All Forum Posts by: Allen Gregory

As of today, my credit is about 530 and I'm working with someone to get it raised about 150 points in the next couple months (should be before end of year). I want to buy a house but I haven't had a job in years.

I'm just starting to make money in my internet business and I'm working with a partner putting together lease option deals.

In the next couple months, I fully expect to have at least $50K in the bank and at least one LLC setup for my business.

I was thinking about doing a lease-option but I'd much rather set down roots and just buy a place. I'm not willing to wait 2 years to have tax returns and all that jazz. I figure if I have a decent amount of money in the bank and a 680 credit score that I can get a private lender to fund the transaction.

I realize I'll have to pay fees and points. I don't care. I just want my house. Would a private lender work with me? I'm figuring s/he would but I just wanna check with the experts.

Thanks.

@Rob Gillespie. Thanks for the advice. I'm in the Atlanta area. I will check out BNI and see what happens.

@Robert Hytha. Thanks for connecting with me as well as the kind words. I like Rob's idea of the real connection. Direct mail works well but takes time. I don't want to do that.

I am very interested in your Meetup group. I just joined and I RSVP'd for the next show on Thur 7/14 at 9AM. It's great to meet you (albeit virtually) and I look forward to working with you.

Absolutely. Dekalb is a great place to invest. But there are also opportunities in Fulton and Clayon counties. Those are the two counties I work in. Places like Riverdale, Fairburn, College Park, and Union City are great places to invest.

I would like to send you an email with a spreadsheet attached that has approximately 70 turnkey properties available for sale throughout the Atlanta area. Please send me a PM with your email and/or contact information and we can discuss further.

These guys will manage the property for you too. So it truly is turnkey. It's great for people who don't live in the area but would like to invest here.

Hey Naga. I work with NetWorth because I met Manesh right here on BP when he responded to one of my posts. I went to the office, we spoke and we came away with a mutually beneficial relationship. We kept in touch. We tried 2 deals that didn't work out for my Roswell buyer. I met Lee Patton via email for Decatur properties and we have been working together ever since. Mind you, I met with Manesh about a month ago and we have come this far already. Plus, he knew a few wholesalers I knew from BP as well. So that's how that all started.

Regarding your request for turnkey properties, NetWorth is good but its not their specialty. There's another group I work with directly and that's their whole business as I described previously. If you can tell me where you're looking to purchase I may be able to point you in the right direction.

Thank you Stinson for your kind words and quick reply. To answer your question regarding bandit signs, no I haven't used them yet. I hear so many great things about them and it's time I started using them.

My other question is should I start in my own backyard? There's at least four zip codes in a 5-10 mile radius. I understand how to do market research for where cash buyers are buying but I haven't put that to use yet either. Everything has been done as a team. I like the team approach but I also like stability in my business so I understand the need to venture out.

Since I have the team in place, maybe I should start asking some Atlanta buyers where the best place is to get started. Where are a lot of buyers purchasing properties now? Doing the research is one thing. But hearing it from someone active in the field could mean just as much if not more.

So I've got 3 action items:

Get signs and put them out
Research my immediate market and focus on 1 or 2 zip codes instead of all 4
Ask Atlanta buyers where investors are purchasing the most property

The first two on the list I can handle on my own. The last one, not so much.

Thanks in advance to any and everyone reading and/or replying. This is really important to me and my family. I'm so friggin' close. I can feel myself changing and getting better.

For anyone reading this who isn't taking action and is scared to death to do anything and keeps buying course after course let me tell you: STOP! Find something to empower you every day. Read something. Watch a YouTube inspiration video. Something. This is so crucial I can't even begin to explain. And something else, every and I do mean EVERY time you learn something pertaining to this business put it into IMMEDIATE action. Don't just sit around. You're gonna forget it unless you do it. Once you do it, you'll have a lasting memory. Reading and/or listening and watching don't do that for you. But ACTION does. Hope that helps somebody.

Hey guys,

There's always great advice here on BP and quite a few heavy hitters in Atlanta. I'm taking action and I was hoping to get some feedback.

I got a package of 3 properties from a wholesaler that I took to two different groups. The first group is NetWorth Realty. And the second group is a broker friend of mine who has pocket buyers. The guys at NetWorth want to flip it to one of their end buyers for a quick $3K-$5K. My brokers' pocket buyers are just as interested. I hope to have a contract in hand from one or both of these groups by the end of the week.

To give you a little insight, it's 3 Decatur properties in the low to mid 60's for all 3. $20K per door isn't too shabby. The total repair estimate came in at right around $40K so the all in price for all 3 is $100K or so. I didn't do the repair estimate, NetWorth did. I'm going to ask them to show me how to do it by taking me past one of their properties.

I'm also working with a motivated seller of 7 Atlanta properties that she owns free and clear that are already rented and generating cashflow. My brokers' guys won't touch it because the properties are within the city limits and they don't like those properties. I was planning to take it to NetWorth by the end of the week after they tell me about the 3 Decatur properties. Maybe they can sell them.

I'm also working with a group who has turnkey rental properties. They buy them cheap, fix them, rent them, manage them, and sell them. My brokers' guys are working on picking up a few of those too.

And, I'm working with my broker to get deal flow for multifamily and hotel properties. We have one of each on the table as I type this to you. Our plan is to acquire the properties at a discount with transactional funding and then flip them to our/his end buyers for a fee. I got those two deals by networking on LinkedIN.

I also have a gentleman that I met right here on BP who is willing to work with me although I haven't closed a deal just yet. He wants Roswell/Alpharetta. But more specifically, he wants properties in the Centennial High School District. I found 7 of them on the MLS and asked him what he would be willing to pay. He gave me his numbers this morning and I had my broker submit offers on the 3 the buyer is interested in at $10K below what he is willing to pay.

I would like to do a few flips of my own with brand new people so that I'm not dependent upon the people presently in my business. I just purchased Freedom$oft a few weeks ago and I'm learning a lot from that as well.

I don't have my LLC set up just yet. All it's gonna take is a deal or two to get that set up and I even have the person picked out who I want to help me: Al Aiello. He's got a $600 program with Lance Edwards of Apartment Wealth Machine where he sets it all up for me with this awesome Operating Agreement specific to REI.

My end goal is to purchase multifamily and self-storage and hold them for cash flow while also picking up beat up properties in Atlanta and greening them (as long as the local government will be a willing and able participant).

I'm saying all of this because I want to know if I'm on the right track/doing the right thing. I have the trust of all parties mentioned (except the government, I haven't gotten that far yet) and I'm straight-up with everyone. I follow up, I don't nag, and I'm as professional as my experience allows me to be at this time.

Any and all advice/feedback is greatly appreciated.

Thanks guys. I didn't know we only closed with attorneys in GA. Please excuse my ignorance, but I have to assume that they do all the title work too, right?

Hey everybody,

Can anyone tell me a good title company that does double closings and assignments in the Atlanta area? I'm getting close with a seller and I want to have title lined up so that things move smoothly. If at all possible, please tell me the one that you're actually using and have closed with in the past.

Thanks in advance.

Thank you so much for all the help guys. I'm not upset in the least. I'm busting my hump trying to make the dream real like all you guys have done. All of you serve as great references for what is possible and I applaud each of you for trying to help me.

I am particularly interested in what Joel had to say. It's funny you mentioned calling banks and trying to put together a bulk portfolio sale. I have a list of troubled banks and I went and Googled all 150 or so and got phone numbers.

I even have a buyer who wants to buy REO in California and Chicago but he is only willing to deal with someone who is direct to the bank and can get stuff done in days instead of weeks.

I've been told by a gentleman on another forum that he was scared to death to pick up the phone and make the calls until he made his first few and found out that these asset managers were desperate to sell.

Can any of you give me an idea of what to say/expect when I start making these calls? What kind of credentials are these guys gonna be looking for? I know the lingo and can talk the talk so that probably won't be such a big deal. But if these guys ask for POF, resumes, and EINs I'm gonna be up the creek without a paddle.

Any feedback is greatly appreciated.

Hey guys,

I'll be putting my first few properties under contract this week and was hoping someone could lend a helping hand.

I have a bunch of courses (just like most of us) and they all give me their very simple contracts. However, I plan on flipping properties from the MLS and don't even want to bother Realtors with any other contract than the official GA contract.

On page 6, section 19C under Other Provisions it says and I quote:

"This Agreement constitutes the sole and entire agreement between the parties and shall be binding upon the parties and their successors, heirs, and permitted assigns. No representation, promise, or inducement not included in this Agreement shall be binding upon any party hereto. This Agreement may not be amended, modified or waived except by the written agreement of Buyer and Seller. This Agreement may not be assigned by Buyer except with the written agreement of Seller. Any assignee shall fulfill all the terms and conditions of this Agreement."

I have two ways to do this transaction, either assignment or double close. I have transactional funding from the course I got so a double close may not be such a bad idea. But what if I wanted to assign it? Could I?

By the way, my buyer already knows that the properties are on the MLS. He doesn't care. He told me that if I gave him the MLS number he would only give me a birddog fee, something like $500. But if I do all the work and the negotiating and bring him to the closing table, I can make as much as I want as long as it comes in lower than his number.

I chose number 2 because I want more money. But I also want to learn this. Not only that, but I will earn this man's respect by bringing him 6 or 7 properties packaged and ready to go in a matter of days.

Once I do it and get to the finish line, I can ramp it up as much as I want. The seller wants prequal letters or POF with offers. I don't have much money for earnest money so I'll probably do 10 or 20 bucks a property. It's a total of about 6 or 7 properties.

Any feedback would be greatly appreciated.

P.S. I think I'm supposed to open title once the offers are agreed upon and I don't know how to do that just yet but I don't want to get ahead of myself. I'll ask that question on Wednesday or Thursday after I have all the contracts in hand.

Thanks in advance for all the help.