All Forum Posts by: Jenny D.

BP Community...

I've tracked down a prime piece of land in a coveted neighborhood in Austin, TX. There is a vacant house on the land that that is a tear down. Discovered the land is in a flood plain in conversation with owner (who wants to sell). I want to work through the numbers to see if this is an opportunity. Here are my questions:

1. What questions / concerns do I need to consider since the property is in a flood plain?  Is this kind of opportunity too risky for investors? 

2. Where do I get info on costs to tear down in my market?

3. Is there a rule of thumb for cost per square foot to rebuild?

I'm learning all I can in this space and would appreciate any advice or recommendations on the way forward.  Thanks!

@Andy Nguyen Welcome to Bigger Pockets. This is a fantastic platform to learn, learn, and connect! @Dmitriy Fomichenko great resource list. Thanks!

Hi...
Jumping on this thread...as I need some guidance. @John Fedro this might be a question for you. I have zero knowledge about mobile homes. An opportunity was just shared with me. Here are the details...

Owner occupied 3/2 Mobile Home built in 1995, sits on 1.1 acres. $90k asking $125k ARV. Tax Assessment $69,998. What questions should I ask re: mobile home? I appreciate any wisdom.

@Rick Stein Welcome to Austin! I'm a newer investor looking to learn and connect.

@Stefan H....Sending you and your family prayers for peace and healing. 

@Stefan H.  Cool beans. Makes sense. Do you have an idea of the type of investments you're looking for?  Also...What are you flying? I see your profile pic looks like to high octane fun! I served in the Marine Corps with an F-18 squadron back in the day.

@Khanesia Washington...Thanks for the feedback. We did have an broker pull info for the area...there wasn't any sales data. It did show the rental market for similar sized house was $1200 - $1350.

Can you elaborate on "alternative rental housing", please. Not sure what you mean.

@Jason Leavitt...Thanks for your feedback. Not sure why there aren't comps. It may be because it is a very stable (older homeowners) neighborhood. Yes, the appraisal issue is a big question.

The basic work it needs (without a formal home inspection at this point)... are the following:

- Exterior - house either painted or siding

- Interior - Full paint, bathrooms updated, kitchen updated (at least new countertops, appliances), kitchen/family room flooring.

- The house is on pier and beam. There is a flooring issue in one room that needs to be figured out.

It has been lived in recently. It is being maintained even with no tenants.

Belton is a college town as well as near Fort Hood (largest military installation in US).

I found a tool to use and calculate my numbers.  Thoughts...

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@Stefan H.  Welcome to BP. Glad to have you. I'm curious...what attracted you to the Belton/Killeen area? I'm looking at a property in Belton right now that could be a potential buy and hold. Jenny

Hi BP Community,

I'm in the learning mode and seeking thoughts, questions, or feedback on a potential wholesale deal that I've identified.

Location: Belton, TX

SFH 3bd 2ba 1848 sqft The house is paid off. Vacant. Not on the market. Has rented to college students for $900 per month.

ARV estimate : $110,000 (no comps in the area for 12+ months)

Repair estimate: $18,000

Tax Assessed Value: $82,400

I'm planning to get the property under contract for $12,000. 

What am I missing? What would a potential buyer want to know?

Thanks in advance for your feedback.

Jenny