All Forum Posts by: Justin Fernandez

901 Indian Creek, Stone Mountain Georgia 30083

Purchase Price = 33,500

ARV = 45,638

Repairs = 1900

Comps | Beds | Baths | Price | SQFT | Date Sold

4351 Village Square Ln 30083| 2 | 2.5 | 67550 | 1360 | 6.8.2015

213 Walter Way 30083 | 2 | 2.5 | 55000 | 1296 | 6.22.2015

4695 Shumate Dr 30083 | 2 | 2.5 | 50500 | 1368 | 04.24.2015

I have both BP calculations for All Cash and 20% down + Financing, see summary below.

36,252 with 14.46% COC ROI

20% + Finance

9,452 with 35.05% COC ROI

Message me for full calculations and pictures :)

I remember reading somewhere in the land lording forum about stating what fees get paid first and making rent last so that you can still evict, but it has to be in the contract. So if they just pay the rent amount, you apply that to late fees, then rent so that with unpaid rent you can still move forward with the eviction process.  I would double check that though or have someone less green than me validate that.  Wouldn't want you getting in trouble over it bud.

Just saw this post right after reading this article.  

http://www.biggerpockets.com/renewsblog/2015/05/26...

Look for your state and read the pdf.  Pretty informative and will help you make the best decisions.  

As for her down on your luck stories, ask yourself, "Do I really want to pay her rent?" 

-Brandon Turner

But...but I wanted to quit my job!  Looking forward to the reschedule.

After you create your report, you'll upload your logo.  Then create PDF.  It should be there.

28 here, just got into this last month! I have a deal under contract and am hoping someone scoops it up! I am looking to break into wholesaling, because it is the hardest piece.  You have to find good deals, and when you find good deals the rest will come or so they say!  It sounds bad, but for things I don't want, I would just send them to someone who does want them while house hacking.  I want a very diverse portfolio (wholesaling, fix and flips, buy and lease options), I will eventually switch over to buy and hold when I settle down after the military.  But essentially, I will have to restart my market every 3 years or so, and take off during deployments unless I get a stable partner.  But with Real Estate, I can and will do that!  That's what I love about it.  

Find a property, get it under contract for 60 days.  Your financing shouldn't take longer than that to get put together and make sure to do your due diligence first, but your loan is only valid for X amount of time, not sure in your state.

They use years because of the amount and amortization, if it's someone that wants more for their money.  Unless you plan to pay the whole price within 3-6 months, then over 10,20,30 years and what can work for you.  You have a better shot with a 4, then 3, then 2 because of rehabbing and getting it rent ready while minimizing vacancy.  You should find one that at least cash flow's positively so you know that you're doing this right. Just because you pay much less, doesn't make it a deal since you will eventually rent that one out also.  But it's your money and you are comfortable with what you're comfortable with.  Always run the numbers and do your due diligence.  

Gross Monthly Rents (GRM) is one of the main factors for MFH since there are rarely comps for them unless they were popular in your area.

A book I'd recommend to know what you're doing is Investing in Duplexes, Triplexes and Quadplexes by Larry B. Loftis.  Definitely helps my decision making when looking at MFH.

Also, there are many other options to get in the game without conventional financing.  Just search creative financing and you'll see it in the forums.

if you only pay 3.5% down, then you'll pay PMI for the life of the loan until you refi, but that was from a podcast with Anka using FHA. I believe she recommended 5% so I'd double check the FHA regs just to be safe.

It's called the homestead exemption, and will reduce your taxes.  Applicable up to a 4unit. Since it's your first investment, why not live in it for 2 years so you can be excluded from capital gains up to 250K unless you plan to 1031.

Townhouse in 30083 (Stone Mountain, Dekalb) off of Exit 41 off 285.

Asking Price 45,000, ARV 63,000

All-In at .76 cents on the Dollar.

Cash on Cash ROI 14.55% after repairs (All Cash Purchase)

Cash on Cash ROI 76.26% (20% down using conventional loan)

Tenant moves in 3 weeks paying 800/month.

Minimal repairs needed = Bathroom Sink and Vanity, connect bath to water line, some cabinetry.

Estimated at 1900.

Already rehabbed but seller is motivated and needs cash fast.  

If interested please email me at [email protected] or call 470-219-8665.  I will email you calculation and pictures.