All Forum Posts by: Xai Xiong

Thanks, I was thinking that too, but I'm assuming it will depend on the Appraiser and how he does his appraisals. And I have had people tell me the opposite too. Like look for most similar comps. 

What do you guys think of a duplex with comps that are closer that differ in less bed/bath to be higher value than comps that are more similar further away that has less value comps? For instance, the duplex next door to subject property is a 3/2 duplex no garage sold for 325k and a duplex 6/2 more than 1/2 a mile away sold for 300k. The subject property is also 6/2 w/2cargarage. Additionally the subject property is a split foyer while all comps are bungalows. There is also a duplex 1-2 blocks away from the subject property that sold for 380k (4/2/2). How would you determine ARV? I hope this makes sense.

710 31st Ave N 2bed/1bath each unit rented out at $650/each potential market rent $800-$1000 Asking: $110,000 Repair/Updates:$10k-$20k ARV: $160k-$200k Cash and Hard Money only. $2500 nonrefundable earnest money deposit. Showings 2/12/18 @4pm, and 2/17/18 @1pm, unless sold before then. If you plan to come please contact me before hand. 612-558-7957 Xai or [email protected]

Specs(Current)
Beds- 2
Baths- 2
Sq. ft. 600-800
1 1/2 Stories

Specs(Suggested)
Beds: 3-5
Baths: 2
Sq Ft: 1200-2000
2 Story

Description
This is an amazing fix and flip opportunity! Very extensive fire damage property most likely a tear down to foundation and rebuilding up with resale value similar to new construction. Priced to sell fast! So, don’t wait. Call us today… before it’s gone!

Call and Schedule a showing today! 612-558-7957 - Xai

ARV: $180k-$200k
Repairs Needed: $80,000-100,000
Priced To Sell Quickly At Just $27,000 (Cash or Hard Money Only)

Buyers to pay all closing costs

$2000 earnest money 

667 Lawson Ave E (New Construction)

-$204,000

-3/2 2car garage

-year built 2017

701 Cook Ave E

-$180,000

-5/2 2car garage

-year built 1997

758 Magnolia Ave E

-$169,000

-4/2 2car garage

-year built 1925

So since I've been on this site, it's helped me ALOT! It's given me drive and motivation from reading other people's path within this business and now I am working on my first flip and working on my first wholetail deal. Waiting and knowing it'll go GREAT! This is me updating my process of BP and it has helped alot even though I have been super busy and haven't been on here as much as I want to. Anywho, I'm still looking for future contractors who are looking to build experience, looking for additional financing options, and future projects/friends to work with. GREAT TO BE HERE!!

I've also just started my first flip in minneapolis, and marketing to get more deals. Always looking for great contractors, we should talk more!!

I'm in the process of purchasing a property in this area and would like more estimates from contractors. It seems most contractors try to avoid this area due to the neighborhood. I can tell I may need to take on this project myself, but if anyone knows of any decent contractors willing to tackle this area I'm open to suggestions! Thanks!

Welcome to BP! Let me know if I can be of any help in any way! I'm also pretty new to the real estate investment scene. But I'm always willing to help out any way I can!

Thanks for all the advice guys! I will keep you guys posted on any updates.