All Forum Posts by: Ryan R.

This looks like a lot like http://www.kodiaksteelhomes.com/models/.

I looked into these and still have interest in building one. There are numerous benefits; termite free, fire proof, reduced insurance costs, they can be assembled quickly and theoretically cheaper.

It is difficult to take a house and analyze the expected life of each component and come up with a predictable value.

When I look at a property, I will note the obvious items that need immediate attention and deduct those from the value as necessary.

I think what you need to include in your assessment is the 50% rule. This rule will allow for the failures of other mechanicals/components that will inevitably manifest.

Don't try and accurately predict the useful expected life from each item. Time, research and experience tell investors that the 50% rule will account for these maintenance items.

I would check with the local economic development department. They typically have forecasts for population growth.

@J Scott can you go over the comps again?

I noticed in one of the pictures, the neighboring house had a window-unit sticking out. Is there a large disparity in values here?

@J Scott

@Jessica S. they certainly are! I just did a cursory check of the local MLS and could not find a 1bd listing. Doesn't mean we don't have em, but if we do they're rare.

I would definitely get it listed on CL, Hot Pads etc. even if I had to do it myself.

It might be time to look for a new property management company.

I've never seen a 1 bedroom house. Maybe I just haven't been around long enough.

Maybe they can't list it as 2 bedrooms because it does not meet the requirements of a bedroom (lack of closet). Definitely make a visit to the properties and investigate.

I frequently notice agents making these types of errors in their listings. I bought a house that was listed as 1.5 bath. It was actually a 1 & 3/4 bath but the agent didn't notice the shower stall.

Yes, the "drip method". That's how I found private money. And it actually started on Facebook.

The hook that bagged my catch was a question I asked about how everyone is preparing for retirement and what investing avenues they were utilizing. This started an off-line discussion about my plan and what I was trying to do. It worked..

Keep in mind that this was one of a few drips that were spread out over several months. I had previously advertised that I was looking for a prospective investing partner and outlined my criteria for a qualified partner. I also had success at what I was already doing and substantial funds that proved this wasn't a gimmick. It's a lot easier to get passengers on a train that's already moving on its own. Help people figure out that you've got big aspirations, that you're passionate about RE and that you will be successful.

Maybe somebody else has another idea short of looking for another lender.

Nice job. Can't beat that with a stick. What were your holding costs for the 6 months?

Was this a rare deal or do you anticipate more of these?