October 25, 2013
This week, John plays “Deal or No Deal”. First by looking at the property, then by looking at the comps, John gets the lay of the land on a property he’s thinking of buying. Is it a deal, or is it a dud? Figure it out for yourself on this week’s Systems Saturday.
0:04I did everything myself in here that is not how we do 0:07the business and there right there is a house that I have already flipped 0:11and i already know that I can flip this house to a buyer on my buyers list 0:15'cause i got a strong buyers list in this area 0:21hey guys today it is system Saturday I'm your host john cochran 0:25and on today's session we're gonna play deal 0:28or No Deal so we're here at 4878 0:32queensbury drive in Huber Heights Ohio i'm gonna give you all the details of this deal 0:37I'm gonna show you this deal right on the inside and I want you to tell me 0:40what you would do with it 0:42and then I'm gonna tell you what we end up doing to it so 0:45take a look in this neighborhood just so you can get very very good 0:49clear picture of what's this neighborhood looks likes it's got some 0:53new 0:54homes just f.y.i for the whole deal or No Deal section 0:58 that we're doing right here on all homes in this subdivision 1:02are all brick this is one of the biggest brick communities 1:06in the entire state okay tons and tons of homes here 1:11so this is just a deal that would potentially looking at buying 1:14and as soon as you walk up to this you can see the 1:19the wheelchair ramp up on that and I do want you to take notice 1:22since you need to see everything look at this concrete 1:27this should have been probably a flower bed they put concrete right 1:31inside that 1:32you know and they did a pretty bad job at that to be honest with you 1:37open up the door all right here you got the 1:41front door which is in amazing shape this is a HUD home 1:45as well and you got a padlock right here so they got the padlock 1:49to get in, and that's how you get in 1:53just give a little push you're right inside the winner 1:57now so the first thing that I noticed when I come in here is one 2:01the odor, smells like pets pretty bad 2:05in here and then I also notice the carpet naturally that's worthy 2:10the odors coming from is the beautiful stains on the carpet that's where that's 2:14coming from 2:15looks really really dark in here 2:18okay so it looks dark in this particular home 2:22carpet, I don't like this my sake, I don't like this 2:26if I was to do this, what I would do is 2:30I would end the carpet right here 2:33and then this whole thing right in here that the kitchen and 2:38the dining area would be all either ceramic tile 2:42or a vinyl tile or vinyl flooring 2:47all windows in this are just metal frames windows, so this 2:50probably came with the house when it was built 2:53in the 60s okay so when it was built in the sixties 2:57you got, here's your kitchen so here's your kitchen 3:02your refrigerator will go right here, ok. so your refrigerator will go right here 3:06not a ton of space but not it's not that bad 3:09you got your sink, your electric box, this layout 3:13and your Huber heights, this is extremely extremely a 3:16a standard layout so if you're seeing a fuse box right here 3:20the electric is always right in this homes 3:25Huber heights 3:26have look quite a few in this area by the way 3:30so you can look right here here's the fuse box so it is on fuses 3:34and here is where the laundry go so you got the washer 3:38and the dryer will go right here and then your dock will go 3:41right inside there and then that will be your cabinet space 3:45for that. this is a 3 bedroom 3:49one full bath home the asking price 3:53is thirty thousand dollars, okay. so that is what the asking price 3:57of this is. when you go in here here's the 4:00the wall, and to be honest with you they are not in that bad a shape 4:03they look like they painted it probably one time 4:07and now back in the sixties the 4:10the base moldings are not in that bad a shape 4:13all doors all bifold doors right this is not wood these are metal 4:18a bifold doors, from here looks a little bit old as well 4:23so furnace looks pretty old as well. so water heater 4:27this is a neuro water heater probably purchase from lows but this is 4:31probably original to the house 4:34right here if you don't know you can actually read the serial number 4:39you can read the serial number 4:41of the furnace and that serial number will always tell you 4:45what year the furnace is, believe that or not 4:49so i'm gonna look at the serial number real quick 4:5574, so 1974 was when this 4:59furnace is. seem better days 5:03right here, here are some more stores right here which is cool 5:08go right here to the the bathroom right here 5:11and you can see here that this is like the old school tile 5:15so this is the old school tile, you got ceramic tile on this 5:19around here you gotta I your window right here 5:23your tub with the ceramic 5:26backsplash right here, here's a weird thing about this is that looks like this 5:30was a past job might have been a leak 5:32there and 5:35they just put it back like that if you guys need any type 5:40wallpaper in your house I would highly highly suggest to use this 5:44beautiful wallpaper use that wallpaper right there 5:48little closet I don't even know if you can even buy a bifold 5:53that small, this is probably about a 5:58might be a 24-inch I'm not sure though 6:01that's what that is so coming down the hallway you have one bedroom right 6:05here 6:06you've got another bedroom right here 6:09closet space is pretty, pretty big 6:13of for a three bedroom one bath home, it is pretty big 6:17no bifold door on this, this is the plumbing to the outsude 6:22let's peek on it on the outside 6:26kinda feels weird to right here i mean obviously this carpet would need to go 6:30but you probably can't tell on camera but the padding there's no padding 6:34i'm standing right now I just kinda knows the feel of it 6:36and there is padding right here so just felt a little bit different 6:39I can see it right there where there's no padding 6:43it just kinda feels weird but thats not really a big deal 6:46jam right here, it looks like somebody cut this jam 6:49which is not good 6:53I am going to name this house the tobacco house 6:57because they were so kind to put tobacco 7:01in this house while they have it up for sale 7:05so, standard windows 7:08right here for a home in Huber Heights 7:12so that's it that's the entire house I will show you the garage just 7:16just because I can but if you've seen one garage you've pretty much seen 7:22a modest wanna show you this entire home 7:24so the you can tell me what you would do to it and I'll tell you exactly 7:29if we bought this home or if we didn't and kinda what we're doing whit it 7:33storage is up in the attic 7:36right here 7:39you can put a small car and right here and it does have 7:42automatic opener which is good 7:45okay so that is good but, that's the garage so 7:49nothing crazy so guys again just to recap 7:53okay three-bedroom one full bath home you just saw the inside of it 8:00okay thirty thousand dollars is the asking price from Hud 8:04now what I wanna do you saw the outside you've seen the inside 8:08should probably take notice of this crack as well and every single home has a crack in 8:12Huber heights 8:13right here in the living room just where that wall devides 8:18but what I want to do now 8:21is I want to take you back to the office I wanna show you all the comparable 8:25homes 8:25a quarter-mile away from this particular home so you can tell me exactly if this 8:30is a deal 8:31or if this is a no deal and then I'll tell you what I did with this so let's go to the 8:34office 8:35check out numbers on this thing alright so we're back at the office 8:40right now I wanna show you 8:42the comps real quick on the home 4878 queensbury drive the you just saw so you 8:48can tell me if you think this is a deal or no deal 8:51and i'm going to explain to you what we're gonna do on it 8:56find out if it is a deal or no deal okay so what we do here is i'm just at the 9:01last 9:01that is by Florence I can all the person passes in Saturday's as I 9:05immediate your compareables from the mls 9:09in order to do that I'm going to just do just a radius 9:12search right here and from there i'm just gonna do a radius search a quarter-mile out 9:19from 3878 a Queensbury okay and then the city of Huber Heights 9:27okay Ohio, there is a residential 9:31its residential it's also a single family 9:36I'm going to do all the active, the pending 9:40and then the sold comparable so the active 9:43the pending and then the sold comparables i'll even check the active 9:48slash spending okay and I'm gonna just go back 9:51six months okay so on the sold and then the pending 9:54I'm only gonna go back six months that's that's most accurate comps that I'm 9:58gonna do and I'm gonna go out 10:00a quarter mile from my subject property which is 10:03the house in queensbury. so i'm just gonna click right here in preview account 10:07find out how many homes are active active pending 10:10pending and then sold a quarter mile away within the past six months 10:15from here and saying address can not be found which I know it can 10:19just type in the city real quick 10:25so just type the right address 10:29now it will do it because I just don't have the right address and so 10:33thing I got people on the back on right don't even know what home i'm looking for 10:37okay so here's the deal 10:40here is everything that active and pending 10:44and sold in this area so you're gonna see a lot of sold right here 10:47so i'm just gonna give you the number you can tell me what you would do it so right here 10:51there's thirteen 10:52sold active and pending 10:55we've got one sold for 30,151 one sold for forty four thousand 11:00we've got one pending for 4900 one sold for $5200 again you have to look 11:06at the bedrooms right here, look at the bedroom and bath and the square foot 11:10put our is at 3-1 on right here ours is at 3-1 11:14and you can see that just from these compareables right here 11:19I want you to pause the screen right now okay so go through and pause the screen 11:24I want you to look on the screen 11:27because here's all of the compareables i want you to look right here 11:31at the custom days or the current days on market 11:35see DOM. i want you to look at the status 11:38sold, pending, active. I want you to look at the bedroom 11:42I want you to look at the bathroom and I want you to tell me 11:46if this is a deal or not a deal from looking at the inside of this 11:50to going and looking at these cops it needs about fifteen thousand dollars 11:54worth the work 11:55okay if you're going to rehab it completely 11:59and then remember that the asking price this thirty thousand dollars so what I 12:03want you to do 12:04on this system Saturday, I want you to comment below 12:08tell me deal or No Deal 12:11in a suggestion and the comment box below tell me Deal or No Deal 12:15and then tell me what you would do with this property would you 12:19wholesale this deal off, if you're gonna do it. would you prehab it 12:23or would you rehab it or would you just not do the deal 12:27okay what would you do to this and then on next 12:30weeks session what I'm going to do. as I'm going to tell you what we did 12:35on this deal or what we didn't do in this deal 12:39comment below tell me Deal or No Deal impart your screen so you can see all 12:44these comparables extremely good 12:46and I even put them below this video 4 y'all just take a screenshot on this for 12:51you 12:51so that you can look at 'em and then comment below Deal or No Deal and then tell 12:55me what you would do with it if it is a deal 12:57then on next week's session I'll tell you what I decided to do 13:02or what I didn't decide to do on this. guys i hope you enjoyed this session of 13:06systems Saturday. let me know what you think. dealer no deal 13:09I'm out. See you guys