All Forum Posts by: Anthony Phillips

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $235,000

Purchased the property 15k under asking needs small rehab. Currently waiting on buyers rent back to expire to start the rehab. I hope to cash out of the house after the house is rented for a few months.

What made you interested in investing in this type of deal?

Quick sale and knew I could get it under value.

How did you find this deal and how did you negotiate it?

Found on the MLS with a one picture listing.

How did you finance this deal?

Paid cash

How did you add value to the deal?

Going to fix some minor plumbing issues. Fix and other issues with the house.

What was the outcome?

TBD

I'm interested to see the replys

So I have a couple questions when it comes making offers on properties that I find that are distressed.

I am interested in properties that would work for the BRRR model mostly but wouldn't be apposed to a fix n flip

So I have found some properties in my area that are distressed by driving for dollars around town.

I am currently located in Nashville, Tennessee so I know there is alot of advertising for companies to buy your house and I need to stand out.

How would you go about contacting these owners and making them an offer. I know I could just knock on the door and ask but I think the best way would be to put a letter in the mailbox.

1. What are some things guys would include in the letter?

2. If I do get someone to reply to my letter and they are interested doing a deal do I have to have an agent lined up to write up a contract for me?

3. Should I have financing already lined up for a deal if someone does want to accept my offer?

4. I know this probably won't happen lol but if I do find multiple deals that will work but can not fund them what would you guys do? I know you could wholesale these properties but have no experience with that.

Does any one have any experience with RentRedi? This will be my first experience with landlording. It seems like it is a one stop shop and can do everything from screening to payments for tenants. Any other applications people like to use?

Yes I am married so that would give me a $500k tax exemption. 

That would be great. Send them my way

Hello my name is Anthony Phillips I currently live in Lebanon Tennessee.

I would like to make some connections with some wholesalers in the Middle Tennessee area.

Hello BP returning to the forums after a long layoff. I'll give a bit of my real estate backstory

My name is Anthony Phillips. I just moved from Santa Clarita CA to Lebanon TN.

I have anyways been interested in real estate investing. I just didn't think I had the money or knowledge to do it successfully. With the equity I made off the sale of my home and the learning I have done I am in escrow on my first investment property. 

I bought my first SFH in 2014 in Santa Clarita CA I house hacked that property for the majority of the time. Remolding and upgrading the house over the years to add value.
Purchase price 2014- $385,000

Sale price 2021- $695,500

Purchased personal SFH 2021- $530,000 in Lebanon TN

Under contract on a Investment SFH 2021- $235,000 in Lebanon TN

I close on that property in 3 weeks.

I will rehab that property mostly on my own and plan on advertising and managing the property by myself.

I hope to learn a lot through this first investment property and continue on buying more property's.

I would like to find a mentor through bigger pockets or other means to really get invested in the real estate world. I would like to learn as much as possible.

Thanks for taking the time to read this.

Anthony Phillips

Trying to get some insight on my first rental.

I am under contract on my first rental. The property is a SFH located in Lebanon, Tennessee just east of Nashville.

After the rehab of the property I would like to advertise the property, screen the tenants, and manage the property by myself.

I contacted the few property management companies in my area. The costs for full service management were the whole or half first months rent plus 10% of monthly rent. I think for that price my skills and proximity to the property that will not be needed.

I am about 15 mins from the property. I am very familiar with working on houses and doing rehabs on my personal houses. I know the maintenance or problems I can handle or I can contract work out.

I have some questions for the group

1. What ways do you guys advertise?

2. What program do you use for tenant screening?

3. I know this might vary but what credit score or other determining factors do you use?

4. Has anyone used the state specific lease agreement on BP if so how is it?

5. How do you collect your rent?

Thank you in advance for any of your replies and help or knowledge is appreciated

Anthony Phillips

@Ruth Blue

Yah that would be great I have been looking for a lender