All Forum Posts by: Minna Reid

Whether you pay them before or after, it still comes out of your profit. But I would definately have it checked out. Everyone says all they need is "some fresh paint". I've rarely found that to be the case.
Not trying to burst your bubble...I made a lot of mistakes on my first rehab, including WAY underestimating my repair cost and it cost me big time. Just trying to pass on some wisdom.

Just under market value. From the feedback I'm getting I dont get the impression it is price.

I'd have to add 2k doesn't get far. Before you get into this deal get an ACCURATE cost of repairs and take that out of the 70% as a purchase price.

Do you stage the homes? I've thought about it, didn't do it. I have two homes for sale, both vacant. Prices are right (I think), they look great, I get showings, great feedback - NO OFFERS.
Money is very tight, staging is expensive (at least several grand between the two), but it'll be tighter if they don't move soon. Is it worth it?

Here's how they look now, in case that helps -

http://www.raveis.com/propdetail.asp?STATE=CT&ID=A002E858-18A1-46DE-8584-A95B25F95636&LASTPG=4&TOTAL=18&ALIAS=propfind.asp&FROM=propfind&PG=4&KEY=1873241&FSTKEY=1873241&LASTKEY=1813662

http://www.raveis.com/propdetail.asp?KEY=1864836&AGENT=4664&PG=agentproplist.asp&AGT=4664&SITE=agt&ID=A002E858-18A1-46DE-8584-A95B25F95636[/url]

So no one is for paying off debt - we're talking car loan, personal loans, old school loans...etc? I'd only have my personal mortgage left, I'd still have a little bit of reserves (along with the 50k I started out with to invest), but I'd also keep another $800 in my pocket a month.
Debt makes me uncomfortable.
I do want to buy more rentals, but I'd rather do a few more rehabs first to build more capital. Theres not buying much for cashflowing rentals in my area of CT with what I have to spend right now.

Let's say I was coming into a load of cash from my investments soon. I'm torn as to what to do with it. Should I reinvest it all along with what I started out with, or do I pay off some personal debts to reduce my overhead, so that life on irregular pay becomes more easily manageable (I would still have what I started out with to keep investing) ?

0. - It's always a good time to buy as long as you always buy right. (at a huge discount - ie 30% +)
1. I'm not crazy about the basement condo either. I think it would be a little more difficult to sell in the future.
2. Whether it is fsbo or not has no effect on how to run the comps. If you're not experienced with this, you should find someone who is (preferably someone with MLS access) to do this for you.
3.If you don't know the rental market in the area, how do you know it will cashflow?

I looked into that myself if only to get MLS access and be able to better assess my own deals, but it turns out you can't just run out and become an appraiser. In CT it involves lots of classes and 3000 hours of working under someone else, before you can get your license. Which is cool if you're up for it, but I wasn't. Not to say it wouldn't make sense for someone else though. But even in your state I doubt it's just take a class, take a test, and you're in.

You need to be a licensed realtor or appraiser to get access to the MLS, or know one who will do it for you.
Sad but true.

Any investor will also want to know the repairs involved, the cost of such repairs, the ARV of the property and obviously what you want for it.
Also if it's a preforeclosure you need to know the payoff on the property to be sure there is a deal there.
Theres a ton of preforeclosures out there with no or next to no equity. These are not worth your time.