All Forum Posts by: Jennifer Roussel

Quote from @Tyler Everidge:

Thanks for the mention @Cliff Benner ! Hey @Jennifer Roussel , I will send you a DM right now with my information so you can reach out when you are free. Happy to help!

Thank you 

Quote from @Cliff Benner:

I invest in Dayton, my first purchase went terrible because my realtor did a bad job on comps as well. I now use @Tyler Everidge, who I found from here on BP and he has done a better job at presenting me comps and his reason for ARVs. I have not used him yet, just due to my businesses have me working more than ever, but I have how he presents his estimates.

Dayton has been very hard to see how the market works, my rental would go on the market for $160k today, but a mile away similar comps can be $100-$250k. It just seems to literally be block by block. 

In my opinion it is a Cash Flow market, not Appreciation. even at 7% I am making the 1% rule and could find more in that market that make the same thing but when I go for my next one, I will focus on the area being a better Class and get a little less Cash Flow for less of a headache.

This is great info, thank you. Yes, this area is most definitely cash flow vs appreciation.  Not 10000 percent sure what exactly we will do with the property once we acquire it (yet).  May be STR and we use it when in town depending on location and distance from relatives. May be long term rental.  Keeping our options open until we find what we’re looking for, the legalities of STR in that location, etc.  mainly looking within 45 minutes of Lebanon as a target zone for proximity to family.

how much headache are you getting exactly? That was my biggest fear for investing this area

Quote from @Obed Calixte:

If that's the response you are getting back, it's best to find someone else. 

I can't speak to the market you're looking at specifically-- However a mix, with most weight on sold and pending (if listing agent is able to share terms) and a bit of weight on active is common in balanced and buyer markets. 

Review your agreement. You may not have to wait out the entire agreement. 

 I did. There is no termination clause with terms or how to dissolve the contract. Only a date 

Quote from @Nicholas L.:

@Jennifer Roussel

hello! happy to help, but not sure what your specific question is.  

it can be difficult to find investment properties by just browsing online.  many sellers (as you may know) look to get whatever the highest price for a similar property was, regardless of how much updating their own property needs.  they don't care that it needs new appliances or that their furnace is 47 years old or that it has no parking.  their neighbor 10 houses away got X and so they want X + $1.

you may need to analyze dozens or even hundreds of on market listings, and also look off market to find something that has potential.

hope this helps

My question is more whether it’s normal for this area for a buyers agent to only use 3 very poorly comparable (ie not comps whatsoever) to tell their client, and I quote, “listed prices tell us the market value”.
where I live, that’s absurd. I told her my primary residence is worth about 1.5 million today, roughly. I could list it for 3 million tomorrow but that doesn’t mean it’s worth that if it ends up selling for 1.2 after sitting on the market and similar properties are going for 1.2-1.4.

I admittedly do not know this market well. I don’t know if this is common practice or if I need a new agent once the contract runs out.  I am in no rush, I will simply abandon my search and run the contract out. Agent has not provided me a single property to look at. All I had to find on my own.

I am not new to buying primary residences, but am to investments and secondary properties.

I’m looking in the Middletown/dayton burbs at places now, but I live on the east coast.  We have family there and visit often.

our realtor is only using active listings as comps. I’ve told her I’ve never heard of a buyers agent solely relying on active listings to gauge value for an offer.  A mix of sold/pending/active? Sure, ok. But three active listings and NONE were real comps? What?

Looking at a listed two bed but it’s only one bed (barely- the only legal bedroom is 12x7) legally bungalow.  Other room they call a bedroom is 63 sqft and unusable as a habitable bedroom due to layout and below 70 sqft. Priced at 100k, on market 58 days.  Not completely updated. No appliances.  Systems unknown age. Yard needs TLC. Looks to have some fascia board rot that’ll need to be addressed.

Sold comps within 45 days in this area tell me similar 2 beds sold between 70 and 85k. ALL sold for under list- one was listed at 139,900 and sold for 98.  None were less than 5k under list when sold. 

the market is trending upwards looking at pending sales but we don’t know what they are under contract for, which is problematic given what we know about the closed properties in Jan and Feb.

 My Realtor seems to think the price is justified by sending me three homes active listings as “comps”- one in another town 220 sqft bigger), one legitimate 3 bedroom with a half acre of land and a garage (vs 0.1 acres no garage and no off street parking), and one (have to chuckle) a brand new home essentially- completely 100% renovated inside and out, 150 sqft bigger all new systems. 

There are a minimum of 20 real comps. I sent her 8 within 45 days. I’m told I “don’t understand their market and houses are holding value here”

Am I missing something?