All Forum Posts by: Thomas Baylor

@Joe Freeman

I completely agree.

Thank you for this information and I will for sure apply it.

Again, thank you!

@Joe Freeman

Hi Joe, the biggest dilemma I am having right now is with a contractor. How can I get them to take a newbie investor serious? I am going to contact several in the area this week and see what it is going to take to get them out to the property and give me an estimate. Even if it takes me paying by the hour. I believe this property has potential. At the same time, I do not want to take on a great big rehab for my first property although it would be a great learning experience. I know I would be very hands on as far as making sure things are getting done. Even so, I have zero experience of knowing if things are being done right. Do you have any recommendations on how to approach a contractor without actually having the property under contract?

One more question, how can I find investors in the Norfolk area? I would like to reach out.

@Joe Freeman

Hi Joe, the biggest dilemma I am having right now is with a contractor. How can I get them to take a newbie investor serious? I am going to contact several in the area this week and see what it is going to take to get them out to the property and give me an estimate. Even if it takes me paying by the hour. I believe this property has potential. At the same time, I do not want to take on a great big rehab for my first property although it would be a great learning experience. I know I would be very hands on as far as making sure things are getting done. Even so, I have zero experience of knowing if things are being done right. Do you have any recommendations on how to approach a contractor without actually having the property under contract?

One more question, how can I find investors in the Norfolk area? I would like to reach out.

@Joe Villeneuve very good points Joe. I know I have a good bit of analyzing still left to do. Thank you for the information it is much appreciated.

It is showing the zestimate is around 87-90k which I don’t know exactly how accurate that is. If so, this would not be a good investment I don’t think.

I am hoping the seller may be motivated and ready to dump this property off, unless like you said that is what is owed. Otherwise I will have to move on.

Thank you again.

@William Taylor I appreciate your genuine reply and advice.

If you don't mind me asking, where did you find this deal? MLS? How do you go about getting a reliable contractor to even take you serious and give you an estimate? These are all very legitimate points that you've made. I am a bit weary of doing a rehab for my first project but at the same time I do want to learn and take something of this nature head on. I feel it is about doing as much due diligence as possible which I am trying to do before I even make a trip there. So should I not worry that it's been on the market for this long?

I know ultimately I will have to make the decision myself. It would just be nice if I could have some insight from experienced investors on whether or not they would even touch this property. I guess it will be trial and error for me.

@Kenneth Garrett very good information. Ready to apply it. Thank you again.

@Joe Villeneuve So I just went through the realtor that I have been using in this area. She has sent me rental history for the past two years in this area with the same beds/baths/around the same square feet.

I’m just wondering why it’s been sitting on the market for this long. Maybe the seller is unwilling to budge on the price.

@Kenneth Garrett these are all very good points, thank you.

This property is about 3 and a half hours from where I live so I want to make sure the trip is worth it. My next question is how can I get an appraisal if I do not own the home yet? Same for a contractor to do estimates. I am not yet established for them to think I am serious. I would like to get all of the facts and numbers when I go down there. Therefore I would like an appraisal and estimates for a rehab on the same day if possible. Any recommendations for that?

I’m just wondering why it’s been sitting on the market for so long. Makes me think something else is wrong or either the seller is not willing to go any lower on the price. Thank you!

Hello to all my BiggerPockets fam.

So I think I’ve come across a pretty good deal. I was hoping to get some insight from my BiggerPockets family.

This property is a duplex in Portsmouth, VA. Asking price is $90,000 BUT it's been on the market since 2018. Red flag I know. I've analyzed using the BiggerPockets rental calculator and it's showing fantastic numbers. The comps around the area are showing anywhere from 150-170 and the rents are at the lowest 750 to a high of 1195 (for both units after its fixed would net nearly 1100 a month. I still have a good bit of due diligence to do & I need to actually see the property and what's going on on the inside. (They did not show any inside pictures) another red flag.

Any insight would be great. Thank you.

@Michael Barnhart thank you Michael, I will definitely put this great resource to use.