All Forum Posts by: Mike Greenwood

As the great Brandon Turner says "Deal analysis is the most important skill for any investor." I am working with a local real estate agent to get better at calculating the ARV off the Comps. However on this one, It was an attempt at what I've learned so far. I tried to be conservative. This property is listed at $22,900 with an ARV of 120k, Repairs guessing around 60k (Always the chance it's a money pit!)

If purchased with Cash at $16,300 and repairs don't exceed 60k, theres room to make some money. Seems like a good deal. Just need $76,300 in cash....What are your thoughts? 

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*This link comes directly from our calculators, based on information input by the member who posted.

@Brian Pulaski yeah I figured it was wrong. Most of the houses in the area are comparable with sqft and bed/bath. I’ll give it a closer look.

Hey BP!

I live in the southeastern Wisconsin area and I am looking to do a flip property as my first deal. Ideally it would be a live-in flip since I am currently renting for another 10 months and I can do most of the work myself...I am analyzing deals so when the time comes I can have something lined up to move into when my lease ends. However I am chopping at the bit to get started and may consider searching for a partner or other investor to tag team a deal with. That way I can begin sooner rather than later. 

Anyways...Here is a deal I found. What do you guys think? For the ARV I simply looked at the surrounding properties which ranged from low 200's to high 500's and did an average (not sure if there is a better way) The Max Allowable offer is slightly above the asking price, essentially making this a good deal.

I also need practice evaluating the repairs needed. Based off the pictures, I went with an updated Kitchen, bathrooms, new flooring, paint, and some updates in the basement. Does anyone know or have some good advice for accurately calculating the repair breakdown?

Any advice the BP community can provide will be greatly appreciated!

Thanks! 

-Mike

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*This link comes directly from our calculators, based on information input by the member who posted.

@Bob Okenwa thanks for the information I’m definitely doing more research on it and even meeting with a local agent about it getting my license.

Hey BP!! I’m just starting out and slowing taking steps to REI. I’m a pro member with a regular day job. I’ve been thinking lately that maybe my best entrance into real estate is through getting my license and becoming an agent. I’m currently renting with a 12 month lease and have nights and weekends off. I figure if I get my license I can work as an agent in my off time to bring in extra money but more importantly to LEARN the business. I have very little knowledge about the REI Industry and thought thIs would be the best way to learn. Thoughts? -Mike

@John Leavelle Thanks for catching that! I originally went in thinking it would be a house hack or live in rental, but by the time I was done doing the report I had decided just to run it as a rental property. Adjusted the cash needed. Still looks like a good deal! 

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*This link comes directly from our calculators, based on information input by the member who posted.

Hey BiggerPockets!

I have been practicing analyzing deals with the calculators and this one looks too good to be true. I am just posting this to get your feedback and pick the brains of the experts. I am working on honing my analysis skills. What are your thoughts? Did I miss anything? What should I change? Any advice will be greatly appreciated!

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*This link comes directly from our calculators, based on information input by the member who posted.

-Mike

Hey BiggerPockets! I recently became a pro member and I’m looking to begin my real estate investing journey! The catch is, I just signed a 12 month lease in the Milwaukee area because I was relocated for my job. I want to begin my investing as soon as possible. So with that said I’m unsure which direction to take. My big picture goals for real estate is long term rental properties and flips. However in my current living situation I don’t believe either of those would be a good option to start with. I have been researching wholesaling and believe that wholesaling may be a better opportunity to get started at least in the short term. Has anyone been in this situation or done something similar? Any advice from the BiggerPockets community will be greatly appreciated! Thanks!

Thanks Josh! I appreciate all the info! I will definitely check out those sources. -Mike

Thanks Josh! And thanks for the invite I will definitely be there for that meet up! I look forward to meeting and discussing real estate.