All Forum Posts by: Mark Bookhagen

I'll never give an offer to a "For Rent" sign person without seeing the inside. I say... "Prices vary widely depending the condition of the property. It wouldn't be fair to YOU for me to give you a price without seeing the inside because I'd have to assume the worst. If you want my best price, I'll need to walk through the property. Makes sense, right?"

I would comp it to some duplexes. See how much the rent they are getting versus sales price and then prorate up accordingly if your collecting more rent.

Ex.) 

- If a duplex sold for $100k and collects $1,800/mo in rent total --> $1,800/$100,000 = 0.018.

- Then use your gross rents per month of $2,250 and divide by 0.018 = $125,000 -->the value of your property.

You'll have to plug in appropriate gross monthly rent for the sold duplexes. This is just one way to do it if there isn't a good comp.

There are a lot of books out there. I would check out some of these (https://www.biggerpockets.com/store) and "Rich Dad, Poor Dad." Real estate is such an enormous topic, we wouldn't know where to start with "pointers." Best of luck in your new venture!

Looks decent. When you analyzed other deals in your area, where the cap rates any better than the 7%? 7% isn't bad, but it isn't great either. Just to confirm what I see, you're paying cash, right?

Absolutely.

Sure - If your repair and market value numbers are accurate.

You can look into "portfolio" loans. Regional banks typically have a loan that will cover all the properties at once.

Go to a big property management company that serves a lot of investors. They will have cash buyers for you.

I'd say ~$18-25k. Estimates are going to vary widely. Make sure you have references because you will usually get what you pay for.

I'd start here: https://www.nolo.com/legal-encyclopedia/overview-landlord-tenant-laws-pennsylvania.html