All Forum Posts by: Curtis Rouse Jr

Does anybody have any recommendations for insurance companies that will insure a subject to purchase just in case the lender calls the note (due on sale clause). I already know this is highly unlikely especially if payments have been kept current, but would like to be safe. They can be either local or national. 

Feel free to message me as well. Thank you in advance!

Does anyone know in the state of South Carolina if there is a group of 4 people on the dead and 3 want to sell, but 1 person doesn't can they force sale by majority rule? Or do all 4 parties have to be in agreement to sell?

Hey @Maxwell Wuensch most end buyers of wholesale deal are looking for equity so it's possible but very unlikely unless you can somehow get some amazing cashflow after debt servicing and it's in a appreciating market. With prices country wide being at all time highs this would be very risky and you could put the original owner in the same situation they were just in. Best option is probably a short sale or let it go to foreclosure to reduce that balance. Best of luck and feel free to message me with any additional questions!

Hey @William Costello as others have mentioned the markets are scorching hot as a lot of the funds/institutions I work with are buying especially if it's a value add deal. A few turnkey groups, but everyone has money to spend and especially here in the Atlanta MFR market I'm in there is no downturn forecasted anytime soon. With rents steadily increasing 3% year over year which was the 2nd highest in the country driven by affordability, big tech coming in, low int rates and low inventory the positive net migration has been through the roof. Great time to be in real estate just be careful to analyze conservatively and not buying just to say I bought a deal in my opinion.

Hey @Miguel Hernandez I would reverse engineer it and first reach out to a wholesale friendly attorney's in your market and ask them in the "interview phase" who they use for their title search. Once you call a couple attorney's and you start hearing the same company, then there you go you have your title company or at least a top 3. Best of luck and I hope this helps!

Hey @Bryce Neal welcome to BP! So I would check out your local REIA, facebook groups and Meetups.com usually has some good local events for networking. That's a good place to start and I would also recommend reaching out to local people here on BP. Shoot them a message and see how they are networking. Best of luck and I hope this helps!

Hey @Marco Cepeda so CoStar/Crexi is a good place to start to see what inventory is trading for in the market, but I'm sure as you have noticed the listings are hyper inflated with compressing cap rates across the market. Most brokers/agents/investors like myself use the data to contact the owners and that's how they can build their buyers list when they have a listing and don't necessarily have to publicly list (some owners but not many oppose this for confidentially of current residence) and it goes as a pocket deal an institution/fund/investor who they feel comfortable with and know will close. So my advice along with using CoStar/Crexi or any software you decide to use is to also build relationship with your local brokers because they have a majority of the deals that are off market. In most markets there are a few brokers that control a majority of the inventory so start buildings those relationships now so they know you and about your business. Trust me we welcome this just make sure you continually follow up so we don't forget you especially if you are new or don't have any recent transactions in the space. The Atlanta Multi-family market has been just as competitive so you want to utilize all your resources as us brokers can be your best friend to grow your portfolio. Costar does vary on price depending on your specific market and how many licenses needed so as @Allison Pimentel alluded I wouldn't expect anything less than $400 - $600 monthly. Once you get it make those cold calls and get some deals so you can tell us all about it :)! Best of luck and if you ever have questions or need help with anything up here feel free to message me I'm glad to help!

Hey @Ben Trageser welcome to BP! As @Andrew Garner alluded to you get get the FHA @ 3.5% down and live in 1 of the 3 units and you can also get a 203k loan for the renovation if needed which can be packaged into the loan as well. This will increase your COC/IRR depending on your exit strategy. Best of luck and feel free to message me if you have any additional questions!

Hey @Jensen Bouzi welcome to BP and Atlanta. Congrats on what you have already accomplished I know to NY market is very expensive and competitive. I'm a MFR investor and commercial realtor as well so would love to connect and help out with any questions or market analysis you need. Best of luck and feel free to message me if you have any questions or need anything down here!

Hey @Ben Edgington check out Propstream, they have a lot of good list for finding off market properties like liens, foreclosures, vacant, absentee, etc. Also I would start driving for dollars, its an inexpensive way as well just takes some time unless you hire it out. Once you have a list get it skip trace and pound those phones. If you already have a nice size budget to get started you can do mailers in bulk but I like talking with sellers one on one so you can get a feel for motivation. Best of Luck and feel free to message me with any additional questions!