All Forum Posts by: Jeff Gebhart

We are getting calls on potential properties to buy. Finding good comps is critical. Since we are not involving an agent, getting comps off from MLS isn't possible. Can I trust the "recently sold" on Zillow? Basically we take the ARV - rehab costs - holding costs to equal the Market Value of the house in present condition. Then we try to buy for 70% of market value. The markets we have been dealing in we are comfortable with Zillow and our own assessments as we know the market. However we are starting to get into areas that are out of our knowledge and need to get a better system of getting good comps. Thanks for any help!

Don't do it! If you want to pay them to do work fine(better make sure they are qualified). But don't discount rent for it. It's a bad idea that can turn ugly if anything goes wrong. Are they insured if they get hurt doing the work? Stranger things have happened.

I call this Driving For Dollars on a School Bus.  :)

So I just wanted to share this.  My 15 yr old daughter is on a school trip today and sends me this text.  Gotta love when your kids get the property investment bug so early!  Wish I started at her age!

Need some list generator sites.  What is your favorite and why?  Thanks!!!  Go....

Originally posted by @Sean Robinson:

@Jeff GebhartThanks for the advice. Do you do further inspections other than a standard property inspection and your own personal walk through? In my case, these issues have been going on since prior to my purchase, so I am stunned they were not discovered in the inspection.

 Yes I would do further.  Working with an unknown turn key company you should be more leary until you've developed a good relationship.  I would not rely on them for your information.  You don't ask a barber if you need a hair cut right?  For example, did you talk to the tenants themselves to see if there were issues?  Rent rolls should've showed no rent being paid.  Physical inspections would have shown the leaks.  I am sure there are plenty of stories on both sides of this issue but at the end of the day its your money.  The result is you got into a deal you are not happy with.  Not everything can be prevented and some issues get missed by the best.  But some of your issues are very confusing why these were not picked up right away.  Hopefully you don't take a big hit on this and you are able to chaulk it up as a college course on inspections and use it on your next project.  Those of us on the sidelines can learn from your mistake to sure up our inspections too.  Best of luck!

Thanks @Mindy Jensen  I have tried to use the filter before but it didn't work right.  However I think I wasn't using it right.  Funny how most technical errors are human error. I got it now!  Thanks again.

Is there a way to filter the listings on the BP Marketplace? I would like to search by location, Multi-Famly vs SFR and etc. Thanks!

You mentioned none of the issues were found in your due diligence.  However most of those issues should have been found.  My advice is you need to learn better processes of due diligence.  Too many of these deals and you will not want to be in the industry long.  

Friend of mine always told me buy on a Land Contract never sell on one.  Probably good advice.  We have never done either but may have the opportunity.

Can someone help me with these questions.

If we buy a property on a LC, what happens when the seller defaults on their mortgage?  I assume our payments go directly to the seller and they make their payments from that (if not then than my worries are irrelevant).  I am worried that a seller that is in default has a pattern of poor money management and that won't change.  

How does a Mortgage Assumption work?  What are advantages/disadvantages?  

Any advice would be greatly appreciated!