All Forum Posts by: Noah Carrico

I am trying to figure out the ARV for a potential wholesale deal and need to know how proximity to the highway would affect the home value. Obviously it would decrease the value, but how much? The home is in a rural town, so comps also by the highway are limited. The home would probably sell for 165k - 170k if it weren't next to the highway. The highway isn't very loud, because of the angle of a hill but you know it is there. Any specific advice or thoughts on the general subject would be appreciated

That would be great! I'll shoot you a message to swap contact info.

Quote from @Don Spafford:

@Noah Carrico Congrats on deciding on a great niche. My wife represents several buyers for STR in Eastern Idaho. Not sure if any of them would be cash buyers though. My only concerns for you, this is meant to help, not to put down or discourage, is going to be that you are "new to real estate" as your name tag states. So how do you know if it is a good deal to start with, do you have the experience and knowledge to determine that before presenting it to a buyer? And two, those cities are great for STR, but there is also not a large amount of inventory, so it may take a long time and a lot of effort to find just one. So it may be too small of a niche to find those properties. However, if you do and it does look to be a possible home run deal, I may be able to help you find a buyer. But really you should be building out your buyer list before you start finding properties so that you know who is looking for what and not scrambling to find a buyer when you get a property and then not be able to find one who likes that specific property.

Thanks for your thorough and thoughtful reply. I am a new investor, as in I have not personally closed a deal. However I am working closely with a very experienced investor who is probably the leading investor in STR's in the area. He has been helping me sift through the good and bad deals to settle on only the gems. In trade I am doing the leg work on some of his projects, with coaching. So even though I bring limited experience, I have some to lean on that ensures the quality of the deal.

To your second point about the narrowness of the market: I agree. For now, this is my second job and it is okay that it is a limited market. Down the road I will expand to other niches, especially once I shift to this full time.

To your third point about finding buyers first: This I also agree. I found a gem and jumped the gun a little bit, haha. So now I am currently seeking buyers for this deal if I can lock it and for future ones, along the lines of your advice. I'll make sure to not get the cart before the horse when I expand to future markets.

Thanks for your comment. I would be very interested to connect with your wife and her buyers. 

I am looking for cash buyers interested in short-term and vacation rentals with exceptional cashflow and are interested in investing in the region of Idaho near Yellowstone National Park. It seems like a niche market to wholesale (not you typical rental or flip) as well as a unique area (away from a major city) so I wasn't sure where to look for people to be on my buyer's list. I am already an active member of the closest Real Estate Investors group, about an hour's drive from where these deals are coming from. Any advice or suggestions?

Who would I need to arrange that with? Heir(s) and the mortgage company?  And would that be a process of taking over the loan or just an extended purchase? 

The title and mortgage are all still in the name of the deceased owner. Her closest living relative is a daughter who lives out of state. I have not been able to find any records of a probate, will or deed that would have transferred ownership. Additionally, the mortgage has gone into default and is now in pre-foreclosure and will be put up for auction this December. I would like to try to buy the property before then, if possible. What options are there in a situation like this? Any relevant advice or perspective are welcome.

I live in a small farming town about an hour from the regional city. I have noticed that online tools are consistently inaccurate for my area, if they have any data at all. For many properties there are few comps and the few local landlords I have asked are reluctant to share their numbers (understandably). For those who invest in places off the beaten path, where do you get your numbers for things like rent estimates?

I am a relatively new investor and extremely interested in foreclosure properties. I know that there are sometimes complex state laws (I am in Idaho) that govern the whole process from beginning to end and have seen more than one recommendation to get a "do-not-do" list from an attorney at a minimum. However, I haven't the faintest idea what a reasonable cost for an attorney with relevant skills looks like, nor what kinds of costs I should be budgeting for should I need more extensive services. Could someone help paint me a picture of what cost ranges I could expect for various levels of involvement? Bonus if you have advice on how much I should involve them and when.

Quote from @Nathan Gesner:

Quote from @Noah Carrico:

I live and work in a small town dominated by the local private university. I take classes part-time around my work schedule. There is a very real chance, even without targeted marketing towards them, that I could end up renting my property to a faculty member of my school. If possible, I want to market specifically towards them because of the increased stability over college students. I would never take a class from someone who was my tenant to avoid conflict of interest. Are there any laws or ethical issues that I should consider or take into account?

No laws and no ethical issues. However, there is additional risk associated with it since you are a student.

You can probably make more money renting by the room than you would renting the entire house to one person.

 What additional risks do you think could be associated with it as a student? 

I live and work in a small town dominated by the local private university. I take classes part-time around my work schedule. There is a very real chance, even without targeted marketing towards them, that I could end up renting my property to a faculty member of my school. If possible, I want to market specifically towards them because of the increased stability over college students. I would never take a class from someone who was my tenant to avoid conflict of interest. Are there any laws or ethical issues that I should consider or take into account?