All Forum Posts by: Stephen Fryer

HI Rocco.

I am indeed interested in wholesaling the property. Should I connect with you off line?

Stephen

Hi Jon.

Point well taken. The median rent for other 3/2's in the area is about $1400, but the square footage is larger. I used the $900 value to be conservative, as the 2/1 was a little smaller than this property.

Hi Guys.

I'm a newbie investor in the RE biz. I started last summer by buying a duplex (buy and hold). This is my first effort as a wholesaler, so I would be interested in any feedback (does it create value for you as an investor?).

Property Details:

3 beds/2 bath bungalow

Just over 1000 sq ft.

ARV 118K.

Needs a new roof. Inspector estimated 10-12K in repairs.

Asking 70K. There is tenant in place and he wants to stay. Long story short, it's the previous owners son and he is not paying rent. Two bed/1bath around the corner recently rented for $900/m, which would provide about $500/m cashflow.

Please let me know if there is any interest and I would welcome any constructive advice.

Stephen

OK. So the first effort a finding a deal was an epic failure. If at first you don't succeed try again.

I have two new possibilities and would appreciate the benefit of everyone's collective experience.

Is this an appropriate place to post my analysis for feedback?

Sorry. Forgot to reply to your second question. I was having some trouble deciding on a market. My wife was encouraging me to look at some of the sexy markets in the sun (Florida, Phoenix etc.). Finally decided on a Northern city. Employment has increased by more than two percent per year for the last couple. The vacancy rate has fallen to around 4% and rents have increased by more than three percent. I think that there is lots of value there.

How do you go about selecting a market?

Hey Brandon. Thanks for the estimate. Is that value from experience, or do you have a process for estimating rehabs?

Hi guys.

I took my first steps this week. Selected a market and began looking for deals on Fannie Mae. I found a fourplex that I thought was a good deal for 25K. Other similar units up the street were selling for 200K. Contacted the agent and had a few conversations. When I asked what her feelings were about what amount would be required to rehab, I discovered that the building had recently been condemned by the city because the cost of repairs were more than the value.

Now there's a twist. How often does that happen?

Any suggestions about what questions I should be asking the agent to get the most comprehensive background on a property?

Stephen

Thanks for the warm welcome. Look forward to connecting with everyone.

Josh you asked if I had any deals yet or had identified a market. At first I thought that I would investigate some of the sexy (warm) markets, but found that prices were a little higher for multi-family units. I was searching for duplexes, triplexes and quads. Some of the emerging markets in the north appear to have better value. I am certainly open to suggestions.

Stephen

Hi everyone. My name is Stephen and I am a neophyte REI from Ottawa, Canada.

I first started looking to invest in my own back yard, but found that the market was too hot, making it difficult to generate positive cash flow. Now I am investigating the U.S. looking for foreclosures that I can rehab, rent out and then refinance to get my capital back. I am open to suggestions about emerging markets, resources to find deals and sources for financing (I am pretty certain that I will run out of $$$ at some point).

Looking forward to interacting with you all and learning lots.