All Forum Posts by: Austin Mueller

Thanks @Jon Crosby! That is interesting... I have looked at HouseCanary before and it seemed like they were providing pretty good property valuations, but not necessarily ARV estimates.

I looked at Clik2Flip and saw that it does provide an ARV estimate which is awesome, How is that being calculated?

Is it pretty accurate?

Thanks @Brandon Reed, I do have some Realtors I trust to pull comps for me, but I am more of a loan wolf if you know what I mean... I like to do a lot of the analysis on my own if possible.  I have found that sometimes Realtors will inflate values or pick comps that don't necessarily reflect my end goal.  I end up spending a lot of time communicating with Realtors to train them in what I want and less time actually analyzing deals.  Like I said, I have found a couple I can trust, but it was expensive, from a time management perspective, to find them.

Hi Everyone,

I was wondering if anyone had found any particularly helpful tools online to help them better figure out ARVs?

Or maybe what methods you are using to figure out ARVs? 

I have been going through Redfin to try to calculate the ARV for my potential flips, and I can usually get it done, it just seems like there should be a better way...

Thanks!!

Thanks for the response Jeff.  To answer some of your questions... I would be the GC.  Our funding would be through a bank at 3.5%, comps in the area are pretty strong hovering between 475k to 525k.

Hey everybody, Ive got a question about a deal I'm looking at in Royal Oak MI (48067 / 48073)...

Here are some of the specifics...

This would be a tear down/ re build deal. ARV is about 500k given a 2500 sqft new construction house.

I have heard that new build costs are about 100/sqft, is that accurate for this area?  I have experience doing rehabs, but this would be my first new construction.  If i could acquire the property for about 90k would this be a good deal?  How long does it typically take to build a new construction in Royal Oak?  I could take an educated guess at how long it would be once we were able to break ground, but i have heard that it could be up to 2 or 3 months before that could even happen... is that right?  Anyone have any idea what the process is like to build a new construction in Royal Oak?

Sorry for the long winded question... anyone's thoughts on the matter would be greatly appreciated!!

thanks!

You could try Mike Clawson (Real estate attorney).  I have worked with him in the past and he does great work.  Not the cheapest... but worth it for sure.

You may have already read these, but i would suggest reading both this post https://www.biggerpockets.com/renewsblog/2014/04/0... and http://get.biggerpockets.com/nomoneydown/ .  Direct mail could be a good way to try to get some leads at a relatively low cost... also driving for dollars could be a good way if you have some time. One of the things i do is drive around and compile lists of houses that look like they are in rough shape and mail to them.  If you manage to find a motivated seller, the no money down book could be very helpful for figuring out how to finance the deal without much of your own money.   ... If it's a good enough deal, you shouldnt have too much trouble finding financing.

Hope that helps a little... good luck!!

Hi Elizabeth,

I am an investor working primarily in Oakland county, specifically in Royal Oak and the surrounding cities.  I might be able to help you out as far as realtors and mortgage brokers go... not sure about contractors though... kindof struggling with that myself.  Anyway, feel free to connect with me if you'd like to discuss further.

Hi @Tim Williams.  I am an investor working mainly in oakland county and i am actively looking for more investments.  I do mostly flipping, but i have a few rentals as well.  I have lived in oakland county a long time so i am pretty familiar with the market here.  I would be happy to try to answer any questions about the market here or in the surrounding counties. 

If I were in your shoes, I would probably get started around my area... within an hour or two drive anyway.  Even if you hire out the management, it is a lot easier to vet those you hire if they're local and make sure they are doing what they say they are doing.  Last thing you want is to get scammed by a management company or contractor...

Yeah... im not seeing 100/sqft for a rehab.  I found a couple at 90ish/sqft but those were the exception. looks like you may max out around 60 or 70 per sqft.

here are some comps that you may be able to use... sold within the last 90 days.

http://www.zillow.com/homedetails/15167-Macarthur-...

http://www.zillow.com/homedetails/15632-Woodworth-...

http://www.zillow.com/homedetails/16741-Glenmore-R...

Hope this helps...