All Forum Posts by: Douglas Harris

Hi Nita. I'm actually in the process of doing a cash out refi for this property with a few more properties I own into a portfolio loan. The property still has a solid tenant and even more equity. 

Great terms for seller financing! Assuming conventional financing is not an option, you could reach out to a private lender (family and friends) to fund the rehab. Another option would be to contact a hard money lender. HMLs would be able to fund the entire deal and give you money for the rehab; however, this would come at a higher interest rate (5%-12%). If you go with this option, I would recommend having an exit strategy to refi out of the HML into a loan with better terms.

I hope this helps. Don't hesitate to reach out if you have any additional questions.

Hi Brandy.  Congrats on your second property!
I'm a new investor in the area and would love to meet more REI investors, such as yourself . Do you know of any local REI meetups? Also, if you do not mind me asking, why did you decide to invest in Highlandtown / Patterson Park? I'm not familiar with the area.

Investment Info:

Single-family residence wholesale investment.

Purchase price: $112,000
Sale price: $112,200

My first whole sale deal

What made you interested in investing in this type of deal?

This property had a decent amount of equity. The seller only owed about 65k. The ARV was 195k

How did you find this deal and how did you negotiate it?

I told a friend from my church that I would like try to wholesale a house and he knew someone that was in foreclosure

How did you finance this deal?

No money needed.

How did you add value to the deal?

I didn’t have to add value to the deal

What was the outcome?

I was able to find a buyer for the house in foreclosure. I assigned the contract for 12k

Lessons learned? Challenges?

So many Challenges!
- the property was out of state so I did not have any cash buyers
- I only had two weeks before the house went to auction
- I found a buyer but her dropped out last minute
- In order to find a new buyer I had to go back a negotiate with the seller
- The lending company was not helpful with providing documents for pay off
- I found out two days from closing that the seller was married but separated. She didn’t not know where her husband was

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

No

BP family, 

I have a wholesale deal that I almost have under contract (pre-foreclosure) ! All the numbers workout just fine; however, there is one issue. The seller is separated from her husband, but not divorce. She is the only person on the deed; however, from what I'm seeing online both the seller and her husband have to sign all documents because he at one point lived at the property (paid bills, made repairs, invested in the property). 

To make things more complicated she thinks that he is incarcerated and we have to close before the house goes to auction. Has anyone had any experience or could give me any advice? Is there any documentation we can get the husband to sign before closing?    

Hello BP family! I’m looking for cash buyers for a flip in Dallas Texas (75241).

@Reginald Truss I sent you a message. Thanks in advance for your help! 

@Reginald Truss correct 10K is what I would  need.  @Anthony Dadlani thanks for the suggestion. I’ve heard many stories of investors wishing they had partnered with someone sooner. Definitely the way to scale. 

Hello BP family. I have a duplex in Washington DC that's in need of ~10k of renovation work. My strategy for this property is to BRRRR it. In order to refi this investment it needs to cash flow so I'm in search of an investor/ private lender who would be willing to help. I can send over all information and discuss future terms of the investment.

@Tom Gimer thank you! Awesome advice! I did not think about starting a claim with my title insurance policy. This is good news especially if I can continue with the refi while the deed is being recorded. I will follow up in the post to let everyone know how this worked out! 

Thank you @Marc Winter. The owner I believe is out of town. I’ve thought about reaching out to her.