All Forum Posts by: Nick Wusz

Hey guys, I found a property in West Salem through a wholesaler and need help from some locals that would be able to advise if this is a good deal or not. Comparables and ARV have been difficult in figuring out since I am not familiar with the area.

Property is on Wallace Rd NW in Salem, zip 97304, right above SalemTowne Golf Club. House was built in 1979. Has 4 bedrooms, 2 bath. Offer is $157,500. Will need $50k of work done to inside and out to spruce it up. I was hoping an ARV of $250k was possible.

This will be my first flip and I am really nervous about pulling the trigger. The house is on the east side of the hill above Wallace Road and does not get a huge amount of daytime sun, especially with all of the tree growth around the house. There is some noise from Wallace Rd also. The house is up on a hill enough that there are some fantastic views towards the east, however. Once the flip is complete, I feel it will make an excellent family home. I love how close to wine country and the countryside it is. It is a country home in the city.

Anyone local that can advise on possible ARV? I have been all over zillow, redfin and the others, $250k seems like it is do-able. Is this a desirable area? 

Thank you very much

Nick

@Josue Vargas

That is great advice...thanks so much. I will try and be p[patient and not jump in head first, even though thats what I want to do. :) 

@Jeff Hartley thanks for the invite! Unfortunately, I will not be able to make it this session, but if there is a mailing list or something of that nature, please add me!!

Thank you Austin!!! Yeah, I have been scouring LoopNet and MLS for awhile, it's brutal out there. I see very low Cap Rates and crappy homes going for waaayyy too much. Let me know if you have any tips!!!

Thank you!!! I will check those out...

Hi there! My name is Nick, I am a mechanical engineer in Portland, Oregon...looking at REI as a way to supplement my income and retire early. Kind of tired of the cubicle life, ready to strike off on my own. I really enjoy real estate. At the moment I have one house in SE Portland that I am maximizing income on by renting out 4 bedrooms, while I live in the ADU that I built last year (garage conversion into 2 bedroom 750 sq ft small house). It is going really well, and I am gearing up to invest in more property. Unfortunately, Portland is so hot that it is really difficult to get in the market right now. So I was thinking of investing out of state?! Maybe, still unsure. Maybe auctions. I am handy, so flipping is also something I am interested in, though those properties get snatched up really quick around here. Just trying to learn as much as possible!

Thanks

Nick