All Forum Posts by: Account Closed

I'm back!!! Man, I've let so many deals slip through my fingers due to "Analysis Paralysis", lack of funding, not taking action when I should've... These elements sent me back to the workplace where I know I don't have any business being, like where I am now. A landfill. During this two years of trying to stay current with Real Estate trends, markets and staying educated and juggling two jobs, I had an epiphany. There are two things that can make me or break me... Complacency is what can hurt me. Being content with working in the landfill and telling myself that it could be worse won't allow any room for growth. Hey, I'm paying the bills right??? The thing that can open doors to Real Estate Investing is having confidence in my abilities to find property, get it under contract and get deals done!!! I get it!!! Nothing in life worth having comes easy and I have to put in ten times the work as I did when I first started two years ago. So, I'm back at it!!! Stronger, hungrier and 100% more confident. Hey Bigger Pockets!!! I'd like to reintroduce myself... I'm Mike Freeman and I'm ready to work. Thanks for allowing me to vent!!!

@mikesedlacek @aaronmontague @billgulley

Hi guys... I've been scrambling to find something to help figure out an ARV on the properties I find and they never have solid comps. While I'm putting my numbers together, someone comes along and locks the property up!!! I'm not sure if other investors are writing their own ticket on the property or what. These properties are moving though. Here are my numbers for 2 of the ones I've looked at.

After Repair Value                                 550,000

Purchase price                    

 290,000

Repairs                 

 120,000

Purchase Escrow, Expenses & Property Taxes

2,600

Total Funds to Purchase and Rehab Project

410,000

Total Costs & Real Estate Commissions

26,000

I haven't sent a contractor out yet... I haven't sought out funding yet... These numbers are based on one comp that sold over a year ago... 

Tyler Walker Welcome to BP!!! You can find the answer to ALL of your questions here. Good luck with your future ventures and happy investing!!!!

@mikesedlacek @aaronmontague 

I truly appreciate your feedback. I'm going to follow up with the tax rolls and look at realtor.com to figure out what is selling and for how much. I would like to get my contractor to come out and give me an accurate estimate on repairs but I know I can't do that until the property is locked up. I may have made an erroneous estimate on the 60k in repairs personally. I'm going to look a tad bit more into it and I'm almost positive that I'll have more questions tomorrow. Til then fellas!!! Once again... Thanks.

@aaron montague

Hey... Thanks for responding!!! I'm in Dallas and from what I understand, this is an "Aggressive Market" and from what I'm seeing, there is a LOT going on in the REI game here.

I haven't learned how to properly assess neighborhoods and see what the activity is within but, from the looks of the neighborhood the subject property is in, people seem to be permanent residents. Nothing has sold for a while in this particular neighborhood. The two properties that the realtor used as comps... One sold for 60k and the other for 100k over a year ago.

The subject property needs probably 60k in repair!!!  It has a HUGE front & back yard by the way. I don't know how to determine what's selling though. You're absolutely right, there isn't an exact science to running comps but, how do I figure out what to offer and what to sell for with the lowest risk??? 

I absolutely LOVE BP... (Had to put that out there)

I found this REO that needs a full rehab... I would like to flip it. The realtor that showed me the property only found two properties, one with less square footage than the subject property and the other with different characteristics (the subject property is a 3/2 and the other comparable was a 3/1 with a 10% overage on square footage. Both of the comps sold over a year ago. The subject property is in a half-way decent neighborhood but I don't have solid comps to come up with an ARV. Additionally, this is the only vacant property in the neighborhood. There has to be something I can do to flip this house but, I don't know where to begin. Any advice???