All Forum Posts by: Alton Phouvong

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $305,000
Cash invested: $10,675

I purchased a duplex with an FHA loan as a house-hack.

Great Job on the renovations Jacob!

Hi everybody! I'm currently looking at a deal that is most likely a tear down. Asking price is $175k. The land is assessed by the city at $185k. The house is valued at $75k. The subject property has an ARV of $350k. Very fast comps. And the median price is $350k. Is there anybody here that can help me out figuring out if this is a deal worth pursuing? Thank you ladies and gentlemen in advance!

Wow I'm very amazed at the feedback that I received on my topic. You guys make me realize that you guys are here to create a great community for the lone investor. Thank you very much. I hope in the future I am able to give back just like you guys.

Thank you very much for the suggestions gentlemen! Do you guys have any questions to interview the mold remediation specialists? Any how many different companies do you guys think I should contact at the minimum?

I am attempting to submit an offer on a property. Can anybody help me figure out how to factor budget in a moldy basement? The entire basement walls are covered in mold spores and it seems like there was water damage coming from maybe a broken pipe or maybe from the exterior of the house. Any suggestions or comments welcome.

Welcome Kenneth!!!

I'm pulling comps and I'm curious to know if your subject property is a ranch style and there is only 1 comparable that is a ranch but there are plenty of capes and split entry's, can I use the capes and the split entry's as comparables ? And also would it be a safe call to compare a ranch to a raised ranch or? I'm looking for some advice. Any would be great! Thank you in advance

Scott, I don't know if he would sell on terms. It didn't cross my mind at the time I made him my offer. What exit strategies do I have available as options? Can you give me a brief discription on what you would do or ask the seller?

Rick, Thank you for putting that mantra in my head. It seems very logical. And I will keep that reminder nearby everytime I make contact with a probate seller. Do you have any other tips and advice you can share with me when it comes to negotiating with probate sellers? Things that you commonly run into as far as objections? Do you have a script or protocol that you always use when talk to the sellers?

Thank you fellas for feedback! It really makes me feel that this community is about helping each other!

He expects something in the ballpark of $200k - $250. He got that number based upon the neighbors house that is currently up for sale and was told its selling for $290k. The neighbors house when I ran comparables it came out to $230.