All Forum Posts by: Arthur Banks

Looks good! Can't wait to meet everyone.

Nicole Pettis
I'm not in Milwaukee or even WI, but I'm right on the border (Waukegan, IL to be specific) and I'd love to be apart. I, like most of you work full time and any day after 5p I'm good with. Looking forward to see where this goes.

No one?

I say possible first (well second) deal because the first time I purchased property over 8 years ago, I didn't have a clue what I was doing. And needless to say that didn't go so well. Lesson learned.

Anyway, today I will be looking at possible rental. Seller/wholesaler is asking $34K obo. 968 sq ft, 2BD/2BA/garage (2 car?), basement. 3rd BD and BA in basement. I assume I need to make sure it's legal and can be counted as a bedroom?
It's located across the street from a middle and junior high school. Two health centers nearby. And a park 2 blocks away. Nice neighborhood. (I used to live in the area)

From the video of the property, it looks like paint, carpet and cleanup. Pretty well maintained. But again, I haven't seen it up close. So let's assume that and add for any minor repair stuff.

I looked at Zillow for a gauge. ($51K) I'm hoping to get some numbers from my realtor before I go look at it.

I looked at rentometer.com Median rent: $1095 Average rent: $1128 (I don't know how good of a gauge this site is. Although I did throw in what my rent was and it was pretty accurate.) Where does one get rental numbers from? I heard on a BP podcast the other day not to rely on realtors.

What other info do you need to help me analyze this deal? As much as I've read on this site and books and listened to BP podcasts, my brain has frozen. I think I know the answers, but just need that assurance.

I don't have cash, so I need to look at some other financing options. Ideas?

Also, what kind of exit strategy should I be looking at?

Thanks! I should've used the Search function first. I found a good deal of topics on the same question.

Sorry.

Can someone please tell me the 'rule of thumb' when evaluating a property for rental? Or better yet, what is the '2% Rule and the '50% Rule'?
I'm looking at a potential deal tomorrow and I'd like to get my numbers right.

Thanks in advance.

Yeah, that's a feature I found missing too.

Welcome! Newbie myself, so I have no advice other than read everything on here. Oh and download the BP app for iPhone if you have one. Nice!

Thanks all. The info given was what I suspected. Being new I just didn't want to be wrong when I brought this to his attention. You never know how someone will take you when this is their "job" and "you're just getting started."

Chad Truran Nope, you answered with what I believed I knew to be correct. Being new still, I didn't want to assume I was right. Thanks!
Wayne Brooks When I asked why are these comps of property that are in need of repair and not after repaired homes, he said that's what's been sold. The problem I noticed is the properties he sent me to look at had a file name of "homes for AB under 30K" The "comps" he sent me were homes that sold in the 30K range.

So it seems he pulled comps of property that sold in the 30K range. I'm no agent but that's what it appears to be. I haven't had a chance to reach him by phone, we only communicated Wednesday and were supposed to talk yesterday.

I'm guessing here, but I imagine the comps should be "3BD, 1.5BA, X,XXX sq feet, etc which would be similar to the properties I found and am interested in running numbers on. Similar properties that are move-in condition. Not in need of repair.