All Forum Posts by: Ben Roberts

@Tripp Atkinson sending you a DM

 These are definitely a C class properties.  I'll wholesale something in D but I wouldn't own one myself.

@Mischa Talokonnikoff

Thanks for the advice. I think you’re right.

Sure! I’m looking at a second deal right now. Current rent is $800/mo. Purchase price is $33k.

If you’d like to do some investing in Memphis, let me know. I’d be happy to help you source property and keep you out of the land mines. Memphis property values can change literally from block to block.

@Bud Gaffney

That would be awesome! I’m send you a PM

38111 

That's a REALLY good point.  I may be better off just wholesaling the thing and building my personal capital for the next deal.

@Craig Jeppesen

I'm comfortable taking $15k out of the HELOC. There's a bit more but I'm allocating to a couple other projects and can't really touch it.

@Lindel Turner

You’re able to finance property at this price through a traditional bank??

@David de Luna

Yeah, thanks. I’ll definitely look at the credit card option. Worst case scenario, I may just put the balance on the credit card long enough to fix it up and then try to sell the property.

This is my first time trying find a deal without using a more traditional route, like hard money or an FHA mortgage, but I think the upside is there so definitely worth me trying to figure it out. I appreciate the info.

@Craig Jeppesen

Already have the HELOC, which is where some of my cash will be coming from. I figure to pay for the property, closing costs, repairs, and to clean up some title issues, I'm about $10k shy of what I'll actually need. I could put up my HELOC and probably run the rest on the credit card, I'd have to re run the number to figure out if that really makes sense to do. If it'll cashflow at the market rent, then it might be worth the credit risk. The other thing I could do is put cash, cover the balance with my credit card, and just flip the property. I'd be all in for about $35k. The property would be worth closer to $60k.