All Forum Posts by: Derrick Gordon

I was looking for a Template of a line budget to supply to contractors.  Does anyone know if it is in the Fireplace, or does anyone have one they could share. I know I need to get solid idea of material cost, and this is the most consistent recommendation I've heard. 

There is a REIA meeting on the 26th.

I agree with @Jason D. and @David Robertson - Ask your agent to get feedback. It should sell if the home is right.

However, here are something you can think of ...

1. Are your comps run correctly? Where are your comps in relation to your home. You may be priced wrong.

2. Is your street desirable? Is it growing? Is it on a decline?

3.  Are your finishes up to par? Does the home mimic successfully sold homes in the area with layout and finishing touches.

4.  Does the home have a history (negative one)

5. Does your Agent have a good relationship or a contentious one with other agents?

6. Who is showing the home? Are they doing good job?

7. Is the area a "singles" area, if so, are you trying to sell a "family home" in it. (If so, how are the schools)

There are so many things it could be, but it is probably something glaring. You need to find that out with so many showings and no offers.

@David Robertson

@David Cruice the three week wait is only a problem for me because when I send in my bid it is not as competitive because of Cash Buyers ability to close in a week. Hard Money takes 3 weeks if everything is buttoned up and perfect. I can not get deals under contract with a 3 week wait to close in this Atlanta market (for anything on MLS). I was wondering if there are Hard Money lenders that close faster, or any other way for me to get these home under contract so I can actually close the deals.

@Bob B.  I am looking for wholesalers who have deals that I can still make money even after they put their juice on the price. I figure if i go with a wholesaler, it will allow me more time to get closing done.

@Chris Ellis Im currently exploring the Business LOC option ... but this is a new company with no real history, so no tax returns to say how much I've made. working on some creative ways around that, but no dice yet.

Thank You Gentlemen

I have been spending a lot of time searching the web for deals in Atlanta. I have found a few in the last 4 months, but I have not been able to close fast enough because my lenders take a min of 3 weeks.  Are there lenders that that can allow for me to compete with the Cash Buyers who scoop up everything within days of hitting market. I think Im not sure if I need to switch my strategy to find off market deals, or contact Wholesalers. I feel like I am not getting anywhere, and know there are other things I can or should be doing. Can anyone offer anything in the way of advice or assistance. 

Finding a GC is a task in Atlanta area. I would recommend that you ask the people you know that made you interested in this field. We usually have someone right under our noses we could utilize but never think of it. I would also consider joining or attending a local REIA meeting and speak to people there. You can also troll the areas where you see investors are busy and see if you can snatch a few cards from contractors. If you are on a super time constraint, you can try reaching out on Thumbtack and see if you can get someone to come out and give you a quote, but ask them if they do Moonlighting projects.

Good Luck, wish you the best.

@Tom Arena If im not mistake (and i very well can be) the HML pay the money cash up front and i deal with points and interest on the back end. The Only calculator that allows for any points is BRR and that does not allow for points if its payed Cash (HML) only for a regular mortgage lender with up to 50% down.

On fix and flip calculator It does not go into as much detail as BRRR. It does not help me figure out holding cost depending on how im acquiring the house.

BRRRR calc gives most info, but then it's limited because if im selling and not refinancing its not as useful. I also don't like that if I pay cash (hard money) it wont calculate any points or interest.

The ATlanta contractor game is a real hustle because of how busy the area is, and nobody wants to lose the good contractor they found because they prob went through so many bad ones. My best advice is start with personal recommendations from friends and family in the area, try driving for contractors; kinda like driving for dollars, but you are looking in areas where there is a lot of investor activity and start collecting cards. If you still need something faster you may have to pay for a consultation from a sight like thumbtack and see if the contractors who show up do off hour work. Also join a local REA. South Atlanta actually has one, im sure you can go in there and network with other investors and see what advice they have to offer.

GOOD LUCK!!

MY DILEMMA:

I am investing in ATLANTA Metro area, bu I do not reside there full time, and do not have a GC on my team. I am encountering difficulties because I need to know estimated cost of projects to accurately get an assessment of the SCOPE OF WORK. This way I can work the numbers to see if the deal makes sense. I am also using hard money and I need to be able to show construction coast to get the appropriate funds for purchase. 

Does anyone have any experience with these issues or knowledge of estimators pricing? 

Its not FALSE ... but it won't be your deal. That is something you will have to Wholesale to someone with credit or Cash. 

I'm in a Similar position, your timing is off.  What you do is Take this time to rebuild credit and read and study. Study financing, Study Wholesaling (if that is something you desire to attack), listen to Podcast.

If your FICO is 640 ish, in 6 months you can be around 670-690 by aggressively paying down debt and getting a bit frugal for those months. You study your market and hunt for deals in this time, when your credit score jumps like 660 and you have some cash to play with, then Hard Money would be your best bet. That is currently my road map. Don't be in too much of a rush, people have been making money on Real Estate for Centuries, a few more months for you won't make or break you. Take your time to get right, but do  NOT procrastinate! Be Patiently Aggressive!!!