All Forum Posts by: Stephen Lofthus

@Jeb Brilliant

Where in indy?

@J Scott I however am still trying to perfect your ARV method through comps, I tested on a number of homes and crossed referenced with another investor and I've gotten pretty good. But a lot depends on market knowledge as well..so I'm continuessly trying to improve.

@J Scott the numbers wouldn't work at 155 for my 15K out, but I still have 9K to work with I guess. I used your analysis worksheet and got pricing for all reno, so I know my holding costs are all pretty accurate but my rehab costs might be a little inflated(on purpose). Home was built 10 years ago, inspected major components and nothing jumped out. A little crack in the ceiling but may be a ceiling joist out of whack. Other than that, just upgrades(with fingers crossed). Paint, I saw some PVC running from the heater which I thought it should be copper but I believe it was for condensation..

@Brent Coombs I understand what your saying! The listing agent only states that it was appraised at mid 180's by the bank..apparentely the bank wanted to foreclose but made the mistake of listing it instead. Apparentley It has to be listed for 3 months before they can remove it and throw it in a sheriff sale...so they are short selling for 155.

Short sale

@Brent Coombs It gives me some room to maneuver when they come back.

No. The bank is selling the property for 155. I am offering 127.

LP- $155,000

PP- $127,000

SP-$199,900

Comps- $175K-224K

REO/Bank says appraised at $185K w/o rehab

Holding costs = $22,763

Rehab = $25,815

Total- $175,578

Profit- $24,322

1,700 sqft ranch on slab in A neighborhood, no basement, attached 2 car. 3/2

Let me know your thoughts!

Thanks

@David Faulkner Love it..I've been struggling with that strategy in my marriage o: