family. I am thankful for his input here at BP.

Welcome R. Kerry Brooks! I'm originally from Prattville and live outside of Atlanta now. Small world I guess! I come back to Prattville about every other weekend and may look to do some investing over there as well. Maybe we can do business together someday.

Kyle M. I only asked because most of the people I know who use the terms +EV/-EV are poker players. =)

Welcome, Kyle. First of all, where do you play poker in your area? =)
If you are serious about purchasing multi-family properties, in my opinion you can't depend on a realtor to find you the good deals. If it's a good deal, another investor is going to snatch it up off the MLS while your realtor is out showing properties to other buyers. You should be able to do the legwork and just have your realtor submit the offer.

What it would cost me in my area is probably very different (materials and labor) than what it would cost you. I'd try to find some local people who've done this and get referrals. Or just call some contractors out for quotes. For reference I just had a full bath built in a rehab and it was around 6 grand. But that included framing the room and I used ceramic tile for the shower and floors. A shower insert and vinyl flooring would come out a good bit cheaper.

The price gap between "distressed" and retail properties has quickly closed with inventory being low. Some I've looked at had basically no gap at all. I'm curious to see if appraisals (and therefore retail pricing) will increase as a result. If not, it'll be interesting to see what effect that has on us flippers as it will be near impossible to make money on a listed property.

Here you go
http://www.biggerpockets.com/files/user/JasonScott/file/20-sfh-rental-analysis

I'd love to visit Denver again and Vegas is always great. But I will attend regardless of the location.