All Forum Posts by: Ebahi Ejerekhile

Does any one have examples of NDA I can use?  (Is that legal).  Just looking to move quickly on a deal. 

Any contractors that can give me an estimate on the cost of a new build.  The house on the current property will need to be taken down.  Lot is about .25 acre.  There is no garage. 

I'd like to create a 3/3 or a 4/3 between 2,500 - 3000 sq. ft.  I'd like to add a 2-car garage and a flat top (instead of a roof) since the backyard will likely be small. Let me know if you need more information.  

The house is north of Atlanta, GA.  If you are a GC please PM if you need to look at the space to give a better quote.

Thanks

Thank you everyone for your input.  I followed up on this lead this afternoon.  The individual I spoke with is a wholesaler and not the actually seller (I may have mis-heard him Sunday).  

He believes the actually owner will want the loan paid in two years.  He said nothing needs repairs but again this is coming from the wholesaler and not the seller.  The wholesaler thinks the seller would be willing to do a lease to own option however that is not in my best interest.  

The seller, according to the wholesaler, may also want to split the duplex so that he continues collecting rent from one side while we get the other.  The rent the seller collects would NOT go towards the purchase price. Again, this is all from speaking with the wholesaler who is neighbors with the seller.  

At this time, it doesn't seem like an option for me, however I am waiting to hear back from the wholesaler on terms.  I'd like to have 3-5 years to pay the full purchase price and I also don't want to split the rental income.

Hi BP, 

Hoping to get advice on a property in a C neighborhood (Westwood) in Atlanta, GA.  I want to caution that it's a deal I found yesterday.  So please tell me what I'm missing or forgetting and what I definitely need to ask from the seller. 

• Selling Price: $125K Appraised (according to seller at $130K)
  • Seller financing with $3000-$5000 down
• Income 
  • Unit 1 - $850
  • Unit 2 - $800
• Repairs
  • According to the seller it's been recently renovated. 
• Tenants 
  • Currently rented
  • Tenants pay all utilities
  • Section 8 (house meets regulations)
    
    • tenant 1 has been there 3 years
    • tenant 2 has been there 2 years
• Insurance and Taxes
  • $1450

I did not account for estimated repairs in my BP calc analysis however I did place 5% for repairs and maintenance, 5% for vacancy, 5% for Capital Ex, and 10% for management fees.   Cashflow according to BP calc is $600+. 

I have not discussed points or interest rate with seller.  I'm hoping he won't charge. 

Seller is an investor and is currently the PM of this property.  He is selling because he wants to invest more his area (Alpharetta).

Do you need more information to analyze? What other information should I get from the sellers?

 I am interested in using these lists.  How can I get in contact with Eric.  Does he email the list??  Also, what are his costs? 

I'll be in Chattanooga this week (Aug 28th) is there a meetup this week? 

In what situations will the seller agree to pay closing costs?  Is there a name for that? What have you found in the past that will allow sellers to pay carrying costs?

Thanks Luka, 

This is just the information I was looking for to help me understand how the seller helps you.

I am as well.  I heard it on the podcast with Gino and Jake would like to know more. 

Thank you @Jeremy Shellman  this is superb advice. Thanks to BP I have decided to pursue other investments. Thank you.