All Forum Posts by: Robert Collins

Lol yeah I’m talking about Columbus Ga , I made the mistake of putting too many commas I guess and my Columbus is popping up on all the OH People radar lol 😂 

Hi everyone,
My name is Robert and I'm a first-time flipper in Simpsonville, SC. I've done a couple of deals in GA where I've done some BRRRR homes now they are my rentals, I sold a house I remodeled in Augusta that I had tenants in for 2 years, and I've done some wholesale deals as well.
I'm currently under contract on a house in Simpsonville that I plan to flip. I'm looking for some advice on finding contractors in the area. I've done some research online, but I'm still not sure where to start.
I'm looking for contractors who are experienced in flipping houses, have a good reputation, and are able to get the job done on time and within budget.
I'm also open to any other advice you may have on flipping houses in Simpsonville.
Thanks in advance for your help!


I'm excited to get started on this project and I'm confident that I can do a successful flip with the right team of people around me. I'm looking forward to connecting with anyone who can help me reach my goals.
Thanks again,

Robert

Hi everyone,

My name is Robert and I'm a real estate investor based in Douglasville, GA. I've been investing in single-family rentals for the past few years, and I'm now looking to get into large multifamily properties. I'm excited about the potential for growth in this area, and I'm looking for partners and mentors who can help me take my investing to the next level.

I've done a few wholesale deals in the past, and I'm familiar with the basics of multifamily investing. However, I know that there's a lot more to learn, and I'm eager to connect with others who can share their knowledge and experience.

I'm open to investing in any area where I can get my foot in the door. I've done deals in Augusta, GA, Columbus, GA, Anderson, Greenville, and Spartanburg, SC, but I'm also interested in other markets.

If you're an experienced multifamily investor, or if you're just getting started like me, I'd love to connect with you. I'm looking for partners, mentors, and anyone else who can help me learn and grow.

Thanks, Robert

Hey Ama,

Deciding on your best move depends on several factors and your personal goals. Here are a few considerations based on the information you provided:

1. Evaluate your financial situation: Assess your current income stability, expenses, and financial goals. Determine if you have sufficient reserves to cover unexpected expenses or vacancies without relying on a HELOC.
2. Assess the cost and benefits of a HELOC: Consider the interest rates, fees, and terms associated with obtaining a HELOC. Evaluate whether the potential benefits of having additional available funds outweigh the costs and potential risks.
3. Review your investment options: Explore different investment opportunities, such as purchasing a turnkey property out of state for short-term rentals (STR) or mid-term rentals. Conduct thorough research on the potential returns, market demand, and associated risks of these investments. Keep in mind that STR investments may have additional considerations, such as local regulations and management requirements.
4. Monitor the market: If you're considering waiting to see how far the market will fall, it's important to stay informed about real estate trends and market conditions in the areas of interest. While predicting market movements is challenging, gathering data and insights from local experts or real estate professionals can help inform your decision.
5. Consider paying off investment property: If you have the option to pay off your investment property with the equity you pulled from your primary residence, evaluate the potential benefits of reducing your debt and owning the property outright. This could provide cash flow stability and eliminate mortgage payments on that property.
6. Seek professional advice: Consult with a financial advisor, real estate agent, or investment specialist who can review your specific situation and provide personalized guidance based on your goals, risk tolerance, and market conditions.

Remember, each investment decision comes with its own set of risks and rewards. It's essential to carefully weigh your options, consider your long-term goals, and make an informed decision that aligns with your financial circumstances and risk tolerance.

I hope this helps :)

Hey on this one, i reached out to like 5 of my real estate associates i was like" hey i need to find a buyer for this property" ill give you 50% of the deal if you can bring a buyer, i only had 1 person out of the 5 to even make a effort to look for a buyer, everyone else just got ghost on me lol, but the 1 is all that i needed and he sent a buyer to me, the came in closed quick and it ended but being a good deal. this actual property just had a makeover and its super nice, i think they are going to sell it for 500-600k, i can send the link to you in a pm 

no problem anytime 

Hi Dan,

Congratulations on the opportunity to purchase your grandmother's old home and turn it into an investment property! I can provide some guidance on the various aspects you mentioned.

1. Financing Options: Since the home will require renovations, you may consider the following financing options:

   a. Renovation Loan: Look into renovation loan programs such as the FHA 203(k) loan or Fannie Mae's HomeStyle Renovation loan. These loans can finance both the purchase price and renovation costs. You'll need to work with a lender who offers these programs and meet their requirements.

   b. Cash-Out Refinance: If you have existing equity in another property or have access to cash, you could consider a cash-out refinance on that property to obtain the funds needed for the purchase and renovation.

   c. Conventional Loan: If you have a good credit score and meet the requirements, a conventional loan could also be an option. You may need to have a down payment for the purchase price and then explore other financing options for the renovation costs.

   It's advisable to consult with multiple lenders to discuss your specific situation and explore the best loan options available to you.

2. Closing Process: Even if you're not using a realtor, it's important to have a smooth and legally sound closing process. You can engage a title company to handle the closing and ensure all necessary legal documents are prepared and executed correctly. A title attorney can also review the title search and provide guidance on any potential issues. It's recommended to work with a reputable title company or attorney experienced in real estate transactions in your area.
3. Communication and Agreement: Since you're buying the home directly from family members, it's essential to maintain open and clear communication with them throughout the process. Establishing a written agreement or contract that outlines the terms, purchase price, renovation plans, and any other relevant details can help ensure all parties are on the same page.
4. Renovation Budget and Contingencies: Since the renovation costs are estimated to be around $80,000 to $100,000, it's crucial to create a detailed budget and account for contingencies. Carefully assess the scope of work, obtain multiple quotes from contractors, and factor in potential unexpected expenses that may arise during the renovation process.

Remember to consult with professionals such as lenders, real estate attorneys, and contractors who have experience in the North Augusta, SC area to guide you through the specific regulations and requirements.

Wishing you success with your investment property venture, and I hope these insights help you navigate the process more effectively. If you have any further questions, feel free to ask!

Best regards,

Robert

Hi Jenna,

Congratulations on your upcoming development project! It's great that you're considering the option of dividing the lot into separate parcels for potential individual unit sales. Here are some considerations regarding the timing of lot division:

1. Zoning and Local Regulations: Firstly, review the local zoning regulations and subdivision requirements in Greenville, SC. These regulations will outline the specific criteria and processes for dividing a lot and creating separate parcels. Compliance with these regulations is essential to ensure a smooth and legally compliant division.
2. Pre-Construction Decision: It's generally advisable to determine whether you want to divide the lot into separate parcels before commencing construction. This allows you to plan and design the project with the individual parcels in mind. By dividing the lot early, you can consider factors such as unit placement, access, parking, and any other considerations specific to each individual unit.
3. Permits and Approvals: You will likely need to obtain permits and approvals for the subdivision process. It's important to consult with the local planning department or relevant authorities to understand the specific requirements and timelines for submitting the necessary applications. This will give you a clear understanding of the timeline for the lot division and when it should ideally occur in relation to the construction process.
4. Cost Considerations: Dividing the lot may involve additional costs such as surveying, legal fees, and administrative expenses for obtaining the necessary approvals. Be sure to factor in these costs when evaluating the financial viability and feasibility of the project.
5. Project Management: Dividing the lot post-construction is also an option, but it may involve additional complexities and potential disruptions to the existing structures. This approach could require modifications to the property, such as adjusting property lines or making structural changes to accommodate the new parcel divisions.

It's important to consult with a local real estate attorney or land development professional who can provide guidance specific to the Greenville area and ensure compliance with local regulations. They will help you navigate the subdivision process and advise you on the most appropriate timing for lot division based on your project's unique requirements.

Good luck with your development project, and I hope it proves to be a successful endeavor for you!

Hi Jassiem,

Congratulations on your journey into real estate investing and your upcoming first property! It's great that you're considering the BRRR strategy and house hacking, as they can be effective ways to maximize returns and minimize expenses. Let's address your questions and concerns:

1. Discount and Offer: While a 70% discount would be ideal, it's important to consider the market conditions and the property's days on the market. If the duplex has been listed for 30 days, it could indicate a potential opportunity to negotiate a lower price. You may consider making an offer that aligns with your financial goals while also taking into account the seller's motivation and the property's condition. Be prepared for possible negotiations and have a maximum offer price that you're comfortable with.
2. Calculations and Considerations: It's commendable that you've created a Cash-on-Cash return calculator and have factored in expenses and rental income. To refine your calculations, try to gather more accurate numbers for expenses by reaching out to local property managers, insurance agents, and contractors. Additionally, consider other factors such as vacancy rates, potential maintenance costs, property management fees, and any future market projections that may impact the value and rentability of the duplex.
3. Overall Strategy: Your strategy of house hacking and then renting out both units while refinancing later aligns well with your goals. House hacking allows you to live in one unit and generate rental income from the other, which can help cover expenses and potentially accelerate your savings for future investments. Once you've moved out and converted the property to a full rental, you can explore refinancing options to potentially access equity for further investments. Remember to consider the potential challenges of being a landlord and ensure you have a solid plan for property management.

It's worth mentioning that real estate investing involves risks and uncertainties, and it's crucial to conduct thorough due diligence, including property inspections and analysis, before making any investment decisions. It's also beneficial to seek advice from local real estate professionals and experienced investors who are familiar with the Atlanta market and can provide insights specific to your area.

Best of luck with your first property and your real estate investing journey!

Hi Aj,

That's a great question! The regulations regarding accessory dwelling units (ADUs) or guest houses can vary depending on local zoning ordinances and regulations in Connecticut. While I can provide some general information, it's crucial to consult with local authorities or a real estate professional to get accurate and up-to-date information specific to the Guilford and Madison areas.

In Connecticut, ADUs are generally allowed, but the specific requirements and restrictions can differ from town to town. Some municipalities may have specific zoning regulations, setback requirements, or size limitations for ADUs. It's important to research and understand the local regulations for each community you're interested in.

Here are a few steps you can take to gather more information:

1. Research Zoning Ordinances: Check the official websites or contact the planning or zoning departments of Guilford and Madison to inquire about their specific regulations regarding ADUs or guest houses. They can provide you with the most accurate and up-to-date information on zoning requirements, permits, and any restrictions that may apply.
2. Consult Local Professionals: Reach out to local real estate agents or property management companies who have experience in the Guilford and Madison areas. They can provide insights into the rental demand, any specific regulations they've encountered, and share their experiences working with ADUs or guest houses.
3. Attend Local Community Meetings: Consider attending local community meetings or zoning board meetings to learn more about current discussions or potential changes to zoning regulations. It can be an excellent opportunity to gather information and connect with other individuals who have knowledge or experience in this area.
4. Network with Local Investors: Engage with local real estate investor associations or online forums specific to Connecticut or the shoreline communities. Connecting with experienced investors in the area can provide valuable insights and firsthand experiences regarding ADUs and rental income potential.

By combining these steps and conducting thorough research, you can gather the necessary information to determine the feasibility of adding an ADU or guest house for rental income in Guilford and Madison, Connecticut.

Remember, it's essential to consult with local authorities and professionals who have expertise in the specific area you're interested in to ensure compliance with all regulations and make informed decisions.

Best of luck with your research, and I hope you find success in your real estate endeavors in Connecticut!