All Forum Posts by: Constance Chambers

have you actually read over your policy?   make sure to compare apples to apples. dont let Proper add on anything unnecessary & Shopping around will keep your brokers competetive.   Get other quotes and bring them back to Proper to see if they will beat it. 

I always max my deductible knowing i could afford a repair of up to 5- 10k out of pocket.  It will be what your personally comfortable with. 

Ive definitely seen most of Ga small MF market leaning to all cash., we've been rejected by several sellers even with full price offers due to all cash offers...in North Ga. areas for over a full year now. We are looking into atlanta area, up towards Chattanooga (more rural than metro) and are looking to JV with an Investor and dive into larger MF (but less than 20-30) and Mobile home parks. However, id add to keep making offers...we were chosen once over others (we offered 5k above asking) because the sellers had worked with our lender of choice previously and liked their behavior. another tactic ive used successfully was offer more earnest money, 2k for example.

good luck. and work with more than 1 realtor and get into a zoom REI meetup

@Alex Bekeza

Every realtor I’ve used to buy & sell my homes with tell me the opposite & write up any offer (not using traditional lending) as cash offers. Our realtor that sold our most recent home, who also owned her own mortgage brokerage at one time, explained this to us in 2017. I have a good friend who buys multiple properties yearly with a silent investor & makes all cash offers on his investments, although he has none of his own money on the table. He’s already good for the money (been vetted). I’d never find anything “after” due diligence, because I’m very aware of the deadlines on all contracts. I’ve been buying houses since 1992. It works & I’ve seen it work multiple times over.

@Hanna Parker any loan that does not use traditional bank mortgage lending is a cash offer. If you have a hard money lender in place, then you are making a cash offer. Your HML is your investor, your realtor should have explained this to you. You may need a realtor to make your offers that understands realestate investing. get to some local REI's in your area to make those connections. Most HML's will be able to close quickley as well, within a few weeks.

@Scott Rogers Thanks so much for looking at this. We are getting a contractor out to the site ASAP, in the meantime this is my rough very conservative estimate (based on previous rehabs, and built 5 houses personally) This neighborhood in Athens, GA is very desirable, near hospitals and is considered downtown...so we could potentially turn this into a STR, especially with the amazing view of the backyard (creek with bridge, high elevation and a large deck runs the entire span of the back of the house) as long as the neighborhood allows it (our realtor is checking into that as well). 3rd backup plan is to move into it, and get a standard mortgage based on the ARV...i would love to live in this neighborhood. this area is hot...the only reason it hasn't sold is because its smelly and needs a big renovation.

I really need help with understanding how to run the numbers when hard money is used for the purchase and rehab. If we have 20k to put down, and we use hard money or private money (at 10%..hypothetical) for remainder of purchase and to finance the rehab at 100%...so that's 150k from HML, plan for 6 month rehab (or should we plan for longer? since this is our first flip) do we pay interest only each month for the life of the loan? If interest only, then the monthly carry cost will go down by 700.00...i used a regular mortgage calculator. does anyone actually have a HML they would recommend. I dont like just going to the marketplace and submitting information, already did this before and had way too many phone calls ...and most were very pushy /rude/ felt scammy/ and not helpful

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*This link comes directly from our calculators, based on information input by the member who posted.

@James Gates LOVED your thread here...learned tons. We are investing in MF so far but are looking into a flip/BRRRR type properties as well since the MF are snatched up so quickly by cash buyers and BIG out of state buyers in our preferred area. Do you have 3 partners on this deal? you state in your story you and your partner had no liquid cash...had to get an equity partner to buy this deal and finance the rehab?

awesome thread so far neighbor.  cant wait to hear more.  We are definitely interested in alternate financing sourcing...and subject to is on my radar. Did you take a course from Ron or was it all self education? 

@Cory Iannacone Amazing journey and great stats... took notes and added names for future contacts from this post. We are 2 duplex's in with our journey. I too am in real estate school online to get my license in order to access the MLS quickly as we keep missing out on deals in our selected areas because we both work FT and haven't found a reliable realtor to keep us in the loop as listings popup. Everything MF here is under contract within 24hrs of hitting the market, and most sellers wont allow even a showing until binding offer!! Curious, are you using the BP calculators to run your numbers or do you have your own spreadsheet? Are you managing your own properties so far and if so, do you plan to continue this practice and how much are you factoring in for Property management cost monthly?