All Forum Posts by: Avtandil G.

@Arissa Pedroza - sent you a PM - looks like you're also a wholesaler in San Antonio? would love to learn more about your operations

reading through these and other threads on New Western Acquisitions, it looks like the main complain is a) sometimes aggressive marketing and b) some variance in pricing / arv / rehab-costs

the variance in estimates one would get from a wholesaler should be expected IMO - it's the buyer's responsibility to double-check everything and ultimately decide whether it makes sense to pursue the deal or not. nobody is forcing the transaction. but it's also not practical to expect that a wholesaler would always produce a spectacular deal - sometimes you get gems but more often you get duds ;) 

the only fishy thing that I see so far in terms is the 'wire 5K deposit to our company bank account' - that's just silly... and the argument was - 'well, there were cases where scammers fished title company's wire number and customers lost money'... anyhow, all deals should be done through title, which is what i've insisted on... 

so, with that, i signed up for their San Antonio list and will sign up for a couple other markets - this is just another lead generator the way I look at it. the volume in San Antonio seems reasonably high - 1 deal a day. nothing that I want to go after immediately though - the ones I saw so far are 20-30% over what I'd pay for to generate returns I want

thanks all for your comments - i will update the thread with my experience as time goes by

@Shaun Hurtado - any interesting insights that you can share publicly? or private IM is more appropriate?

What's your experience if you ever worked with them? 

Hey @Eric Weireter - just sent you offline msg - thanks for responding

Hi @Karen Rittenhouse - thanks for the welcome. I'm CA, so it'd be hard to attend NC meetups regularly

Hi @Jason E. Smith - thanks for the reference! Would give  them a call!

Hello folks

I'm currently trying to get my first couple of rentals in NC. Looking to connect with local RE professionals to better understand the market / trends and tips. 

Cheers

-A

@Derek Daun - planning to either refinance or if the rate is higher than the coc, pay it off the balance and releverage at some other opportunity

@Chaithra Kumar - can't really tell what the appreciation may look like in the future here - i will defer to locals like @Wes Blackwell. I do see a lot of trade job workers moving to the outskirts like Tracy, where the properties have bubbled up in prices quite a bit recently, but I'm not sure how much migration is happening into Sacramento, which is what probably will drive appreciation going forward

@Derek Daun - the loan is 7/1 preferred portfolio with my long-time lender. but the rate was also locked in before the last round of hikes...

Closed on my first rental SFR in Sacramento area (3/2/2 fixer upper in Folsom)

Purchase price: 350k 

Seller credits: 20k

Down: 130k

Renovations: 40K

Loan: 200K @ 2.625%

Just assessed @ 440k. Putting it for rent @ $2,100/mo - 8% CoC post all expenses / reserves

i think i'm done with SFRs in this area - will be looking for 4-plex next

crunching the numbers give ~7.5% coc for the first year - I can't say whether this is a good return or not for your area, but for SF Bay that's on a better side these days