All Forum Posts by: Stan Butler

I track all of the HUD sales in my area that I bid on that end up selling to Owner Occupants. I continually followup on them to see if they end up back on the market as a flip. Its much harder to track if they become rentals because Im not about to go knock on the door to find out who is living there.

I haven't found anyone cheating yet, but I will certainly turn in anybody I catch flipping one bought as OO.

I invest in the Northern Atlanta suburbs and I would also love to find wholesalers to buy from, but its not as easy as it seems. In the almost 10 years I have been investing, I havent found one. Im sure there are some really good ones here, but I imagine that it is a closed circle. Like Manesh Hardeo indicated, you really have to do your own due diligence because most of the time you will get inflated ARVs and underestimated Repair Costs. One other thing to consider with your Hard Money to Permanent financing strategy is that your costs are front-end loaded with Hard Money. This may make it too costly to switch to other financing options and make the deal profitable.

We are pretty close to your targets with a double-digit SFR rental portfolio totaling near $2MM in loans. We have used about 5 different community banks to fund the deals, along with a few traditional banks. Back in the day, there used to be "blanket" loans for this type of scenario but I don't think they exist anymore.

I invest in the northern suburbs of Atlanta and I am pretty much seeing the exact same thing that Thomas described. There is a lot of money coming in and properties are going for prices that no seasoned investor would pay. When you couple the influx of money with a limited supply you get the frenzy that we have now....

Joseph M - We are a non-judicial state

JScott - do you use NREIG for both your flips and long term rentals??

I currently have AllState for my long term rentals but I cant get any more policies so Im looking to switch. I have been using American Modern for my flips because its quick to setup and I can pay quarterly. In both cases, titles held in LLC without any issues.

Use Firefox and look for a plugin called iMacros. This will let you "record" a macro (script) of the information you enter on the various fields. Then you can "play" it back to make subsequent offers. I have been doing this for the last 6 months with good results...

At least she didnt tell you that "You didnt build that...."

I am in awe that in 30 years this is your first time going to court. I had a very similar tenant in my very first property, but it has made me a better landlord since then. Some people just feel like they are entitled to things. I have gone to court several times, but never had to evict anyone since then. Its amazing how quickly people find money when there is an eviction looming...

Rob K, is it taboo to ask what insurance provider you are using?? I am in a similar position to where you were in that I have a bunch of SFR rental properties with their own policies. I would love to combine into a single policy and add and remove properties that I flip.

Im with J Scott on this one. I have yet to find one of these wholesalers.....

I get contacted all the time by people, but havent seen a deal yet. There are plenty of people trying to pawn crap in war zones on newbie investors, but I consider these to be spammers, not wholesalers. Im guessing the good ones stay below the radar with a closed group of investors.

I believe J Scott is correct. We got a HUD bid accepted about 3 weeks ago. We were talking with the listing agent yesterday and he asked what our offer was....

Also, you will notice that the FMLS Status is not always in sync with the actual HUD status.