All Forum Posts by: Christian Wamsley

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Investment Info:

Single-family residence wholesale investment.

Purchase price: $44,500
Cash invested: $10,000

Beds: 3; Baths: 1; Rooms: 5; House size: 1,025 sq ft; Stories: 1

What made you interested in investing in this type of deal?

The location and purchase price.

How did you find this deal and how did you negotiate it?

Found the deal through a friend and was a wholesale deal where the wholesaler had no offers.

How did you finance this deal?

Used my line of credit from another property

How did you add value to the deal?

Clean out the trash in around the property and replace the A/C

What was the outcome?

Still remain to be seen. Once repairs are complete the rent will increase from 690 to 750, which in turn increase the cash flow by 60.

@Bradley Davidson Yes, I am currently doing another one with them and use that to pay off this property. Then working on getting a line of credit for this property.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $73,500
Cash invested: $18,500

A single-family home that contains 1,194 sq ft and was built in 1980. It contains 3 bedrooms and 1.5 bathrooms

What made you interested in investing in this type of deal?

Already rented, ranch style, brick

How did you find this deal and how did you negotiate it?

Through a wholesaler

How did you finance this deal?

Cash then refinance it about 90 days later

How did you add value to the deal?

Waiting for the turn to add value, but let the tenants paint the interior of the property.

Lessons learned? Challenges?

Shopping for banks is easier said than done, but you are can control the terms.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Cadence Bank in this area is very easy to work with and provides very competitive terms.

@Paul Scammacca What jumps out me is house 4 ARV of 145K. I am pretty new in the business. I would buy the SFH and do nothing until the lease is up with the tenant. Once done, I would take a hard money loan do the rehab, put in a renter, then Refi. You can refi for the LTV or just what you have invested.

@Michele Zugschwerdt welcome to BP. I am an investor in the Augusta area. There are two local REI groups that meets once a month. I have a few areas you should look in but would like to know more on what you are looking for and goals. PM me to talk more.

@Kevin Butler how many attempts have you made at filing, speaking to the Supervisor, or making an appointment? I ask this because it might take more than a couple times. You can go back and play "dumb" about the process in attempts to build rapport and further understanding. The more you educate yourself about how they do things at the County Courthouse it will provide another direction to achieve your goal. Another method is maybe talking to the Sheriff to see if they can shine any light on about move forward or at the very least be different entry point into filing your affidavits. Sorry, I do not have an easy answer but in my opinion you are dealing with a situation that people lack the understanding and/or knowledge. If you do find a way I am interested to hear how you solve it. Good Luck!

@Jerry Swanson To put it simply, Yes. There are some many opportunities you can do with 20K. You can do the things as @Rex Celle mentioned or you can find a partner or use that money couple with a hard money lender. The key is not how much you have to start with, it is identifing were you want to be and having the motivation/passion to get there. You will find the way and we here at BP are here to guide you, if you need it. 

What a great find and investment! I am very interested to hear how it all turned out. 

@Joseph Firmin This is a great idea!

I would really enjoy meeting you to pick your brain and see your accomplishment. However, I too am out of town for an extended period. Can we set something up in late May, early Jun?