All Forum Posts by: Anderson Hargrove
Anderson Hargrove has started 9 posts and replied 24 times.
Post: Looking for a GC to partner up with that specialize in affordable housing
- Posts 24
- Votes 10
Im looking for a GC in the Philadelphia pa area that specializes in affordable housing. I need them to be able to scope out the work also able to fill out a RFP.
Post: Should I take this offer
- Posts 24
- Votes 10
Thank you all for your advice. I appreciate it
Post: Should I take this offer
- Posts 24
- Votes 10
My aunt had purchased my grandmother house after she passed away fix it up and is ready to pass it along to me.The problem is, when she brought the house she paid $370,000 for the house, almost full price of arv. The piti is $2,400 a month and the average rent goes for $2,000 and through pha $2,200. What do you think I should do?
Post: Pulling comps for a mix used property
- Posts 24
- Votes 10
Quote from @Michael K Gallagher:
@Anderson Hargrove you'll need to understand what the potential income of the property is, so local rents for a 2 bd unit, plus whatever market rates for a retail storefront in that area is. Generally these are going to be per square foot rental rates. If there is a current operation in there you'll need to get your hands on the leases to understand what their terms are, if the leases are gross or net to some extent, and what their annual increases are. You'll also want to watch out for things like options to renew etc.
If this is a property on the open market there should be an offering memorandum your buyer rep can pull down from the MLS for you, it wouldn't be my recommendation to go direct to the listing broker yourself as they'd be take both sides of the deal and they ultimately are repping the seller, and there would be no-one in your corner working for you.
Post: Pulling comps for a mix used property
- Posts 24
- Votes 10
Quote from @Charles Carillo:
Mixed-use properties are considered commercial properties and the value would be derived from the cap rate and the net operating income. NOI / Cap Rate = VALUE.
You can find the cap rate by speaking to brokers in your market and/or by reviewing other commercial property sales in the recent past.
Thank you
Post: Pulling comps for a mix used property
- Posts 24
- Votes 10
I'm looking into buying a mix use property. Upstairs is a 2br house while down stairs is a commercial beauty salon. The upstairs needs to be rehab while the shop needs little to no work. I'm very interested because my wife does hair and can run the shop. I was wondering how can I pull comps for this property so I can get an idea what to offer and what I can pull out of the equity when I refinance
Post: Looking for lenders to refinance my loan.
- Posts 24
- Votes 10
I am using the Brrrr strategy and I'm looking for an none traditional banking to refinance. Do anyone know of a lender that refinances?
Post: Adding and subtracting from off the ARV
- Posts 24
- Votes 10
Thank you
Post: Adding and subtracting from off the ARV
- Posts 24
- Votes 10
Hi BiggerPockets family. I'm trying to find comps for this one property, and all my comps that comes up are old houses that's not rehab sold in that area. These comps matches the property style,age,squarefootage, bedrooms and bathrooms. I was wondering how much to subtract off the arv for each comp that has a extra bedroom, bathroom or above or lower then my the square feet range? Please help me. I'm located in the Philadelphia PA area.
Post: Putting titles in companies name
- Posts 24
- Votes 10
@Patricia Steiner I just read the article you sent me and I really appreciate it. It's all about my insurance policy.