All Forum Posts by: Deadrick Colbert

The only way that I would buy with negative cash flow is if I was taking over an existing mortgage that had a lot of equity in it.

@Michael Temple, I've only had it trashed a few times, but I regularly have to replace carpet and holes in walls, along with other items that don't seem to be an issue when renting to families. I've not noticed that it helps to put the parents on the lease. I think most kids just get away from home for the first time and taking care of a condo is the least of their concerns.

Just fyi, you will have a higher turnover rate with students vs regular long term rentals and each time that they move out you will have to fix the place up. I've had several student rentals. You can definitely make money on them but you can also lose money. I'd make sure that you had reserves and plan for vacancies and repairs.

Welcome to BP! Always great to see another South Carolinian on the site.

I think the best one is the UCREIA meetings in Greenville.

Monthly Meetings
When: On the 3rd Monday of the month
Meeting time: 6pm Coffee & Networking – 7pm Meeting Starts
Location: Embassy Suites Hotel, 670 Verdae Blvd, Greenville SC Driving Directions
Cost: FREE for Members and $20 for Guests

They also have monthly specialty meetings for folks that buy rentals, rehab, etc...Good Luck!

Welcome to the site.

I'm not in Texas so I don't know if you have this bank or not. Currently, I'm using a heloc that I got from BNC bank. BNC just got bought out so it is now part of Pinnacle bank. It was a very easy process and they used an electronic appraisal, which was a tad lower than the regular appraisal amount. Also, the interest rate was only 2% if I agreed to also open a free checking account, so I did that as well. I already have the house under contract and am closing in less than 2 weeks and will pay off the heloc then.

I'd also recommend checking with who you have your mortgage listed or any big banks as well. Most banks run specials on these type of loans. Good luck!

In South Carolina you don't need a title company to close, you need a real estate attorney.

The main reason that I go to meetups and reias are both to learn and to network with other investors. I've been to small meetups, and to meetups where there were close to 1000 people there. I don't have a preference for either one. I have both smaller and larger meetups. One thing that I have experienced is that SOME of the smaller meetings that I have attended were not organized very well and you would have several groups of people talking while someone up front was also talking. This was bothersome. I like introductions for smaller groups. I think it's important to have occasional guest speakers and you should have some sort of organization but also have a session for free flow. Free flow seems to work best in question/answer sessions or in deal making sessions. Hope this helps. Good luck!

Thanks for all of the great information! I appreciate everyone's honest and helpful feedback. Here is an update on the situation. My agent is also representing this buyer so I'm not sure who she is helping more, them or us. I only had this house listed for less than 2 days and had multiple offers on it so it's definitely a hot market. After the inspection, the buyer requested what I considered to be outrageous demands. I did not agree to them and told the realtor that if buyer was not interested in the terms to release the contract and relist the house and that's what I was actually expecting to happen. 

However, the buyer comes back with "well the inspector told me he's no roofing expert but the roof looks very old (It's 4 years old) and he's no foundation expert but there might be settlement in a corner of the house."  My agent has responded and said that the buyer is going to pay a licensed contractor and a roofer to inspect those 2 items and she wants to put a statement on the repair request tomorrow to get everyone to sign to that effect so it will give him the right to receive his earnest money back if there happen to be any major repairs. I'm fine with this. I don't expect anything to come back and it should ease the buyers mind plus the more money he spends in inspections, the more invested he will be in the house. The only thing that I hope does not happen is the roofer says "hey there is some hail damage" and buyer wants a new roof. If that happens, I'm walking away and probably just wasted another week that I could have already had it listed.