All Forum Posts by: Will Eagles

@Jonathan Lehman Thanks for checking in. Its a very interesting deal but big. I'm not saying over my head for a first but no small undertaking. Most likely will need a partner for downpayment/closing money and then use sweat equity and management skills to offset. I will keep this thread informed as we go. I hope to walk the property soon. Jonathan, have you made any deals yet?

I wouldn't mind sharing the actual listing with someone privately if they would like to help me better analyze the property.

@Jay Hinrichs I agree. I have run the numbers a few more times itemizing more detailed. I am looking at closer to 165k, and even that may not be enough. That being said I am seeing it officially this week and will have a much better idea. I think the price I would be willing to pay is still about 40k-60k lower. This property has been on the market a while and like I said was listed 300k higher 2 years ago. Even I never make an offer I will tell you that I am learning more going through these early stages than most books. I do believe with the right partner that there is a profit to be made. 

@James Fisher all great points and valuable experiences to learn from and thanks for sharing with me. The fireplace sleeves are a concern because of the age. The roof is traditional shingles so that is a plus on cost if needing replacement. I have re-ran some numbers and readjusted my cost to range from 120-160k in rehab. I am glad you posted because I wanted to ask someone with experience in older homes if after rehab do they carry the same value as a newer home? For example, can you just run straight comps or are other factors at play. I know they surrounding homes on the street have far less sg ft but are obviously newer in terms of construction. Can I truly comp to them? I plan on walking the property in the next few days and will have a much better idea then if this is a deal worth pursuing and finding a partner to move forward.

@James Masotti since just April it has dropped over 100k. Since listing 3 years ago has dropped almost 300k. It looks like you have done flips from your website. How was your first deal structured?

@James Masotti Good point. I will. I will update as I go. Any other advice or words of caution would be greatly appreciated.

@Greg Behan I am new to real estate but would love to connect about opportunities. What types of properties are you looking for? I have been analyzing some deals in central bucks and think there are some great options. With your contractor knowledge, I think talking would be great.

Should I be concerned that it has been on the market for almost 3 years? I plan on having an agent friend look into it for me and also get me a chance to view the property.

@Mark Nolan Thanks I have been poking around there. A ton of useful information. @James Masotti  Thanks for the site. I didnt see anything on there. Would it be something that I should contact the county about. Will it possibly draw attention to the property for possible inclusion?

@James Masotti ^