• Real Estate Deal of the Day October 3, 2018

    Real Estate Deal of the Day October 3, 2018

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    Off Market Property

    *We do not recommend visiting owners of this property unsolicited

    201 Windward Way, Euless, TX 76040

    List Price: $132,000
    Bed/Bath/Pool/Stories: 3/2/0/1

    MLS Deal Finder Estimated Value:                                      $137,421
    MLS Deal Finder Estimated Discount:                                $83,545
    MLS Deal Finder Estimated Unpaid Balance:           $53,876

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    Map View

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    Real Estate Deal of the Day October 3, 2018

    [Video Transcription]

    This is Steve Liang from Real Estate IQ. And this is your real estate investment deal of the day.

    Thank you Steve and to your audience, thanks for tuning into the Real Estate IQ deal of the day. Today we are in the Dallas, Fort Worth area specifically in the city of Euless looking at a deal brought to us by the off market leads service as of this particular property is scheduled for auction first Tuesday of November and it is a fairly fresh lead. But before we jump into the details, excuse me, we kindly request that you as the investor be mindful and respecting of the owner's privacy when considering that type of marketing that you're doing. And in particular we don't advise door knocking for that very reason. That being said, the property address is 201 Windward Way again that Euless Texas 76040. Now this is a 3 bedroom, 2 bathroom property built in 1965. The square footage just around 1,100 square feet. Now the tax assessed value for this property is 132,000 and based on the off market lead service that we provide we can see that the original loan amount of this property is 72,000 and based on the historical mortgage interest rates at that time period of ownership, we're estimating that the owners have about or up to 59% equity meaning that the unpaid balance on the loan is around $53,000. So this is a potential for fix and flip or a buy and hold scenario depending on what can be negotiated at the condition of the interior. That being said, let's jump right in to the analysis of the property. So here I pulled up the property in our Fast CMA tool and we're looking at comparable properties numbers 1, 2, 3 all in a similar subdivision or at the same subdivision with the same school district. The homes are all similar in their appearance and layout based on the exterior photo and the approximate size it's anywhere between 1,000 square feet to about 1,400 square feet with a similar layout of 3 bedrooms, 2 bathrooms. So let's take a quick look at the map view to get an idea of where we are geographically. And as you can see our subject property in the center here is located right off of the airport freeway right in between Dallas and Fort Worth actually just a couple miles southwest of the DFW airport. And to get a sense of the style of the neighborhood we could drop at the Street View. And as you can see here our subject property it's located right here. And this is the overall style of the neighborhood. Of course to get a better sense of the interior, let's look at the photographs of the comparable properties. And since our subject property is not listed on the MLS there are no photographs of the interior. But at least we can compare this property to the surrounding comparable properties. First thing to note that there is 1 out of 3 properties which has a garage conversion but other than that you can see the similar style brick exterior and a single car garage, somewhat dated appliances but some updates to the kitchen. This property here comparable No. 2 has significantly more updates with a more modern feel. And comparable property No. 3 is somewhere in between the two. So that gives you a general sense of the level of rehab that would be that would be necessary to bring the property up to a comparable standard. Let's quickly take a look at the leased comps for the buy and hold scenario. And this will explain how we are getting the estimated monthly lease of $1,300. So as you can see, in terms of the leased comps that we're pulling it from these 2 comparables where the subject property is slightly larger in terms of square footage and hence the estimated monthly lease of 1,300 as opposed to the 1,200 or the 1,350 lease price for the other comparables. So that concludes the deal of the day video for today. I hope you enjoyed this video. Stay tuned for more.

    Invite you to our weekly real estate talk, every Monday and Wednesday from 6 to 7 PM. We usually have a guest speaker coming in to share with us their more stories in real estate investment, their experiences and lessons learned, really really cool Q and A session. We also do market updates during our real estate talk and we have a good deal or bad deal segment where somebody sends us a deal and we can come up with an analysis and go: "Okay that's a really, really good deal" "Oh that's okay deal " or "No that's a very bad deal" To really cool topic, we look forward to seeing you guys there. Join us every Monday and Wednesday from 6 to 7 PM.

     

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