All Forum Posts by: Adam Leech

Thank you @Russell Brazil, that's very good to know. 

@Ned CareyThank you! I'll definitely keep that in mind. Thanks for all the help on this one as well. Just an update, I decided to not pursue it based on your help and a local investors help. Went to a meeting this weekend like you said and asked for feedback from them as well.

Very much appreciated!

@Ned Carey What my ARV was based on. I'm wondering if there are two different ARV's, one for being rentable and one for retail sale. I was asked what my ARV was based on, just wanted to be sure.

@Richard Dunlop Thnaks Richard. For future reference, how'd you get to 45k?

TY@Russell Brazil

@Ned CareyOn Scott St. two blocks away from the Ravens stadium. You're right, after I looked in some of the neighbors houses, there's no way to get this in sale-able shape for 50k (not even rentable shape). 

My ARV was based on selling to a homebuyer; putting in black stainless steel appliances etc. Are there two different ones (rent ready and resale)?

Thanks for the response and time!

Hey guys,

I'm fairly new to REI (one property rented to family, looking for another) and I want to get the hang of the analysis. I come from the financial field (used to trade stocks) so enjoy number crunching.

I went by the place today, the listing said it was move in ready at first. Here's what I'm looking at:

O = Original loan amount

P = Principal paid per month - 58,900/360 = 163.60

N = number of years owned - 12 years. Sept. 2003 - Sept. 2015

X = Estimate of loan owed still

O-(P*N*12)=X

X = $35,340 amount estimated still owed on the loan.

• 50k (at least) to get it in shape.
• ARV around 120k-170k (wide range because of area). 130k is what the city appraised.

Investors want to buy at 75% ARV - which is 90k. Assuming the loan is what's above, the property can be picked up for 28k or close (banks go for 80% on principle remaining in short sales). After fees, we're looking at $7,728 if wholesaling.

How do my numbers look? Feedback is extremely welcome. I'm more interested in learning from this than making money on it - how and why it would/wouldn't work.

Link the mock up : https://docs.google.com/document/d/15Hqobkb4pPSEeF...

A buy and hold investor might be interested in the area. It's in Pigtown very close to Fells. Right behind the stadium and very close to the casino. This rented for $1500 before with room to improve (investor 2 doors down rents for $2100 with not much difference in house).

@David White Thanks David!

Thanks @Ned Carey, I'll make sure I get involved!

@Gabriel G. looks like I saw this too late. I'm definitely interested. What's the name of the REIA? I'll do what I can to make the next meeting.

Thank you @Natasha M. I've been to a one in Baltimore so far and another one's coming up later this month. Are there any that you recommend I attend?

@David KosiorekThanks. I find one of my biggest problems is not asking questions. I'll make sure I have a plan and ask questions when I see holes in it; also have someone more knowledgeable than myself review it - you don't know what you don't know.

@Mark NolanThanks for the tips. I've seen the blogs and the podcast is really insightful.