All Forum Posts by: Jason Baker

Has anyone used real estate appraiser services to help develop acquisition strategies in a particular area. i have been talking to some companies that say they can help me analyze trends in specific areas. 

Another though is using services to help me look at ARV and market trends for different multi family units i am looking at. I am very data oriented, but also very busy in my day job, i feel that spending a few hundred dollars on a property to help develop a good number or show a bad deal early on then being stuck loosing thousands at the end of a deal.

Also asking price is currently 190,000 waiting on some quotes from contractors on rehab costs. At what part if the sales process Should I get a city inspector in to look for violations with regards to rental units. I'm looking into this as a possible first multi family purchase. Don't want to get in over my head. And I want the numbers to work out for brrr strategy.

Also asking price is currently 190,000 waiting on some quotes from contractors on rehab costs. At what part if the sales process Should I get a city inspector in to look for violations with regards to rental units. I'm looking into this as a possible first multi family purchase. Don't want to get in over my head. And I want the numbers to work out for brrr strategy.

I am looking into this 4plex deal in St. Louis and found something interesting when looking into the deed records. Each of the 4 units is a separate deeded property in one building. Each unit needs a bit of work to bring them up to market rents. Currently there are no tenants. My initial plan would be to fix up the units to rent at around 1000 to 1200 a month. The area is seeing a surge in new condo and town home construction so clearly there are investors who have put there money in the neighborhood. My question is what things can I do during the initial rehab period to help work towards possible condo conversions in the future. This would be 7 to 10 years down the road, once there is enough equity built up in the property to pay for the conversion which through some research can be expensive. Anyone have any experience in this area. Even if I never convert to condos myself it could be a selling point in the future if I do some things now.

Thank you, nobody who commented before had used one.  That is a great idea to have sellers issue warranty on purchase I will use that in the future. Makes sense 

@Kim Stofan I feel I have my answers. I thought much of the same just curious if anyone has ever used any of these services for their properties. Thanks for everyone's input

I am simply doing research of all aspects of owning rental properties. Working on my first deal,  but I am a very research oriented person.  I did talk to one company that have many plans for rentals. If I pay out of pocket and not use there vendors they reimburse part of the expense. They even have a policy that just covers large expenses only at a deductible rate, they would need a appraised and value inspection report for this plan. Just my curious.  Thanks for the input. 

@Carson Kesner sounds to me he is going through a messy divorce. A friend of mine is going through one of these. He brought in most of the family income as owning a large contracting company but she still has a decent job. She wants a large alimony check so there is a battle with regards to income now. She quit her job to take a low paying non for profit job, to show little income ( more money for her if she can prove that without his salary she can't cover living expenses) . He as went as far as setting up a lump some payment for a big project he is working on so his monthly income is reduced. And also renting a house where he is paid up front as well but is living in one of his small studio apartment he owns. All while trying to push things through before the end of the year so he can be grandfathered into the tax deduction for alimony which the irs is getting rid of for 2019. Sounds complex to me.

what are peoples experiences with home warranty plans with rental properties.  My parents have one for their house and they love it.  They pay  680 a year and then any service work cost a flat rate of 75 dollars.  A recent example is this winter the blower motor and control board on the furnace went out, they sent a technician next day they replaced the board and motor for 75 dollars. that service would have been almost 1000 dollars, seems like a good deal.  My only concern would be if the speed of the service is not good tenants may get frustrated and you still need to hire someone and pay for expedited service .  

@Dennis M. It's just a exercise. My question was is that when I calculate for a hard money loan for rehab I can't put in my purchase price in cash. It takes it out of the hard money loan amount. Also I put my refi loan at 130,000 which is max appraised value for 80,000 all in. But if I refi at 109,000 it brings by cash flow up to 180 a unit .