All Forum Posts by: Kiara Harewood

Hi everyone!

I am taking my first visit to a property as an investor today! I was wondering if there is anything I should do while I’m there? I was thinking of taking a full video of the house so I can reference it later. Is there an advice you all can give before I head over! Much appreciated thanks!!

Hello BP!

Tomorrow I am taking my first visit to a property as an investor! I was wondering if there is anything I should do while I’m there? I was thinking of taking a full video of the house so I can reference it later. Is there an advice you all can give before I head over! Much appreciated thanks!!

@Tanya Rooney Thank you for your response! Yeah after speaking with my real estate agent she is saying the buyers are not willing to budge on the price because they purchased the property for $250,000, so they will essentially be breaking even on selling the home. I was able to get more information on this home and the buyers are getting divorced, so we will see if they are willing to budge once I show them the numbers, that is if I make an offer. As of right now I am in the red so I don't know if it is a good property to invest in, but at least I am learning :)

@Dustin P. No I personally do not know any veteran investors. I just moved to WA in May so i am fairly new to the area. I was going to go to a real estate meetup next month and hopefully I can start to meet people by doing that. 

@John Thedford Thank you! I am rerunning the numbers now. 

@Bob Okenwa Thank for your advice! I have factored in the holding cost and extended the number of holding days as well. 

@Russell Gronsky Thank you so much for all of you advice. There are definitely some expenses I need to factor into my numbers. The expensive house has less sq ft and as .75 less bathrooms. The more expensive home has a lot more updates  than the home I am looking at. That is why it is more expensive. I would have to remodel and update a majority of the home in order to make a good profit. I will rerun the numbers with the advice you gave! Thanks again! 

could you elaborate on how they are too tight? I’m still learning so this advice helps a lot! 

Hi BP Peeps

I have ran some numbers on a home in my area. I am a beginner investor and I want to see if I am heading if the right direction. These numbers are on the low end, I think the ARV can be a lot higher. The comps list that I've received has a sold home that's down the street from the listing I'm looking at and their $/sq ft was $412. The other comp home was sold at $297/sq ft. I estimated the $/sq ft to be $305 (extremely low end). I am planning to go with a hard money lender given that my credit isn't the best. I'm thinking this home will need a new kitchen remodel, refinishing hardwood floors, bathroom remodel, and finish the basement. I think I am overestimating on repairs, but I would rather be safe than sorry. Any advice is greatly appreciated.

ARV: $434,320

Asking Price: $295000

Repairs: $71,000

Max # of holding days: 80

Monthly Holding Cost: $1512

Agent Commission: 3%

Happy Holidays!

Okay thanks! I just so happen to live near a lumber yard. I will go there and ask.