All Forum Posts by: Dwayne George

@Ty L. I do have interior pics. The pictures are grainy and poor quality, but I've attached them to this reply.

MOTIVATED SELLER!! MUST SELL! JUST APPRAISED FOR $100,000! CAN SEND A COPY OF APPRAISAL UPON REQUEST. I HAVE TENANTS READY TO MOVE IN AT $875/MO- THEY'RE JUST WAITING FOR ME TO SELL IT SO THEY CAN SIGN A LEASE WITH THE NEW OWNER. THIS HOME COULD EASILY GET $925/MO! GREAT YIELD AND RENTAL INCOME STREAM!!! GREAT HOME WITH CUL-DE-SAC LOCATION, VINYL REPLACEMENT WINDOWS, APPLIANCES UPGRADED; VANITY UPGRADES. HOME HAS CITY WATER AND SEWER. owner- DJ George (803)354-3149.

@Patrick Lorang  I was wondering how the deal went.  Did you end up getting the house? What kind of strategy did you use to get your down payment money? How are repairs, and searching for a tenant going? Just curious!

My wife and I are looking to sell our rental property in order to use the capital to open a small business. The property is in great condition and has perfect tenants. They keep the house cleaner than I keep my own house. The property rents for $925/mo with a $100 discount for paying on time so the tenants actually pay $825/mo.  They have said they want to stay long term but would be open to discussing breaking the lease with a new buyer. You  could continue to rent to them, or do a quick flip for a $20,000 profit. The house was just recently appraised for $100,000. No need of repairs, great condition, great neighborhood. 

@Mindy Jensen thank you! I'll check out commercial loans. 

@Bill Richard thank you for the advice and the heads up! The property was once 22 2 bed/2 bath townhouses. One of the previous owners converted it into 39 1 bed,  2 2 bed, an office and a coin laundry room. The current owner is in the process of re-converting some of the 1 bed back into a 2 bed. The tenants are definitely low income, but they take care of the property.  I have not seen any of the rental history yet.... but the building is 100% occupied other than the units being renovated. 

I think I found a good deal!  There's a 41 unit apartment complex in Eden, NC (close to Greensboro)  31 of the 41 units are currently rented.  The other units are being renovated.  39 of the 41 units are 1 bed/1 bath, 2 units are 2/2.  The 1 bedroom units rent for $450/mo landlord pays utilities- water, electric, sewer, trash. The 2 bedroom units rent for $650/mo tenant pays utilities.   They are asking $499,500 for the complex.  ....Here's the problem...I don't have the money to buy it!  I have very little to put down, and there's no way I could get a conventional bank loan for $500,000 with my taxable income.  Could I get a hard money loan?  How do these work with buy and hold properties?  Could I get a hard money loan, and show the income from the apartment complex to refinance in 12 months or so?

 I was wondering if anyone has ever used, or heard of fundingforflipping.com. They claim to offer a 12 month 0% financing option. They ask for an upfront fee, and if you take longer than 12 months to pay back your loan, you must start paying interest- which I assume is very high. Does anyone know about this company or any other companies like this?

I guess I kinda asked my question in the subject line... I was wondering if anyone has ever used, or heard of fundingforflipping.com.   They claim to offer a 12 month 0% financing option.  They ask for an upfront fee, and if you take longer than 12 months to pay back your loan, you must start paying interest- which I assume is very high. Does anyone know about this company or any other companies like this?

Hey @LaSaundra Spencer I'm interested in flipping houses in the Gastonia/Mt. Holly area. Have you seen any good properties there?

-DJ

Hey!

I'm a newbie in Greenville, NC.  I've bought one rental property in Wilson, NC. My father-in-law lives in Shelby and is interested in getting together and flipping some houses in the area.  Shelby does not seem to be growing very much...but I know Charlotte has been growing like crazy! We're looking for fix-n-flips in the Gastonia/Mt Holly area. @Tyler Watts @Troy Knight @Account Closed @Larry Sarpong Any advice for a newbie in the area?  Where are some places to stay away from?  Where are some great places to look? How do you find your deals?

Thanks!