All Forum Posts by: Heidi Rogers

ARV could be determined by checking the MLS data for similar properties in the same area that have SOLD in the last 3-6 months, the more recent the better. Find 3-5 similar homes and figure out a range, taking into account differences in the properties (# of beds/baths, square footage, age, etc). Don't use the asking price as that is not a true "value." Many local MLS sites have searchable databases that make this very easy without the help of a Realtor. As-is value would be the ARV minus any repairs needed to bring it up to the condition of the homes you are using in your comparison.

Great idea for a guide! It's a refresher for us "investor-friendly" agents, BUT it's almost something I don't want to share with others. There are so many agents who refuse to work with investors, i don't want to share my niche! ;-) Just kidding, I will.

Joel is right about getting an agent to represent YOU and YOUR INTEREST before you contact the listing agent. Someone who will pry those numbers out of the books for you. It sounds like this agent is a dud. As an agent/investor myself, I cringe when agents flat out say they won't work with investors. His whole firm could be of the same opinion, so complaining to his broker may not work. Also, I think it's fairly common for investors to buy properties site unseen as long as they have someone (or a team) on the ground researching on their behalf.

Going forward, I would suggest representing yourself if you're comfortable and legally able. Or research the best investor's agent in the area and give them a try.

Welcome, Mitch!

I enjoyed reading your story--I see success in your future! Good luck with your new full-time endeavors.

Joel is right. Investigate the cause and fix it now while the unit is vacant. Mold and mildew in closets are common problems at the coast because of moisture and stagnant air, but building damage from water penetration is just as common. Also common: landlords who don't address the extra maintenance required at the coast and end up with a rotten building and a bad reputation.

Hi Sara,

In also newer to BP and an agent in Oregon. I've learned a lot about investing from the forums and blogs and gotten much inspiration from the podcasts. Welcome!

I've been wrestling with the same question. In my rural area, investors are scarce and wholesalers are nonexistent. If you targeted a neighborhood or two you were interested in and followed @Jerry Puckett's advice for direct mail procedures, maybe you'd get some good leads for a small investment (stamps and paper).

You won't find many of them on BP, but there are rural investors out there--mostly buy and holders. To determine interest in the property before putting it under contract, you might try contacting some local agents or mortgage brokers in the area to find out names of the bigger players who have a bunch of rentals in the area. I'm sure they'd appreciate a personal call describing the deal. Maybe you'd get a bite. If not, don't put it under contract, and no it's no loss to you.

As far as the farm, those can take years to sell. Maybe set up a FSBO relationship where you could help them advertise and hopefully find a buyer in exchange for a flat fee (depending on RE laws in your state).

Tony,

I see this post had no replies, unfortunately! I would be interested to see people's responses and to hear from you, 18 months later. Did you send the letters to the Pre-foreclosures and what were the results? I am interested in targeting vacant pre-foreclosures for fix & flips as well, but thought they might be so wrapped up on red tape, you'd never be able to get anywhere with them. Has anyone had any experience with this?

Hi Brady,

You'll probably need to schedule some meetings with the principal brokers at brokerages in your area. Sit down with them and be honest about what you want to do. The cons for them are that you wouldn't be making money for the brokerage and they'd be liable if you messed up. But, some brokerages take on all the agents they can. Just do your minimum years under the principal, then you can be your own principal!