All Forum Posts by: John Matthews

@Joshua Houchins Understood. My main reason for asking is, when looking at properties on the MLS, I know what numbers make sense, but should I filter out properties that are listed at a price that I think I won't be able to negotiate down to my ideal purchase price from, or should I give it a go anyway?

If a property is listed at $160k, but I need to buy it at $120k, should I just move on and look for others (assuming there are others) or should I go through the song and dance? Just trying to see how best to maximize my time.

All good feedback. Thanks for the comments!

@John Graham Welcome!

Does your securities license restrict you from working with investors entirely, or does it just limit your solicitation of investors?

Thanks for the good feedback, all.

I probably won't end up bringing a contractor anyway, due to time conflicts. Though, with that said, what's a good way for me as a newbie to get an idea for rehab costs without bringing one? Should an experienced realtor (who I am bringing, since this will literally be my first time ever buying a house, and the first house I've ever seen in that capacity) be able to give a rough ballpark?

@Jesse T. I don't know if they still have a loan on the property, is there any way for me to find that out? But that's a good strategy.

@Steven J. 

Thanks for the great responses. So I plan on going to see a place I'm interested in this weekend, should I be prepared to give an offer on the spot? (considering what you three mentioned) I've got a price that works for me, but it's relatively lower then their asking price - roughly 80-85% lower.

As an aside, I'd like to bring a contractor along, but becuase juggling schedules can be hard, it might help to go without my realtor, is this a faux pas?

@Jon Holdman 

Understood. I guess it's not important, but because I'm curious - any idea how they determine the tax assessment?

Thanks @David Robertson ! I plan on getting the book, I've just been procrastinating at getting it. Any idea how much it'll typically cost to have a contractor check the place out with you?

Can you talk a little about the "tax purposes"? I was talking with a CPA yesterday and he mentioned that there aren't any benefits of having the LLC own the property.

When setting a maximum offer price, it's customary to assume some estimated repair cost, correct? 

I assume it's generally a good idea to see the property (and thus have a better idea for repair estimates before you place an offer? Is it appropriate to bring a contractor along to help in estimating these costs?

If you can't get into the property, how do most of you estimate repair costs to factor into your offer price?

Does a properties tax assessment value = the appraisal value that the bank will loan against once it's seasoned?