All Forum Posts by: Chad Thomas

@Chris T

I have started those conversations.  I think they seem to want to just sell it and be done with it...so trying to figure out the financing now...

Thanks though!

@Lydia S.:

Still trying to get that info.  But I think they are beyond the original 1 year lease.  However, I do know that they are way behind and not likely to catch up.  As of right now, they're trying to convince the owners to let them try and get a loan for it.  Seems like folks that far behind in a lease might likely not have great credit though.  Could be a stall tactic to delay the inevitable.  Anyhow, I have asked the owners to let me know if they decide they're tired of waiting and ready to sell.  I want to try and help them out and I do think this is a great rental property but I just don't want these tenants obviously.

@Chris T.:

@Chad Thomas - if the sellers own the house free and clear, have you spoken to them about seller financing?  There is lots of information on BiggerPockets about it.  As the lender they can determine the terms they want (down payment, rate, term, etc.) and there can be financial benefits on their end by not receiving a lump sum payment in terms of taxes and receiving interest payments.

Best of luck!

Ok, so I have an opportunity to purchase a 3br/2ba SFH in Concord, NC for 85K. Looks like a potentially great rental as Zillow has rent zestimate at around 1100. I was probably going to just shoot for 1000. Thinking I could have as much as 500 monthly PCF...maybe even more. I've already got pre-approved with Quicken but they want 25% down...which could be close to 26K out of pocket at closing. Might be able to go with Wells Fargo (who I work for) ...at 15% down, plus 1/8 to 1/4 pt off and half off processing fee (for being a team member). That seems like a no-brainer. However, there are a couple concerns or things I'd like to get input on if possible:

1) The sellers own free and clear and haven't even listed yet. They're actually my ex-in-laws and I have a great relationship with them. They know I want to get into REI and they have several other properties that I might be able to get eventually too. They're in their late 70s/early 80s and looking to start parting with some of their properties. Needless to say, they're pretty well off! What's best approach at possibly getting this property without putting money down? I'm just getting into REI and not quite got a supply of cash yet! I do have one rental already and have pretty good credit (mid 700s). Won't have access to the up front money for another 5 months though :(

Thoughts...suggestions?

2)  They do have tenants in this house right now that have unfortunately taken advantage of them and haven't paid rent in close to a year.  So, was hoping to leverage that as a way for them to get rid of the headache!  However, having said that...I do not wish to "inherit" that headache myself.

What's best approach with that?  Should I offer to help them with eviction process on these renters (or "squatters I should say)?  Not sure what proper course would be...

Thanks in advance for any good insight guys !!!

~Chad Thomas

Hi @Cedric MaconI have a lot of friends from Salisbury area.  I play golf up there a lot too!

Looking forward to connecting with you soon and finding out what kind of deals you have going...
Best of luck man!

Thanks for reaching out

@Aaron Aguilar

I'm going to check out how to attend or setup meetups.  Look forward to meeting you man!

Thanks @Stephen Kiser

Actually out of town this weekend...but I'm definitely interested in attending one of the meets soon!

Looking forward to getting your thoughts investing in the Kannapolis / Concord area too...

Have a great weekend!

Thanks @Audrey Truesdale

Look forward to talking with you more and maybe a meet at some point!

Originally posted by @Tomas Chao:

Welcome @Chad Thomas to BP. All the info that the guru was pushing can be found here for free. Start reading the blogs and listen to the podcasts. There is a lot of info here. And if you can't find it just ask. This is like a giant mentor waiting to answer your questions. Check out some of the local meetings. You can find them on meetup.com. There is a meeting most days every week. Best of luck 

Thanks Tomas.  Definitely going to check out some meet ups.  Look forward to talking with you more sir!

Hi folks! My name is Chad Thomas and I'm new to BP and to Real Estate investing also. I'm from Kannapolis, NC (just north of Charlotte). I work for Wells Fargo in Retirement Technology as an IT Support Manager (supporting the 401k line of business). Been with the bank for about 17 years. Before that, I served almost 10 years in the US Navy. I have always had an interest in Real Estate investing but just recently decided to learn more. My wife and I attended a 3 day seminar in Charlotte a few weeks back just to start building a foundation and figure out what direction we might pursue. It was quite an interesting experience but overwhelmed a little toward the end (with the up selling pressure). We didn't bite! Lol We have a few friends in the area that have done well and hoping we can get some mentoring and consulting without having to shell out 30-50 grand! Plus, it seems like BP is going to be a great source of education and networking. We do have one rental property as a result of buying another primary residence a couple years back. But very excited to get more going! We are looking forward to doing some light wholesaling and maybe some flips eventually but my main goal is to target the passive income stream and get enough rentals to supplement our retirement plans. But who knows...if things go better than expected, maybe I'll dive deeper and start eyeing an earlier retirement. Financial freedom does sound appealing!! Can't wait to start meeting new friends and possibly developing some valuable relationships! Cheers, ~Chad