All Forum Posts by: Ellis Hammond

@Brad Dickinson What a great find! congrats. 

If it were me, I would use the loan offered to complete the rehab. You are not under a time crunch with no interest which gives you a lot of freedom and can do this thing right! if its your first time, this is a huge advantage. 

Once the rehab is finished, and units are being rented, I would refi into a bank loan at 30+ years and ride it out. Take your $60-$100k in equity and put that into your next project. Sure you are paying more bc you now have  a bank loan but you are also able to put to work the equity you made to make up for that interest payment. 

Do you your numbers. Figure out what you can rent it for. Determine ARV. See what type of finance options are out there. You can map this thing out and figure out best solutions. If not, reach out to me directly and ill be happy to help.

Hey @Eugene Cho! I also am in SD and attend the SDCIA real estate meetup most months. Look forward to connecting more! Reach out if I can help get you started or resource you in any way! 

Chad Baird also like to connect more about your business. Looking for more connections here in SD. Do you do CRE lending or single family? Outside of CA? PM me

Hey Chad Baird reach out and I can send you our latest deal deck on something we closed recently in Desoto (just south of Memphis). This was a larger MF property so not sure what your criteria is but could be helpful to compare.

I agree with Clint bc you have a partner. Protect the relationship. Without him/her tho a good umbrella policy will be ok for first one or two.

@chrisjensen Made a goal yesterday to post once a day to a thread! I’m typing on the app right now which is updated and a lot better than it used to be. Take the challenge with me?

Brian Erickson What size multi r you looking at? My partner in my most recent deal has been invested in the Memphis region since 2010 so we see the best deals coming out of there currently. If you want to get a piece of the larger stuff you can Pm me. If you are looking for smaller stuff in this area contact David Hutson for best referrals in that market for agents.

Hey Lito Excited about your real estate journey! Learn as much as you can and find a mentor! In regards to your question, like most have said, $150k is unrealistic here in SD currently. But I have seen some good opportunities in imperial from an agent I’ve worked with if you r looking to put in some sweat equity. Let me know how I can help further. Cheers!

@Chris Armstrong I'd be interested in talking about purchasing your place if still interested. I'd like to look at assuming your FHA loan and keeping your rate you have in place.

DM if so. 

Cheers

@Anthony White great job! would love to know how you felt confident investing out of state and how you started? did you find an agent first? if so, how did you build that relationship? 

What did you like about memphis market? 

Lastly, what is your passive monthly income goal and how close are you?

thanks for sharing!