All Forum Posts by: Adam Drummond

@Brian Albelli 

cash baby!

@Deadrick Colbert  @Pratik Desai 

From here on out I am going to use Grandsouth Bank of Anderson.  I believe there's a Grandsouth bank in Greenville maybe.  Lauren Thompson is the loan officer in the Anderson branch.  They seem to look at your credit, cash on hand, income, and they seemed to like that I have done a few flips before.  80% ltv if I remember correctly.  I also remember her telling me that you did not need a clear termite letter on an investment property (of course I do get a termite inspection done, but if there is minor damage the deal can still go through).

@Pratik Desai 

In my experience as a Realtor and Investor you will have trouble getting the appraisal to pass through underwriting at most large banks.  If there are any smaller /local banks in your area, you might want to try them... especially since you have 30% to put down.  For example:  a few years ago I was buying a flip house that needed only cosmetic work, and suntrust bank denied my mortgage because the appraiser noted that the house had writing on the walls, soiled carpets, and screen doors with screens falling off.  I had to go to a different bank to get the deal done.  Hope this helps.

Adam

@Eric Noland 

To try and answer one of your questions.  I am a realtor and an investor.  On most all of the reo properties I have been involved with... the listing agent has coordinated with the seller to get the utilities turned on.  I am in S. Carolina so prices im sure are different, but for a 30+ year architectural shingle on a house that size I would figure it would be closer to 4,500-6k (for a licensed roofing contractor).  Lead based paint was still used prior to 1978 according to our disclosures that we hand out.  Not sure about tree removal.  As far as inspector knowing about structural issues... it depends on the inspector and their background in construction (if any).  My inspector has been in construction 20+ yrs before becoming a home inspector, so i'd trust his judgement over someone else.  Good luck to you.

Adam

It really depends.  I owned a triplex building near Clemson university, and the tenants took care of their own sewer, water, and electric.  I have noticed that some landlords do include sewer /water in with the rent to make the property appear more affordable. 

Adam

@Daniel Andrews 

@Kyle M. 

I never required my tenants to have renter's insurance, I did always suggest it though.  I would definitely continue to show the rental until a lease is signed and a security deposit is in hand.  Several different times I had people that were so excited about moving in and so on... they disappeared to never be heard from again.  In the past I would take people for their word, and took the listing off of the internet, to only have to put it back again.  Best of luck. 

Adam

@Chris C. 

 @Brandon Sturgill 

I am a realtor and investor, and I am seeing the same thing in upstate south Carolina.  I have been ready to buy for 4-5 months now, and have only made an offer on one property.  I have noticed that many of the reo properties are starting out overpriced. 

Chris,

You and I are in the same area, and I am seeing the same thing.  I am on the mls everyday, and haven't been able to find any great deals in Anderson, pickens, or Oconee county lately.  Going to go look at a house in Easley and piedmont later today though (I'm not real thrilled about either one though)./

@Mike M. 

with a gfci outlet there is a line side (electricity going in) and a load side (elec going out), the back of the receptacle will be labeled.  if you install correctly the downline outlets should become "dead" once the gfci outlet trips.  I always test with a multi-meter once i'm done to make sure, or just use a corded drill and see if it has power.  hope this helps.

adam

@Brandon L. 

thanks man.  maybe networking and connecting with other people connected with real estate is what i need to do to take it to the next level.  by the way, i noticed you had a military background... thank you for your service.

@Brandon L. 

that is an easy answer, and no offense, but I have to take a first step to even explore the wholesaler avenue.  If I relied on trust... I would rely on myself as a realtor to find a deal on our local mls.  from what I have noticed several of the wholesaler websites that I have found in my area online want your name, number, and email before you get any information.  seems shady to me.