All Forum Posts by: Dan Falcon

My agent and my property manager both give me feedback prior to purchasing a property. We will not go into a neighborhood that is less then C grade. 

MLS through my RE agent @Bryant Tumbelekis 

You need to form a team! Start with your RE agent, the most important part of your team if you are buying off of the MLS.

 I hear you! For my particular situation is not worth it. I live in NY. I would get taxed crazy unless I 1031’d. The benefits of depreciation, appreciation, interest write off, paydown & cash flow far out weight the 15k I would net from a sale! 

@Cole Raiford that is correct, repairs were on the HUD at closing.

@Patrick Menefee Brian Grubbs at Raleigh mortgage group. Drop my name if you use him! Remember this is delayed financing using the BRRRR method. They will finance 75% of ARV or 100% of HUD, whichever is lower. There is no seasoning period.

@Razak Amadu I am referring to the HUD-1, which is a standardized mortgage lending form

@Kunle Akangbe ARV is a tricky thing. I look for similarly sold properties within the past year or two in the same area. I also use my agent who can preform an analysis of the property for me. I always do my own research first, then combine it with agent feedback.

For this property the ARV was right on point. I have had homes appraise for higher and lower then what I expected. The reality is this, if it appraised for lower I may have had 5k stuck in the deal. That would have made my cash on cash return around 50%. Can't be angry at that!

@Robert Wiltshire my best advice is to check out all the Zillow listings for rent in your target area. Reach out to those property management companies and do your due diligence. How fast did they respond, how do they handle repairs, can they recommend contractors etc. there are only a handful in Fayetteville. Also use your agent for great referrals. @Bryant Tumbelekis is my go to guy. They can get you plugged into the market. Best of luck! 

@Justin Melendez The entire process took about 90 days