All Forum Posts by: Bryce Robbins

Hi BP Community,

My wife and I are looking for private/portfolio lenders in Atlanta who can qualify our end retail buyers? Generally speaking, our buyers can't go FHA due to title seasoning issues, and conventional lenders usually won't let assignment deals fly, so we we're reaching out to see if anyone could connect us with a friendly lender who will allow 0 day title seasoning.

Thanks!

@Brian Davis ,

It just so happens that I got off the phone with one of the guys at USLeadList and am running into the same issue in my county. What you can do, however, is ask them what lists are completely sold out in your state and then give them a list of other counties that you could buy lists from them. Once you purchase a list you become a member. They refresh their lists every 3 months or quarterly so when April rolls around, one of the investors in the county you want may end up terminating his subscription and you would then have dibs on one of those 3 spots.

This the only way to get onto the list as far as I know, you just have to be ok with working a list in a county that is perhaps a little farther of a drive than you would like. As far as other resources, I'm not sure... USLeadList is awesome though if you can snag a spot! It's hard to beat recently inherited properties in my own opinion.

Hope this helps!

Cheers,

Bryce

@Seth Williams , thanks for the post! I just finished listening to BP show #39 and learned quite a bit! Thanks for the tip on agentpro247, my wife and I have been comparing them to listsource and they do seem a bit cheaper.

I also have quick question for you concerning vacant land. I recenlty came across a piece of vacant land (improved) through CraigsList that is situated in the middle of a residential area. My only issue now is trying to value the land. I have tried to pull comps on vacant land but with little to no success. I have also tryied to pull comps on residential properties that have sold within the last six months but only came across 1 that was 2 miles away and sold for 70k. I was able to work the seller down to 15k from 18k.

From your own experience, is purchasing improved lots in residential areas at ~15k in say a neighborhood with an average price of 100k a good idea?

Thanks,

Bryce

Hi BP community,

My wife and I are private real estate investors here in Atlanta. We have a few deals that we might be closing on within the next few months but aren't exactly sure which exit strategy we are going to use on them. From what we have gathered , it seems that the most tax efficient route is to hold long term investments and short term investments in separate entities but we aren't sure which entities to hold them in (LLC, S. Corp, Sole Proprietorship with Liability Insurance, etc.)

We'd like to hold our investments in entities that give us the most tax benefits and asset protection. How should we proceed?

My wife and I are starting out here in Atlanta, mostly flips, but will eventually be looking into long term investments.

From what I recall reading, @J Scott you started out here in Atlanta and I was wondering if those rehab estimates are from your experience here in Atlanta. We've got a really great friend of ours who is a contractor but aren't sure what his going rates are yet... it would be nice to know ahead of time what to generally expect in our local area.

Thanks for the excellent post as always, we'll be following throughout!

Thanks @Barry Ratliff for the info. I wasn't aware either that there were programs out there such as this for investors. You're probably right on the state specifics, I'm going to try to reach out to some lenders and see what information I can find out.

For those in the Atlanta market, has anyone had any success going through one of these down payment assistance programs?

Hi BP community,

My wife and I are going to be purchasing an investment property whereby we are going to live in one side and rent out the other, thereby living rent free and cash flowing a little in the end, assuming everything pans out in our favor.

We're planning on financing this property via an FHA loan with 3.5% down. The purchase price of the property is near $400,000 so coming up with 3.5% down would be a little difficult in our currently situation and income. However, we came across a few different non-profit programs that offer grants to help cover costs of the down payment, so called "Down Payment Assistance" programs.

The one that caught our attention was the Neighborhood Gold Assistance Program. It will fund up to 10% of the purchase price, can be used on any type of property, owner occupied or investment, and does not have to be repaid. In other words, it is investor friendly!

Has anyone had experience or any recommendations with FHA loans and covering the down payment and/or closing costs with one of these Down Payment Assistance Programs?

Thanks!

- Bryce

Hi @Jim Ludes ,

My wife and I are starting to crank up our direct mail marketing to recently expired listings but this is the first time we are attempting this endeavor. We get about 3 properties auto-generated every day from our real estate agent but the listings don't have the sellers name or their specific mailing address, in the case that they don't live at the property.

Do you happen to have any tips on how to locate the sellers name and mailing address? Any tips on how to negotiate with the seller if they decide to call us?

Thanks!

Thanks everyone for all of your quick, helpful responses!

@Jon Holdman @Kris Haskins Just to clarify some details about the property:

The property is a duplex with as many rooms as there are tenants (1 person per room). It is <1/2 mile from Georgia Tech and students rent rooms on year leases. We had an in depth walk through of the property and everything seems to be in great shape!

With the tenants' current monthly payments, the property is bring in ~$3900 a month (and their rent is currently very low compared to the area). We are in agreement to purchase the property for $360,000. For a traditional mortgage our DTI ratio would be too high to qualify (<50%). But, the rent income easily covers more than a 30yr mortgage monthly payment (depending on the loan terms, it could even cover the payments for a 15yr mortgage with a low down payment).

Hey BP community,

My wife and I came across a property really close by to us that will be a great buy-and-hold investment in Atlanta. It is a two level home that currently has 7 tenants in it and will continue to lease the property out after we leave.

After doing the math, we will be cash flowing ~$1,500 depending on the financing. This is where our question comes in...

We typically don't do buy-and-hold investments but this one is a doozy! It would be our first property that we would own ourselves but we don't want to tie up a lot of cash into as down payment. More importantly, our debt/income ratio would probably be too high to qualify for a standard loan. We have looked into quite a few traditional mortgage options but they usually don't factor in the cash flow every month.

Does anyone happen to have any creative ideas as to how we can get this financed as an investment property?

Thanks!