All Forum Posts by: Tyler Kaye

Congratulations.   Sounds like an awesome deal and a great experience for your first one.

You could always start with Zillow but that won't be that accurate.  If you know the area you are interest in, you could use any mls searching website to find the properties that have sold recently and filter them by some of the basic filters that are similar to a property you are interested in.  Then you can get onto the country assessor's site and find the exact values from there.  Using both the assessor's site and the mls search engine, you can create your own form of sales comparison similar to what an appraiser would do.  However, it might not be as accurate as an official appraisal.  It is a good place to start though.

I don't know the going rate, but contratulations on the purchase of your property! Have you looked at rentometer.com or any other rental calculation websites to get a basic range? I have used property managers I trust in the past to a form of CMA to find out what I could rent a property for.

@Brian Bradley interesting.  Where can I read more about this specifically?  I understand the liability protection, but I am interested in learning more about the format you are talking about here.

Congratulations on the new venture.  Welcom to Bigger Pockets and good luck to you!

Fantastic.  How was it purchasing through the Auction website?  I have considered it a few times.  I grew up in Northern Iowa.  Good find!  Glad you were able to handle the damages and still make the sale.

@Keith Hague, I was wondering because I learned last year that you can still use the remaining entitlement amount if you wanted, and would have to cover the difference conventionally or with cash. I understand what you are saying though. I have used my VA multiple times. About to do it again this spring.

@Steven Huang,

The numbers I get with a purchase price of 1,374,000, are below the average you mention in the post. Also, what are you using for a vacancy rate? With a 12% vacancy rate I am getting a 3.935% CAP rate. However, if you have an opportunity to add value to drive rent prices up or reduce vacancy, you could get this up to the average.

@Keith Hague welcome to the Northwest and Whidbey Island. I have lived there for more than 10 years now. Not long compared to some, but I have definitely seen some changes on the island since I have lived there. Nice work on making it happen. Can I ask why you didn't use your VA loan when you moved to Oak Harbor?

I would recommend speaking to an attorney of course, but there are several options.  You could get private money from friends, family, or other interested investors.  Although, for it to be your primary residence you are not really showing an option to acheive returns.  You could offer terms that involve owner financing.  That would be where the owner is collecting your payment as if he was the bank.  You could also setup a lease option with the owner where you are renting and your rent payments accumulate as part of the down payment or purchase of the home, if you execute the option within the alotted timeframe agreed upon.  The latter two cases would require that the owner is able to under their current mortgage and that the bank does not initiate the due-on-sale clause that is usually found in their terms.

There are a few ways to make this happen. However, purchasing a home as your primary residence without a potential ROI for others to include their funds is not going to be very attractive. Lastly, you could always use cash and pay the full price to the owner. You could potentially negotiate a great deal because of the power cash has. Good luck to you and I look forward to seeing how you make this happen.