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All Forum Posts by: Colby White

Colby White has started 6 posts and replied 18 times.

Post: Seller Needs More Time

Colby WhitePosted
  • Georgia
  • Posts 19
  • Votes 1

I have a seller looking to sell but is requiring up to 90 days to remove all of their equipment from the property.  They ran a motorcycle business from there and have parts and equipment all over.

I believe it can be a good BRRRR property, however, the additional time needed to completely vacate the property is an issue. I want them out soon as possible, if possible. Any suggestions how to help them get out sooner that is safe for me and them?

Post: Newbie Tax Delinquency Question

Colby WhitePosted
  • Georgia
  • Posts 19
  • Votes 1

I've found a few tax delinquent properties via my county's website.  The properties are going to auction very soon.  Question:  Am I able to reach out to the property owners at this point of the process or does this mean that the county now has possession of the properties? 

Post: 1% Rule Clarification Needed

Colby WhitePosted
  • Georgia
  • Posts 19
  • Votes 1

I need some clarification on the 1% rule for value add buy and holds.

Is the 1% a percentage of the purchase price of the property or of the total costs involved e.g the purchase and rehab?

Post: HELP! At My Wits End!

Colby WhitePosted
  • Georgia
  • Posts 19
  • Votes 1

@Will C. Yeah, the seller bought the property almost 20 years ago for 77K. The property is in such shape now that it doesn’t warrant that price anymore. They’re wanting 78K. Straight cash, outright, no one could purchase it, make the repairs, sell it OR rent it and make money.

Post: HELP! At My Wits End!

Colby WhitePosted
  • Georgia
  • Posts 19
  • Votes 1

@Bryan Devitt yep, the exact scenario you described. I’m hoping that a pre-payment penalty will calm their fears. For a buyer, this is a long term buy and hold

Post: HELP! At My Wits End!

Colby WhitePosted
  • Georgia
  • Posts 19
  • Votes 1

@Michael Ealy the buyer wants cash down. They feel like they’re being too generous and giving the property away by dropping the purchase price. I’m not sure they’re realizing they’re making it up (plus some) on the back-end. Not to mention the taxes saved because the money is spread out over time

Post: HELP! At My Wits End!

Colby WhitePosted
  • Georgia
  • Posts 19
  • Votes 1

@Rob Massopust even though I’m looking to wholesale the deal, this is what i proposed to the seller...they’re stuck on the upfront cash even though the can make more financing

Post: HELP! At My Wits End!

Colby WhitePosted
  • Georgia
  • Posts 19
  • Votes 1

@Jason D. The price points are so low in this area and the property needs so much work that i honestly believe a buy and hold is the only way to make money

Post: HELP! At My Wits End!

Colby WhitePosted
  • Georgia
  • Posts 19
  • Votes 1

@Scott Jensen i wish i could like this twice! Thank you!

Post: HELP! At My Wits End!

Colby WhitePosted
  • Georgia
  • Posts 19
  • Votes 1

@Jason D. Is 10 years reasonable?