All Forum Posts by: Donald S.

HAHA thanks everyone. Seems like an easy decision when you look at it objectively. 

@Thomas S. Thanks, I am still new, and should know better by now. But it doesn't hurt to ask. Even if it did make me seem uninformed. 

Thanks @Aaron Poling and @Lynn Currie, I actually am an agent, but I'm new and haven't done a spec build comparison yet. I'll ask some more experienced guys I know and see what their CMA's can look like.

I know things will vary greatly, that's why I wasn't really looking for specific numbers, just trying to get an idea of what things to look for when doing this type of comparison. I like the land part, I'll look into that. 

Good afternoon BP

I have an opportunity to buy a tear down and rebuild. This would be my first tear down flip. I'm trying to determine an ARV, but have some problems.

There's only 2 infill builds info the area to comp off of, other than a 40 home new subdivision that is still 1/2 under construction. The subdivision is about .5 miles away and would be good comps for what we plan to do. However what adjustment is appropriate since my property wouldn't be in a new subdivision, but instead an already established one (1956)?

My builder estimated $105-145/sf depending on finishes. So getting the ARV right seems paramount. The subdivision homes are going for 400-525k according to recent sales, but homes in the properties neighborhood are closer to 215k (all built circa 1955).

I agree with @Thomas S.

On top of that, next time you buy seen investment property you should include your states version of a Rental Property Rider, if you have that in Oklahoma. In Missouri one of the benefits of that rider is the provision stating any vacant unit must remain vacant unless the buyer approves the new tenant.

I have a rental in a solid C area. A triplex. We've been marketing since mid-december. I've got a good applicant who wants to apply, but she states that neither her or the roommate have a bank account. They're young (maybe 20 or 21), with no renting history yet, and no credit to speak of. Both work menial jobs, gas station and waitress, but together their income estimates are good enough.

My question is, does having no bank account throw up red flags for people?

They claimed at their showing that they'd like to pay 3 months in advance when their tax return comes in also. Mainly because one of them is about 8 months pregnant. I'm hesitant on this, because using tax refund to cover rent, what happens after that?

So potential red flags:

No bank account

Wants to pay in advance with tax refund

Claims to be saving money for expenses for when one gives birth (probably next month).

Advice from anyone who's dealt with this type of thing before?

I'm so sorry I missed an 'i' while typing. I'm sure you've never had a typo before. I'll be sure to keep an eye out for your posts in the future to learn from you. Here's a word for you now:

censorious

  1.  having or showing a tendency to criticize someone or something severely : very critical

or

 nitpicking

1. 1. looking for small or unimportant errors or faults, especially in order to criticize unnecessarily.

 I don't know about events. But I could see about clearing some time to talk with you. I'm an investor/agent in St. Louis and can talk about the lay of the land so to speak. PM me if you're interested. 

Have a 3 bed 1 bath in a solid C area, 2nd floor apartment. Posting for rent around Christmas is horrendous. Nearly everyone who's been serious about looking is either in the process of being evicted, or has been evicted. 

But here's my addition to this thread:

Lady contacts me via the FB marketplace ad

Lady: "Do you have breed restrictions?"

me: "The insurance company won't allow any dog deemed a 'viscous breed'. What type of dogs do you own?"

Lady: "There's no such thing as a viscous breed. I'm not interested anymore." 

-FB: 'Lady has left the chat'

So....You have pitbulls, but they're the sweetest things on the planet? Too bad, not my choice what the insurance will or will not allow.  

 I know from my current experience that the city does a master permit for everything other than electrical, plumbing, HVAC, and dumpster. I know I can get a dumpster permit, and the electrician, plumbers, and HVAC guys can pull their own permits. But I need to know what is required to pull the master permit. 

If you have experience in the city than I'd appreciate any info you have. If not, thanks for the answer anyway. 

As a non-Architect I can tell you that the architect we used on the flip we're doing right now definitely added value to our project. He took the rough idea I had and changed it around to work much better. The place isn't finished yet, but everyone that's been through it loves the layout and comments on how ingenious it is, and that's because of our architects changes.