All Forum Posts by: Jeff McCaskey

@Nathan Richmond 

Ha ha, well Miss @Eva Salas had it all right in her reply Nathan!!!! That's all you need to know.

Beyond that, we are all told to make goals right...? You have set a goal to buy a 4 unit and this deal is obviously questionable from the start and likely will at least slow you down if not prevent you from getting to your goal of a 4 unit. Like she said, you honestly answered your own question.

Something to remember, just because you "can" buy something, doesn't mean you "should" buy it. I actually just tonight listened to pod cast 69 I believe, with Wendell..... Go listen to it and near the end he talks about a bad buy he made once in a bad area etc etc and ended up being a huge mistake for him.

Good luck man!

@Anthony Micklus 

Anthony, I don't know a thing about Vermont markets. However, you mentioned Zillow... I do not trust the information provided by Zillow. Some of it, maybe most of it, most of the time might be close or closer in some markets than others. But I know there was a property listed in my market by the owner who was out of state and I had asked about the list price (listed on CL privately not with an agent) and he cited Zillow for his resource for choosing a list price. I know my market very very well and he was asking twice what I would have imagined was an average price for that type of property. He was convinced he had done good research etc etc so I knew there was no way to get him to come down that far. I just went about my business after that. Be careful of your sources on the numbers.......

Kenneth was probably right, try an agent, they should have a good handle on this subject and have docs to back it up if they sell any property at all.

@Kevin Nichols 

Kevin, congrats on the 2nd deal. Way to go!

I would say the same exact thing James Wise mentioned. If you want to continue to purchase property then yes, you should immediately refi and get the cash back to move to deal #3. It's great to have cash to buy with, always makes things so much easier and faster in addition to almost always getting a better price.

Even if you don't "plan" on buying another right away you never know when an opportunity will present itself and in order to be prepared to take advantage of those times they end up in your lap/face, you should be prepared to pull the trigger and execute!

@Mark Boek 

Seems like a deal that would cash flow before picking the thing apart top to bottom. I'm not in the KC market but this is similar to how I bought almost all my property to date. 

Anyone who is in or interested in the KC market should take a close look at this opportunity closely and decide if it's a fit for you or not.

Possibly a good way to start for those who are lacking funding or resources to outright purchase.

It would be awesome if more of these types of deals were available on a more regular basis.

@Larry Hatten 

I have found that Zillow isn't always a reliable source so I would watch what numbers you are using from Zillow and cross reference with another source to make sure it's accurate. 

Best bets are brokers and agents honestly. Use them and the comps they provide to teach yourself how to provide your own comps to at least eval a property and get formal work from brokers and agents when presenting information where a 3rd party helps avoid a "conflict of interest" situation.

@Micki M. had good advice

Yes......!!!!

Demand generally as a rule slacks off in the winter months, thus demand shrinks to some degree thus prices get reduced or sellers will generally accept less during this time of year.

@Robert D. 

@Joel Owens had solid advice for you. Know you passed on the deal this time, just keep it in mind for future use.

If you are going to spend any amount of money on a property or even dream of putting someone in there to rent and you have doubts about your roof........ Get it replaced without hesitation.

Need a cheaper way to get it done.... find a crew doing a roof and have them do yours on a day off - it will be half the cost.

Welcome to BP and investing!

@Brandon Turner 

Hey Brandon,

I'll have more later I'm sure but one line of thinking this morning is.....

If you're in a metro area investing, you want to have rentals where the people want to live right, or how else will you fill them? People have plenty of options to rent in a metro area. So get sales info via agents etc and find the hottest selling zip codes (highest sales #'s), examine those areas and buy there.

Schools make a big difference

Police and fire numbers/new stations/availability/visibility make a big difference

---- Or when buying in a small town just make sure the smaller town wont dry up anytime soon and that demand out strips supply.Not sure there is a sure fire way to tell that in my smaller town - really just takes boots on the ground at some point.

Jeff

@Baxter Stegall 

Sounds like your own little piece of paradise :)

Jeff