All Forum Posts by: Andrew Syrios
Andrew Syrios has started 74 posts and replied 10138 times.
Post: Is this a good deal for me?
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
Originally posted by @Isaiah Lopez:
Originally posted by @Andrew Syrios:
Originally posted by @Isaiah Lopez:
Originally posted by @Andrew Syrios:
It's hard to say for certain, but it appears to have a decent rent/cost for a property of that value and you certainly can't complain about the financing! It won't cash flow with you living there, but it would be a cheap way to live in all liklihood if you think you get that rent. The big thing is I always want to be buying under market value. Do you think you're getting any built-in equity at that price?
I am starting to re consider it thought a little bit, I've done research and drive by the duplex today and saw it was very close by, across the street from a elementary school, I starting reading that it may not do good in equity and interest in the property because of the traffic from the school.
I also seen more picture and saw how out of date the modeling of the home was. The home shows it has gone down $50,000 and in 2013 it was sold for $400,000.
Right now it is on the market for $425,000
I wouldn't be too nervous about an elementary school, but if the property is really out of date it will probably require a good amount of rehab and you need to discount that from whatever offer price you plan on making for sure.
Okay. Yes thank you for your opinion. I've read that you never should pay the asking price, and that is true about how out dated it is. The kitchen tiles and cabinets like at least late 80's or 90's. The rest of the house is all painted white.
Well usually you shouldn't pay the asking price, but not always. Sometimes, especially with HUD, Fannie and Freddie, they will miss list a property horribly, and on those, you very well may need to go in above asking. You should come to your value of the property without too much concern for the asking price. But I don't mean to nit-pick, for the most part you are right.
Post: How does one verify the information and numbers?
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
Originally posted by @Faaiz Khan:
@Andrew Syrios Thanks for in the input. Before asking for quotes from contractors, how do I determine what exact work needs to be done? Or if the quotes cover most of the work to be done? I understand there can always be surprises with mould, pipes, leaks, etc when you dig deeper but a fair assessment is to be done by myself or a contractor? Can they look at it before I buy it or after I get into the deal?
I did look at some of the online websites and asked local agents about recent listings that sold for similar SQ FT, beds, etc.
You can ask the contractor to come with you and point things out that might need fixing. Or if you know any seasoned investors, you could ask one of them to go through with you once (maybe buy them lunch or something). It's something you'll get better at as you go, although you'll never get perfect. Also, I would recommend reading J. Scott's book on estimating rehab prices that you can find on this site. I found it very helpful and actually built my rehab estimate template around it.
Post: How does one verify the information and numbers?
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
Which numbers are you looking to verify, the comps or the rehab? With regards to rehab, many contractors are willing to give you a qoute on the work. You don't want to abuse this and ask for tons of quotes, but espeically if they know there's a good chance of getting the work, most will offer a bid (just make sure they've either included everything or that you add in anything they don't bid, like say the appliances).
As far as the value goes, the best and really only way to do that is with comparables. The MLS is by far the best. Although you can use Zillow or Trulia too. If you don't have access to the MLS, you can ask a Realtor, preferably one you are or have worked with, to do a quick CMA for you.
Post: Brand New
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
Welcome to BiggerPockets Da'Vione and good luck investing!
Post: Is this a good deal for me?
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
Originally posted by @Isaiah Lopez:
Originally posted by @Andrew Syrios:
It's hard to say for certain, but it appears to have a decent rent/cost for a property of that value and you certainly can't complain about the financing! It won't cash flow with you living there, but it would be a cheap way to live in all liklihood if you think you get that rent. The big thing is I always want to be buying under market value. Do you think you're getting any built-in equity at that price?
I am starting to re consider it thought a little bit, I've done research and drive by the duplex today and saw it was very close by, across the street from a elementary school, I starting reading that it may not do good in equity and interest in the property because of the traffic from the school.
I also seen more picture and saw how out of date the modeling of the home was. The home shows it has gone down $50,000 and in 2013 it was sold for $400,000.
Right now it is on the market for $425,000
I wouldn't be too nervous about an elementary school, but if the property is really out of date it will probably require a good amount of rehab and you need to discount that from whatever offer price you plan on making for sure.
Post: Kansas City, MO- Wholesale Deal!
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
Originally posted by @Jared Vidales:
| 9910 Bellaire Ave, Kansas City, MO 64134 |
| 3/2.5 984 sqft |
| New Kitchen, and paint |
| Asking $25,000 |
| Jared Vidales |
| 530-219-6792 |
| [email protected] |
Pics coming soon!
Hey Jared, is this property still available?
Post: New member from NY, roots in Ohio
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
Welcome to BiggerPockets Gary and good luck investing!
Post: renting in college towns
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
I wrote an article on the basics a while back you might find useful: https://www.biggerpockets.com/renewsblog/2015/07/29/introduction-student-housing/. Hope that helps!
Post: Newbie Wholesaler
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
Welcome to BP Isabel and best of luck investing!
Post: Should I sell a negative cash flow rental?
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
I don't see much reason to hold $40,000 of equity in that property if it's going to cost you each month. Unless there's som reason to think the area's about to take off I would probably recommend selling it.