All Forum Posts by: Scott Carder

So in a case of real good recent comps, you would use those to get your sq. ft price for ARV? Then offer 70% off that minus repairs?

On foreclosures, how close is Zillow on the predicted sale price. In my area it is showing REO's around 70% ARV. I am totally new at this.

As a plumbing contractor I have seen this many times. Is it always on a hot water line, on many occasions if your have a circulating pump all the constant water movement literally wears the pipe from the inside out. Dissimiliar metals touching the pipe somewhere could also be the problem as others have stated above. Its hard to go wrong with PEX for a replacement.

Yeah its on mls. Just hit the market yesterday. I wasn't sure if the bank doesn't just take there sweet time waiting on someone to pay much closer to asking price.

Looking at putting in an offer on a foreclosure in my area. Homes in this stable neighborhood are all less than 10 years old. Comps put this house at a value after repairs of 115k. It just came on the market, with the note being held by one of the big national banks, they are asking 105k. The home only needs 5k in repairs, and based on comps would rent for 1050.00 per month. Based on 70% rule it would be 80,500.00 minus repairs of 5k for an offer of 75,500.00. Is the bank going to just laugh at this as a lowball offer? It would be an all cash deal too, not sure if that would help. This would be my first investment property so let hear what you experts have to say. Thanks in advance.

Hello my name is Scott Carder from Owasso,OK. Just trying to learn everything I can. I am interested in buy and hold long term single family rentals that are within 10 miles of my personal residence. My 10 year plan is to own 6 paid for rentals, with a longer term goal of eventually owning 20 properties.