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Hi Bill,

A lot of what you are asking depends on your particular area. What are homes selling for? What kind of shape are they in for the price they are asking? (Then, figure out the price per sq foot and decide what you are willing to pay to make it worth your time and money.) Does a 3-bedroom home sell (or rent) faster than a 4-bedroom home? You have to get a good feel for all of this stuff and take it all into consideration when you are investigating possible deals. I have learned to take into consideration the size of the rooms as well. If the size of the rooms is tiny, you may have to ask a reduced price, which means you'll have to buy it cheaper. But that's just my market -- might not be the same for yours.

As far as days on the market, it is my personal opinion that the more days on the market means the more motivated a seller is. I'm sure there are many others that disagree, and I respect that. But that has been my experience in the past. Perhaps if the seller can't move on the price, maybe they can be creative on the terms.

Days on market is relative to the area as well. Its really really important to know the market in the area where you are investing.

The only way you learn is if you ask! So, ask away!

Good luck!

A lot of what you say is really new and exciting to know such as the size of the rooms and whether or not a 3-bed or 4-bed rents/sells faster. All this is very cool and crunching the numbers is just as much fun. The cost per sq.ft. I had been playing with such as mapping the areas where the costs per sq.ft. are high/moderate/low. I have also been looking at trends such as new highway construction and the after effects it has on the residential areas. I mean egress into and out of an area, the noise, the traffic, I'm sure would affect many buyers in the market. The size of the rooms is new to me, didn't give it much thought but it really does make sense as does the number of days on the market versus a motivated seller.

I would really like to be personally counseled but don't think I qualify. I am ready to get my 3-4 favorite neighborhoods and I'm working on getting my team together. So the next logical step is to goto my first REI group meeting and start finding funding once I tie up a property.

Thanks for your very cool input!

Bill Gallant

I have taken Carleton's coaching and I learned a lot. It sounds like you are a self-starter and very motivated! You are doing all the right things, so keep up the good work!

What's a good place to look for the numbers