All Forum Posts by: Nikki Robinson

Not to mention buying season coming up so he probably wants those other two rehabs complete ASAP.

Also, there's so much repairs needed that it would most likely just sit if listed at a price he wants. Because I got to him before anyone else knows he's selling, I can offer quick disposal without all the showings, tire-kickers, etc. but at a price that helps him complete his other rehabs & that affords me a good deal.

He's knee deep in two other fix & flips and ran out of rehab money so he's willing to sell the property I went to look at - which has been vacant and pulling money out of his pocket since he bought it. My exit strategy depends on the price we agree to in contract & the contract states that I have to have seller's written permission to assign. In addendum, there's a clause that has to be initialed by him giving me that permission. So we'll see.

Just what I needed to see before meeting a seller tomorrow with an offer of $67,000 for four rental units within walking distance of a state university... 

Hi everyone,

I mailed to my driving-for-dollars list and received ~30% response rate so far, just in the first round. I'm making offers all this week, so this ad is for investors who are interested in buying single or multi-family units in Valdosta, GA.

It's a blossoming college and military town. We are home to Valdosta State University, Georgia Military College, Wiregrass Georgia Technical College and Moody Air Force Base.

... Meaning a LOT of renters.

I believe in:

• conservative estimates
• solid (similar, recently sold) comps
• BP analysis calculators, and
• under promising, over delivering.

So if you are in the south Georgia, north Florida area and want first dibs on the properties I get under contract, send a short email to [email protected].

You can include your investment preferences if you want. I won't be sending any trash MLS deals or overpriced properties, so a simple email is sufficient.

Looking forward to doing business with you!

PS: I offer property management service as well, so long-distance investors are encouraged and appreciated.

I'll be carrying a few blank contracts around with me from here on out. Going the "paperless office" route has its cons.

I wish I was as focused on wealth building at 16.. or even at 19. Here I am at a whopping 25 just getting started, lol.

Everyone else gave all the good starter advice pretty much. Working under other investors or agents is a good way to build experience. Between that and remaining active on BP, you'll do great!

Maybe once you've built a solid relationship with a local investor or two, you can use some of your savings to market for deals & make money as a birddog. As far as I know, there's no age restriction on that.

The front building has two units - 1/1 upstairs and 1/1 downstairs.

The back building (not shown in photo) has two units also - 2/1 upstairs and 2/1 downstairs.

The owner is a Realtor who says the property appraised for $348k once all repairs are done. BUT all of the units need a LOT of work on the inside. Only one unit (in the back) is nearly rent-ready, although it still needs considerable updates.

Owner's ARV appraisal: $348k
My ARV estimate (based on comps): $220k
Est. repairs: $130k

The repair estimate is VERY padded. I'm sure the units can be reno'd for less than $32,500 each, especially since materials are less expensive in bulk. BUT it's a safe number for me to quote to potential buyers based on the '$25 per sqft' rule.

The property is walking distance to the state university in my college town. So I'm sure the units could rent for more than $500-550, but those are the conservative #s I'm using for analysis.

All that in mind... I plan to start my offer at $45k. 

... That sounds SO ridiculous to me. But that's where I want to start if I plan to try and get the property for ~$65,000 - $75,000.

What do you think?

I have a rental analysis report that I can email to anyone who wants to see the full extent of everything I've calculated. Just let me know. I'd really appreciate your input.

Congratulations!

My only modification: Be a FAST (yet strategic) doer!

I'm a newbie who had an accepted verbal offer pretty early in the game. But it took me a few hours to send over the contract for seller to sign. In those few hours, another investor slid in with a deposit to escrow. Cash trumps all. I learned the hard way.

Good for you Jared! I've been interested in podcasting (not real estate related though) for a few years now. It's something I plan to explore once I pick up momentum on the REI.

I'll be tuning in to FLIP to hear the two part interview with J. Scott. :)