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re: Buying investment properties...
Posted on 6/9/14 at 10:43 am to stout
Posted on 6/9/14 at 10:43 am to stout
do ya'll have these new businesses around there that instead of getting a full blow appraisal they just do what they call a price opinion or something like that. They usually only charge $800-$1000 instead of a full blown 3k-5k appraisal. They are doing well at it, just looking up a few comps and plugging in #'s. their customers are mainly tire-kickers from out of state that are trying to get a gauge on the market and banks that are just trying to get a handle on what a loan is worth. If you don't have them there you should open one.
This post was edited on 6/9/14 at 10:47 am
2
Posted on 6/9/14 at 10:49 am to trillhog
I used to do price opinions when I had my license. I would have to reactivate it and resubscribe to the MLS but to be honest between the preservation, investments, and other stuff I have going on I wouldn't have time anyway.
Me and a friend are looking at starting a few specs again on some land we bought 6 years ago now that the market is bouncing back.
I am really just waiting on him to make up his mind.
Me and a friend are looking at starting a few specs again on some land we bought 6 years ago now that the market is bouncing back.
I am really just waiting on him to make up his mind.
Posted on 6/9/14 at 10:50 am to stout
what can you build for per sq ft
our residential is heating up pretty good, but i'm scared of it, there's to many people building 1-2 houses out there to compete with hard to get any economies of scale.
our residential is heating up pretty good, but i'm scared of it, there's to many people building 1-2 houses out there to compete with hard to get any economies of scale.
This post was edited on 6/9/14 at 10:57 am
Posted on 6/9/14 at 10:54 am to trillhog
Broker Price Opinions have been around for a long time, and check your numbers. They are 10x higher than actuals. Check the reimbursement rates provided by Fannie, Freddie, and FHA.
Posted on 6/9/14 at 10:56 am to trillhog
It depends. The land we have would be perfect for some little FHA all vinyl basic houses. 8' ceilings, one car garage, 1300 living, and all that jazz. I can turn them around in 60 days depending on weather.
I have built a lot of those over the years. Actually, two of the first ones I built are some repos I manage now.
Not putting the price on here. You can email me though
ETA: Here is one I built a while back
LINK /
I have built a lot of those over the years. Actually, two of the first ones I built are some repos I manage now.
Not putting the price on here. You can email me though
ETA: Here is one I built a while back
LINK /
This post was edited on 6/9/14 at 2:15 pm
Posted on 6/9/14 at 11:03 am to Athanatos
quote:
Broker Price Opinions have been around for a long time, and check your numbers. They are 10x higher than actuals. Check the reimbursement rates provided by Fannie, Freddie, and FHA.
i don't know anything about it really, i just hear about it. i thought they were supposed to be a cheaper alternative to a full appraisal but i really have no idea.
Posted on 6/9/14 at 11:05 am to trillhog
quote:
i thought they were supposed to be a cheaper alternative to a full appraisal but i really have no idea.
Not really. Maybe on a refi or home equity line they are cheaper because they are less demanding. There are different levels of BPOs. Some are just simple drive by BPOs and some are as involved as an appraisal may be.
Posted on 6/9/14 at 12:09 pm to stout
(no message)
This post was edited on 8/10/14 at 12:22 pm
Posted on 6/9/14 at 12:13 pm to bigblake
I'd be interested in hearing about those. Are they commercial or multi-family? I don't understand how you can make any money on high end rentals. I'd much rather deal with those types of renters if there is money in that segment.
Posted on 6/9/14 at 12:50 pm to I Love Bama
(no message)
This post was edited on 8/10/14 at 12:22 pm
Posted on 6/9/14 at 1:38 pm to stout
have you had any experience dealing with lenders wanting environmental surveys and such? I had one ask me for a Phase I Environmental Site Assessment Report on a property we bought we had it done and passed but if we hadn't it would have been another phase you have to go through that i heard cost 30k. I'm looking a site now that used to be a gas station and i know this is gonna come up again. Any clue on how serious they get with this clean up stuff, i'm scared of it.
Posted on 6/9/14 at 1:46 pm to cjared036
I have a buddy that buys run down ejudicated houses for 1500-4000, puts 20000 in them and rents them for 750 monthly.
Posted on 6/9/14 at 1:51 pm to trillhog
Old gas station? Run.
Environmental cleanup can be ridiculously expensive.
If it's just contaminated soil it can be scooped up and hauled off, but if it's leached into a water table you could be treating water forever.
Environmental cleanup can be ridiculously expensive.
If it's just contaminated soil it can be scooped up and hauled off, but if it's leached into a water table you could be treating water forever.
Posted on 6/9/14 at 2:24 pm to trillhog
I used to own a gas station actually and did go through that.
You need to find out if the old tanks have been removed and get all the info on that if they have. Find out who removed them, who signed off on it, etc. I know here in LA you can't just leave abandoned tanks in the ground. They have to be removed and there is a strict process to doing it to get a clean bill of health to it. Cleaning up old gas tanks is thousands of dollars at the very least.
If not you could have serious title transfer issues going forward on top of the environmental.
You need to find out if the old tanks have been removed and get all the info on that if they have. Find out who removed them, who signed off on it, etc. I know here in LA you can't just leave abandoned tanks in the ground. They have to be removed and there is a strict process to doing it to get a clean bill of health to it. Cleaning up old gas tanks is thousands of dollars at the very least.
If not you could have serious title transfer issues going forward on top of the environmental.
Posted on 6/9/14 at 2:24 pm to eng08
i kind of specialize in taking stuff that nobody wants to deal with and getting it packaged up to where it can easily be bought for a outside developer, so i'm used to these kinds of challenges, i'm just scared of how much it will cost and i don't really know anybody that has delt with this sort of thing. i know the tanks and all that have to be removed, i just don't know to what extent the clean up will be, could be a to big of a gamble.
Posted on 6/9/14 at 2:27 pm to trillhog
I think LA has a fund that will help offset the cost, call the arkie dept env quality or whomever it is and ask a few questions. They may be able to point you in the right direction.
I have heard a few horror stories from friends abt this, which is why I said run.
I have heard a few horror stories from friends abt this, which is why I said run.
Posted on 6/9/14 at 6:36 pm to desitiger
Just shoot me an email when you want to about it. I will help as much as I can.
This post was edited on 6/10/14 at 6:22 am
Posted on 6/9/14 at 9:39 pm to stout
I want to get a couple of trailers, rent them out to peeps for a month and then throw them out and keep their deposit. It would be a steady cash flow, imo.
Posted on 6/11/14 at 1:06 am to stout
stout just seeing if you got my email. thanks.
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