All Forum Posts by: Stinson Bland

Most of the events that I've attended included a sales pitch from an annoying RE Guru. With that said, I am a sponsor of one of our clubs and I attend as many meetings as possible to network with other RE Pro's. I typically leave once the sales pitch starts...

Congrats on the sale... I love seeing another REI completing a deal!

Hey Jon,

Thanks for confirming my thought process. I drove all of the comps and they're all old (mid 70's) Fox and Jacobs homes. You honestly can't tell the difference from one to next. They're all relatively the same size and the exact style.

I spent the day at the house with contractors and I'm extremely excited about our rehab plans. I'm sure we'll sell in the matter of a couple weeks when the project is completed.

I also have an appraiser going out to the house on Tuesday to confirm the square footage.

Thanks again for the guidence. BP Nation Rocks!

Danny,

I always enjoy reading your blog... thanks for taking the time to put it together.

You should speak to an attorney before you raise capital for any investment.

Scott,

You make some great points... I'll get and appraisal and use the incorrect tax records as another selling feature. Who doesn't like to pay less in taxes?

Edgar and Justin,

I am not considering the garage into the square footage and there is no additional add-on. The entire house is original construction (no additional permits needed) and the tax records are simply incorrect.

Thanks for the help guys!

Jon,

I appreciate your insight but you're making assumptions that are incorrect. The house has not had any additions; it was built a 4/2/2 and is still under average size for the neighborhood. The average home in the area is 2000+ sq. ft. Here is the info on how I came up with my ARV:

Subject: Oversized corner lot with rear facing garage. Great curb appeal that has mature landscaping with 40 year old trees and crape myrtles.
Size: 1850+
Condition: Grade A+ Rehab - top to bottom
Built: 1976
Price Per: $90.00+
Targeted Sale Price: $170K
My original ARV was $120K+

Recently Sold 1
Size: 1906
Condition: Updated (paint, floor, fixtures)
Built: 1974
Price Per: $89
DOM: 103

Recently Sold 2
Size: 1804
Condition: Grade A Rehab (everything)
Built: 1974
Price Per: $102
DOM: 35

Recently Sold 3
Size: 2016
Condition: Basic Rehab (paint, floor, fixtures, bathrooms)
Built: 1975
Price Per: $91
DOM: 42

Recently Sold 4
Size: 1706
Condition: Rehab (paint, floor, fixtures, bathrooms, kitchen)
Built: 1976
Price Per: $93
DOM: 3

Recently Sold 5
Size: 2079
Condition: Maintained (As-Is)
Built: 1975
Price Per: $85
DOM: 361

Recently Sold 6
Size: 2381
Condition: Well Maintained
Built: 1974
Price Per: $78
DOM: 103

Recently Sold 7
Size: 2810
Condition: Well Maintained (slightly updates: floors, paint)
Built: 1974
Price Per: $75
DOM: 165

After looking at what's being offered as of yesterday in the neighborhood, I am sure that we'll have one of the nicest houses in the area. The current price per square foot on rehabbed homes that are currently listed in the neighborhood: $91, $88, $97, $108, $95, and $93.

What would you call the ARV after looking at those numbers? I think I'm safe saying I can get $90+ a square foot after I rehab the entire house.

Mike,

No addition... original build.

Carlos,

You're welcome to have this deal but I'm sure you wouldn't like the price... I'd have to get a very large assignment fee to let it go. I've considered wholesaling the property via a double close but I'm now emotionally tide to the deal and I doubt anyone would pay the price I'd ask for it.

I'm sure I'll do the dance again at the closing table once the house sells... I'll get it recorded. lol.

Hello BP,

I recently put a house under contract and I'm looking to rehab the home. I used the square footage from the tax records to build my offer and rehab estimates. My seller accepted my offer and I was excited about the deal. This house is in a prime neighborhood and I got the house at what I thought was a deep price.

After getting the contract recorded with the city, I took my contractor out to the house and we realized the house is 500 sq. ft. larger than the tax records. We have measured several times and I am positive that the house is larger. This neighborhood sales at an average of $90 a square foot for similar properties... I just found roughly $45K of additional spread on this deal. JACKPOT BABY!!! :D :rock: :wowo: :woohoo:

I literally did a touchdown dance in the front yard after the third measurement. Youtube T.D. Celebrations

Here's my question: How do I get the square footage adjusted with my tax office? I've called the office and I've gotten the run around so far. I plan to go to the office in attempt to get a better response. Would it be best if I got an appraiser to verify the square footage and take that info to the tax office? I'm sure I can figure this out by spending some time at the office but I was hoping someone has had the experience and can give me some insight into a quick solution. In order to help my sale I want the tax records to represent the correct sq. footage. I have roughly 8 weeks to get it corrected before I list the house.

Thanks for any and all help!

Tershant,

I am not going to handle you with kid gloves in this response as you are a grown adult and should be able to handle criticism.

I am really confused on what you're expecting to get from BP.com... You say that no one is offering to help newbies but I see that exact thing happening on a daily basis. Have you not read the 350K+ post that are on the site? I am a newer investor myself and BP.com is one of my first resources for unanswered questions or concerns.

Before I ask a question I always do a search as most issues have been discussed over the years (as James mentioned). That is the exact reason people post links to other threads. Have you taken the time to do the work and search for your answers? If you have, and you were unable to get the answer, post a question on the subject, explain what you read, and what you didn't understand. I am sure that will get you the explanation that you need.

In the last couple of days you've spent your time on the site complaining about the lack of support and you could have spent the time researching and posting your concerns regarding investing. I'm positive you would have gained more knowledge on REI by doing so.

Are you expecting for random internet strangers to approach you on the site and offer help? If that is you're goal, how do you expect these people to find you when you're not posting on the site? Btw, that's my goal and that's why I ask questions on the site. I also make sure to contribute to the community and post responses to topics when I have some insight that I think may be valuable. Nothing in this world is free and to me it looks like you're looking for handouts.

Real Estate Investing is a very serious business that takes a lot of hard work and knowledge. Nothing in this life is free and you have to invest your time to gain the knowledge that you seek. If you're looking for help, you must show those who you seek help from, that you're willing to put in the time and effort. Based on this thread, it appears to me that when faced with difficulty; you're willing to accept defeat, blame others for the lack of support, and make excuses for your lack of trying.

You mention that you've called FSBO ads and news paper ads. How many of these calls have you made? I hope the answer is hundreds and if it's not; you are really in the wrong business. Most successful REI's spend many hours and thousands of dollars on their marketing... in hopes of finding a few deals. I personally send out thousands of marketing pieces a month and I speak to hundreds sellers but I'm lucky to get 2 deals. Again, this business takes HARD WORK, CAPITAL, KNOWLEDGE, and PERSITANCE.

Are you marketing your business the same way you've marketed yourself here on BP.com? If so, how do you expect sellers to find you when they need to sell?

Many members of this site invest a lot of time into building this community and we take pride in sharing our knowledge and helping one another... you've come here to tell us that we do the exact opposite and you're asking for help at the same time? What is that you're willing to contribute to get the help that you seek?