All Forum Posts by: Steve W.

People mention doing deal analysis for 10 properties per day. I think this is a great idea and would like to get into the habit myself, specifically for long distance BRRRR of 1-4 unit properties in Fayetteville North Carolina.

Perfect practice makes perfect. Junk practice gets you nowhere. To actually get any value in the deal analysis practice, I need to:

1. Get an idea of rehab costs
2. Get an idea of rent rates
3. Start to learn the neighborhoods
4. Get an idea of comps

Then I can run properties through estimates of (purchase price + rehab + other costs < 75% ARV) and (PITI + other costs - rent > desired cashflow). Any recommendations for how to go about this? Specifically for #1 and #3. I think I can tackle #2 by looking at rent listings and #4 from MLS sites.

Anything else I am missing from making the most out of deal analysis practice? 

Thanks!

Anyone know if you can download data from city-data.com and do your own filtering? Or recommend a different source for doing so?

@Ethan Leach I know your post says new to BP (not new to REI), but just in case - definitely check out the local meetup F.O.R.E. (Fixated on Real Estate) https://www.meetup.com/Fixated-On-Real-Estate/

One of the meetup founders was on the bigger pockets podcast, #189. And Brandon Turner has been a speaker twice.

@Julia Bykhovskaia will you do an online stream?

I think you do. You took action, you learned lessons. You know what NOT to do next time. Everybody likes to talk about their wins and sound like a boss, but I think a person talking about their big loss, how they can identify every detail that went wrong and why, and how they will be doing it differently next time, speaks authenticity and true intelligence. Identifying what to do better next time is an absolute skill if you want to make it long term. Who wouldn't want to talk to or work with a person like that?

Also, I have definitely heard podcasts or read posts where people do a big flop in the beginning, or even mid way through their career, only to persevere and be successful in the end. Lose the battle, win the war.

@Christopher Bell cashflow $675 per month (after PIMI, expenses, vacancy, etc), or rent $675 per month?

@Subbie Kaur High rental demand makes enough sense, but how do you go about finding this information? Any resource you recommend? Thanks.

I also found this an interesting read

https://www.biggerpockets.com/blog/2016-investor-market-index/

@Iskar Smith

I recently read through that book as well, lots of good stuff, but one valuable idea not even related to Long Distance BRRRR was "most important next step" M.I.N.S. For me that was market analysis.

I found this to be very eye opening: https://joefairless.com/apartment-syndication-school/ check out 

"Series #5 – How to Select a Target Apartment Syndication Investment Market," 

and then 

"Series #6 – How to Perform an In-Depth Analysis of Your Target Apartment Syndication Market." 

True to the name, these truly are HOW TO, with what to look for and step by step how to get the information.

@Alejandro Guimoye

For your items 1-3, I found this very educational, they go through an example and provide the resources used to perform the market analysis.

https://joefairless.com/podcast/jf1527-how-to-perform-an-in-depth-analysis-of-your-apartment-syndication-market-part-1-of-2-sydication-school-with-theo-hicks/