Newbie with a question

3 Replies

I have recently started driving for dollars. I enjoy driving because it gives me the opportunity to talk to people I see in the neighborhoods I search. Yesterday I came across a man who asked me if I wanted to buy a house (saw me coming a mile away) and I replied, "Sure." He mentioned that his neighbor had recently passed and that his son owns the property now and is looking to get rid of it since he has his own house not far from there. He even took me on a tour of the outside of the property. Property has a gazebo but no central air. Since I am new please correct me if I am wrong. The first thing I should do is find the ARV, correct? I was an appraiser so comping out a property is not that difficult but I am concerned using Zillow. What other websites would be useful. Thank you.

Hi @Jon Cafaro and welcome to BiggerPockets!

First, congrats on digging in and driving for dollars. For the record, please keep great notes on your DFD experiences, so the next time someone here on BP complains that "that just won't work in my town" you'll be ready for them!

Actually, the first thing you should do is thank that friendly neighbor and next you should talk to that son. Like, today!

Have a genuine conversation. Is the property in rough shape? Ask the son if he's planning to fix it. Find out all his issues and concerns. Then, find out how much he would need to be rid of this problem property.

Then, you can worry about ARV. (Just ask a local real estate agent.)

Note: Be sure to give that neighbor a generous "thank you" gift (cash works fine) if you end up doing this deal. Let him know you'll be equally grateful if he can let you know of other similar situations in the neighborhood!

perfect advise!

Originally posted by @Mitch Messer :

Hi @Jon Cafaro and welcome to BiggerPockets!

First, congrats on digging in and driving for dollars. For the record, please keep great notes on your DFD experiences, so the next time someone here on BP complains that "that just won't work in my town" you'll be ready for them!

Actually, the first thing you should do is thank that friendly neighbor and next you should talk to that son. Like, today!

Have a genuine conversation. Is the property in rough shape? Ask the son if he's planning to fix it. Find out all his issues and concerns. Then, find out how much he would need to be rid of this problem property.

Then, you can worry about ARV. (Just ask a local real estate agent.)

Note: Be sure to give that neighbor a generous "thank you" gift (cash works fine) if you end up doing this deal. Let him know you'll be equally grateful if he can let you know of other similar situations in the neighborhood!

Thank you so much. I appreciate your help and I will do that. The guy was really nice who showed me around and I was thinking of how to thank him. Cash is usually a good gift and he had a Pepsi with him so I was going to bring him a case of that as well.