All Forum Posts by: Johnoson Crutchfield

As an FYI, I turned this deal down.  Based on the advise here and online I decided my efforts would be better spent elsewhere.

@Dan Campbell

Yes the plan would be to build on some of the extra lots. Tons of potential on this one.

@Dustin Mathenia sorry Dustin typo. Hard part on ARV is whether to go by price per acquire foot or actual comps in the area.

@Robert Nelson

Makes sense, so would you say this one is a no go? I haven’t heard a yes from anyone and I think that should be a sign.

@Nik S.

Yes it would only be my second time losing it. So you think the deal is bad from what’s been presented here. I can pm details if you want to look more closely.

@Brent Paul

My current exit strategies are as follows.

1) hold long term as an AIRNB with projected income of $1500 weekly.

2) flip as single family estate to home owner for 450,000.

3) hold as long term rental for 3300 monthly. ( this is the least interesting because it is likely going to negatively cash flow)

@Dan Campbell

Town has no rules on AIRBNB. It’s a bit of a passthrough riverside town I only see 5-10 other AIRBNBs and nothing like this one.

@Eric Michaels

I’ve done the rehab estimates myself. I have some experience doing these and have a crew in place. I agree the margins may not be wide enough. Still thinking....

@Nik S.

That’s exactly what I’m dealing with. May have to walk away and lose earnest money. We will see.

I have a property under contract and would like your feedback. It is a huge single family home in Granbury TX. I’ve done a few properties about an hour away and successfully flipped them. It is a 5000 square foot property on 8 lots in a very rural part of the city. It’s the only property like it and has been neglected I’ve the years. A wholesaler purchased it recently and is trying to sell it now. He says he never got started on it. Here are the numbers.

Purchase price 140,000. Estimated rehab. $140,000. ARV 350,000. The ARV is questionable because it's an unusual property that does not have a ton of comps. My thought is that it would be a great short term rental or second home. Or I could flip it when the work is complete.

I think I’ve provided enough info to get some thoughts. What do you all think?