All Forum Posts by: Tanya Rooney

@Danielle Sheridan

Find an awesome realtor at a meetup or via Facebook/referral/BiggerPockets where ever you can find one. Look for an investor friendly one in your area they can help with comps. ARV is what the house should appraise for after renovating (after repair value). A good realtor that knows the market will be good at this. You can also use some of the real estate apps to find recently sold in the area. Key is to ensure the comps are close to the house on the market you are looking at, within reason for similar square footage and similar bed/bath combos. Don't compare a 1,000 square foot 2bed/1bath with a 1500 sq for 3bed/1bath. These are good for quick analysis. If I am going to offer I have my realtor pull real comps to confirm it. Then offer after that.

I am sure there is a webinar on ARV somewhere that's worth looking into.

Best bet is to find someone in your market that you can buy coffee for and ask them about it :)

Happy learning!!

@Adedayo Odugbesan don’t use Zillow for comps. Have a realtor run comps for you if its potentially your first deal and if you don’t have experience in the market. That will help. Wholesale deals don’t always work out. Sometimes owners want too much and you have to walk away. I would find a true wholesale lead if it’s your first deal. Wholesaled should be treated as a relationship with the person and how you can be beneficial to that person by trying to help with the sale.

Good luck!

@Donald S. Fantastic job!! You just learned sooooo much AND you made $13k. That’s awesome! Now most of your projects will seem easy in comparison! Ha

Also huge win on the lesson about your time. My first flip was a big lesson for me and especially for my husband. Just lay someone to accomplish something that is their specialty. DIY hurts my soul sometimes hahaha :)

@Justin Sands

Welcome to BP Justin! There are a few people from Mankato in the forums. Hopefully you can stumble on them and join a meetup!

Best of luck :)

@Gene Maltsev

Hi Gene! Your pictures didn’t come through, BUT my best advice is to get another GC to look at it and tell him what is going on as soon as you contact him. Tell him you don’t know what to do but need another opinion or to refer you to a structural engineer if he knows one and that you are concerned about safety.

You can also tell the current GC he needs to get a structural person to inspect or the city to inspect. If it’s unsafe the City should catch it but the GC would also be liable for it if something happens. But you don’t want anything to happen! :) Was any of that particular issue in writing/contract once the wall was opened up?

I wouldn’t allow them to close anything up until another set of eyes is on it. It’ll be worth paying someone to come out even if it’s piece of mind!

Best of luck! I hope everything shakes out ok and you can still make some money on the deal. If not, the experience is GOLD :)

@Kelsi Dockins. Sweet deal!! Congratulations. Is it in a rural area or in the suburbs? Did you use local contractors and where did you find them if the property isn’t close?

Woo!

@Charles Wisniewski

Congrats! Exciting to get started. :)

@Rachel Ararasato welcome to BP! Search out Cory Nemoto on bigger pockets and listen to his podcast on BP. He is slaying Hawaii :) I think finding a niche is great. I also think you have to work pretty hard in most markets to find deals but they are definitely out there. Just depends on how hard you want to work!

Happy investing :)

@Teddy Grooms heck ya!! I have an awesome agent that will put in offers for me no matter how low. A lot of times I see an investment property or a flip and think well I can make it work at that high of a price, so I’ll figure out the price it does work and if it’s a flip I want I will still offer on it. Sometimes I get counters at asking price. Sometimes I get counters in the middle. I think trying it is a great idea. Eventually you’ll get one! My first flip was on the market for about $135k. I offered $108k, I think we settled on about $115k. A few days before we closed I had to lower my offer because of what it appraised at and they agreed to lower to $107k to close the deal. You just never know what you can manage to get done!! :)

Happy hunting!!

@Mike Nesnidal

I work for CBRE and we have a valuation team. It would probably be worth your time to try and reach out to one of our team members or another commercial firm with valuation to do an informational interview to ask them what their day to day looks like and ask about their own paths to the jobs they are in. DM me if you want any names!

Best of luck on your new path! Way to start thinking about what you actually want to do and creating a new path :)