• Real Estate Deal of the Day March 06, 2019

    Real Estate Deal of the Day March 06, 2019

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    Deal of the Day Prop

    MLS Deal Property

    6623 Mountain Cedar Lane Dallas, Tx 75236

    List Price: $ 165,000
    Bed/Bath/Pool/Stories: 3/2.0/N/1

    Deal of the Day Data

    MLS Deal Finder Estimated Value:                             $215,498
    MLS Deal Finder Estimated Discount:                        $50,498
    MLS Deal Finder Estimated Discount%:                   23.43

    Deal of the Day Data

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    Deal of the Day Photos

    Real Estate Deal of the Day March 06, 2019

    [Video Transcription]

    Hey this is Steve Liang and Sidney Sum here with Real Estate IQ and today we found a real estate deal of the day here in the Dallas, Fort Worth area and we want to share it with you. Check it out.

    Good morning and welcome to our Real Estate IQ Deal of the Day. Today we found you a really good looking deal in the city of Dallas in Texas. Here's the address 6623 Mountain Cedar Lane in Dallas, Texas, zip code 75236. The property was listed yesterday, on March 4th, and it was a new listing on the market. And here are some numbers of why we think it's a motivated seller to distressed property. It's asking for 165,000 and after analyzing the comps we find that the estimated price is about 215,000. That looks like we have a potential of $50,000 of margin which accounts for over 23% of discount. Now, and some of you may be thinking, hey, I'm going by the 70% rule and this is not 70%, so it's not a deal. Now here's the, here's the thing, you got to pay attention to the list price. The asking price is not the price that you want to purchase it at. What you wanna do is to run your analysis, do your rehab and come up with the correct offer price that's going to give you the 70% rule, which is 70% of the ARV.

    Okay. So here, let's look at some of the supporting numbers of why we think the after repair value is a little bit over $215,000. Here's our comps table. This is our subject property here. If you look at the remarks, this is our first time that tells us this could be potential very good deal. If you see the top, it says this is a fixer-upper in need of cosmetic updates and will be sold as is. And a little bit lower, it says that it would be ideal for an investor or to a new homeowner who is willing to put some work. So let's take a look at this a little bit more. The, from the comp standpoint, you know, just kind of very quickly digesting the information. The comps are all in the same subdivision. If you look at the price per square footage, these comps are all around $126, $125 per square feet, which is, which is much higher than the subject property at $96 per square feet. And these houses are all very close by, right within a 10th of a mile. And so these look like very interesting deals. Now let's look into more aspects. So we just looked at the data, the data looks very good. Let's look at the map and check out the neighborhood.

    So here are all the properties that, the house here is our subject property. And these are the comps. So they're all in a very enclosed neighborhood here. We can also drag the Street View to check out this area. Looks like a very nice, clean area. And you see there's a red bubble here. This is one of the subject properties. Excuse me, it's one of the, one of the comps. Cool, the map looks pretty good. And let's take a look at the photos. The photos is gonna give us all the interior of the property and give us the rough, rough idea of how much rehab is gonna take, you know, sitting in front of the computer. We always recommend you to visit a property to come up with your own rehab budget. So you figure out, so you can know what is the exact price, you should offer. So this is the photos of the subject property. This is what the, what the house looks like. Lots of natural light. The paint a little bit dated in the kitchen. And then here's the backyard, looks like it's got a deck. Now let's look at the comps. So these are what the comps look like. The kitchen’s not updated. Right, it's going for $122 per square feet. This one has a hardwood floor. The kitchen is also not, not updated, but it does have stainless steel appliances. But not as, not a stainless steel fridge. It's just all the other items. Okay, so that's the second comp. Let's find a bathroom. Okay. The bathroom is also not updated it looks a little bit more dated. And let's look at the third comp. Right, no update in these properties. Right, so these look like they're very good comps, and it doesn't look like there's a lot of big updates you got to do on the property. Maybe some paints, maybe fixing up some minor cosmetics and you should be able to bring it up to the market value of about $215,000 obviously. Again, we recommend that you visit the property and come up with a good rehab budget and making sure you follow the 70% rule when you make an offer. But this looks like a very interesting deal. Now, if this looks good to you, let us know. If you have visited the property, let us know what you think about the property. Is it a good deal? Is it not a good deal? Let us know what you think. And if you win this deal, make sure you reach out to us and let us know that, and share with us your success story.

    All right, this is all we have for today. We hope you guys enjoyed this deal and we'll talk again tomorrow.

    I want to invite you to my weekly Real Estate Talk, every Monday and Wednesday at 6 PM. This is an online event so you can join anywhere. But every Monday and Wednesday at 6 PM, I would invite a successful Real Estate entrepreneur to join us and we will interview them and they're gonna share with us their entrepreneurial journey, and you know what they think is what made them successful. I think you will find a lot of really cool stories there, and more stories you know as entrepreneurs we always want to learn from other people what their experiences have been. It's gonna help us be a lot smarter. We'll also talk about anything in real estate. For example, we do real estate deals market update, to kind of talk about a general market real estate market in general and you know where the deals are coming from and all that good stuff. So a very interesting Real Estate Talk. Make sure you join us!

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