All Forum Posts by: Jeff Warner

I believe you have to go in front of the town concel and have a meeting with a panel to approve your rehab. Theres just lots of red tape that most investors dont want to deal with, time limits and such. plus if there bad enough to be condemed, normally they're in low class areas and need so much work you might actually lose money. It's weird to say in an area i love to invest in, the average house sells for maybe $40-50k, I buy at around $25k, but have passed on properties as low as $7k in the same areas.
-Scott

This applies to properties that have been Condemned for real safety issues, like a roof caving in or major foundation issues, etc. In those cases I would also STAY AWAY.

Jeff

1 Vote

I would stay away from fire damaged but treat the condemned properties on a case by case basis. Just because a property is condemned does not mean it is a junker. I have 2 examples of recent homes that I have talked with the owner on one (and inspected the property with my contractor) and the other one I called Building & Safety and actually talked with the guy who posted the sign.

With the one I inspected, the owner had tenants that did not pay for 9 months and the Sheriff recommended that they have the property "Condemned" then the Sheriff can force them out, otherwise they would have to go through the motions of the court (which are in the tenants favor in OR).

The other one that I talked with Building & Safety about was "Condemned" because there was a homeless person living in the home (with the owners permission) without electricity or trash pick-up...as you can imagine the trash piled up and as far as safety they had candles for light which was not safe so they "Condemned" the home basically for the same reason, eviction.

Bottom line is you need to do your due diligence. The fact that these are "Condemned" properties you may be the only one actually taking a look at them.

Jeff

4 Votes

Originally posted by Stephen Moore:

is there such a thing has having a list of either condemned or fire damaged properties?if so where would i look to get it from

Maybe from your counties Building & Safety Dept.? That's who would post a "Condemned" notice, not sure if they would sell or provide a list though.

Jeff

0 Votes

Congratulations Josh. That's a big endorsement and well deserved. Keep up the good work.

Jeff

0 Votes

Originally posted by Robert Burns:

I am working with a motivated seller with a house needs repairs. How do I estimate a reasonably accurate ARV in an area with a wide variety of homes and none that have sold recently in the area to give any comps?

Hi Bob,

My first question would be why are there no recent sales in that area? Is it a war zone? How are you going about pulling comps? Realtor? Title Company? How far back are you going? Personally I like to look at the past 90 days but if there is no data you'll have to go back farther or have a "desktop appraisal" done.

Appraisals of any kind cost money, desktop appraisals might be $50.00...BUT, just because the seller is motivated, don't assume you can make the deal work. Did the seller give you an approximate asking price?

Sorry for all the questions, I actually had more and cut it back to what is above :D .

Jeff

1 Vote

Originally posted by Steve Babiak:

Originally posted by nationwidepi:

Bingo!! Exactly, which is why I get mine BEFORE the MLS.

...

Actually they do eventually get listed - right after the listing agent has a solid offer that is being accepted. I have seen this on properties that I missed out on even getting inside (did not have the relationship with that listing agent, so went with my buying agent), and this also just happened with one I just got under contract.

Same thing happened to me a while back Steve...I called my title company to pull comps on a property and before I even looked at the comps the deal was already sold. Live and learn I guess.

Jeff

0 Votes

Originally posted by Mr_Investor:

Guys tone it down ok.

Sorry for my harsh remarks, I will admit I let Irwin get under my skin and for that I apologize.

If he would like to debate about this or other topics without insults I would be more then happy to continue.

Jeff

0 Votes

Originally posted by Irwin DeVries:

Anyway. Like I said before. Lots of naysayers. I'm done with this topic.

Tell Robert and Kim we said hi.

Jeff

1 Vote

Originally posted by Irwin DeVries:

Originally posted by Jeff And Cheray Warner:

Originally posted by Irwin DeVries:

Jeff,

I'm not convinced BP can be used exclusively for learning all the real estate investing strategies in detail. I was reading a post yesterday where an investor had 3 SFR's. Two were neg cash flow and one was positive making 6% ROI. He was asking if he should sell them or keep them. HUH!? Keep a neg cash flow? And only making 6% ROI. Those are the mistakes I was making before Rich Dad Advanced training. Now, my two properties are positive making 30% ROI and we just put two more under contract that will have infinite ROI because they are zero down.

You have got to be joking. You pick ONE topic, posted by someone who is most likely new, based on the question and use that as your example to judge this GREAT site? That is total BS.

As for your personal investments before and after RD "Advanced Training"....did you really need to spend $20k to learn some "new secret" to help you out? If you spent 20 minutes on here you could have learned the 50% rule for free and done very well with your investments.

With comments like this I'm curious if you are working for RD?

Jeff

Typical naysayer. "you must be working for rich dad" Maybe you are working for BP? You missed my point. BP didn't help him. He will loose more money on those properties they I spend on classes. Since you haven't taken any of these 'guru' classes, then what makes you an authority on them anyway. Your opinion on them is useless. And you are giving advice on them? Please.

BP didn't help him huh? When did he buy those properties? Did someone from BP advise him to make that purchase?

I must be a naysayer...how dare I tell people to invest their $ wisely. And as far as me being an "authority" on these guru courses your advocating...if you read my first post to you then you would understand that my issue with RD is #1 THE PRICE! I have clearly stated many times on this forum that you don't need to spend 20k on "Advanced Training", if you missed that point so be it.

As for me working for BP, I would be proud to work for Josh and BP and the last thing I would do is hide that fact. I'm happy to be a part of this site and part of my participation on here is for me to speak my mind and not let your tunnel vision affect other people. If you don't work for RD and you are that proud of their training then good for you...I just think your going to have one hard sell convincing others that have found the benefits of BP that they need to spend 20k on courses to be successful.

If you do decide to stick around here and keep an open mind I'm sure you'll change your tone.

Jeff

0 Votes

Originally posted by Irwin DeVries:

You have got to be joking. You pick ONE topic, posted by someone who is most likely new, based on the question and use that as your example to judge this GREAT site? That is total BS.

As for your personal investments before and after RD "Advanced Training"....did you really need to spend $20k to learn some "new secret" to help you out? If you spent 20 minutes on here you could have learned the 50% rule for free and done very well with your investments.

With comments like this I'm curious if you are working for RD?

Jeff

0 Votes

All Forum Posts by: Jeff Warner

Jeff Warner has started 19 posts and replied 483 times.

Post: condemned /fire damaged properties

Post: condemned /fire damaged properties

Post: condemned /fire damaged properties

Post: BiggerPockets Makes the New York Times!

Post: ARV for Wholesale Property

Post: Anyone use a Buyers Agent to offer on REO's?

Post: Rich Dad "Advanced Training" seminars?

Post: Rich Dad "Advanced Training" seminars?

Post: Rich Dad "Advanced Training" seminars?

Post: Rich Dad "Advanced Training" seminars?