All Forum Posts by: Erin Church

Hey Neisa,

I feel like getting a network of investors in the area is really helpful! You can start to get an idea of what all is wrong with a property if you walk some with others and can also get a feel for pricing. I know there are plenty of wholesalers and meetups in Atlanta. :) I'd start going to those gatherings, chatting with people, asking if you can tag along when they're walking a property, and have them share their thought processes as they walk. If you go to a showing that a wholesaler is holding, make it clear to other investors that you aren't buying this one - they will be more likely to share what they're thinking.

Also, all the things that @Alecia Loveless is great advice! Getting a contractor to walk a property with you when you don't already have a relationship can be challenging though. To get started, try to find an investor-friendly contractor and offer to pay them for their time, especially if they're walking a property that you aren't under contract with. 

Also, I hear there's a good book about estimating rehab costs somewhere (in the BP library) ;-) 

Hey Nate,

I feel that you're implying that agents need to be doing what wholesalers are and then bringing those to their clients. That's a great way to make a lot of money :) It's also asking agents to virtually turn into wholesalers. I have a tendency to bring wholesalers' deals to my clients (who are open to it) if it's potentially a good fit. 

If off-market deals are the way to go, do you think it would be better to be a wholesaler than an agent?

Hey Ayako,

I'm a little confused with your choices.  It sounds like you are charging the person with the disabled parent an extra $200 (compared with the second applicant). Is that right, or did I misread that? Also, will the person with the disabled parent have additional income that they didn't have before?

I'd suggest looking for FB groups of investors in the area. Ask them if they've heard of a couple of the contractors (I wouldn't give a list of 20 or anything) and also ask for recommendations. 

Have you also looked them up on BBB? Check there and check Google reviews. I agree with basically everything @Bruce Woodruff said as well. :) I once had a "GC" who had insurance to paint... which means I couldn't get his insurance to cover a few things that otherwise would have been covered. 

Sorry to hear that your mentor is a bit lacking in their knowledge on Section 8. If you're interested in Section 8, look up the town/county HUD housing. You can often find pricing for that area. There are also different rules in different areas. In Richmond County, GA, tenants cannot pay over the Section 8 pricing (so, using @Daniel McDonald's example, you couldn't charge $1150 for a 3/1). However, in Aiken County, SC, tenants can pay over the allowable amount if you are charging more than Section 8 pays.

@Richard Capers Jr

@Chris Momongan

Hey! I also did the move from Atlanta (Kennesaw) to North Augusta because of the real estate! (We moved a couple years ago.)

Are you attending any of the social/networking events? You can ask all kinds of fun questions to folks that have partnered up and learn from them. There's an hour-ish get together tomorrow (Thursday 8/24)...  tons of networking opportunities :)

Here's a list:

Monthly

The biggest event is the Augusta REIA (the second Thursday of each month) This is the only one with a cost ($20/mo or prorated $120/yr)

https://www.facebook.com/reiaofaugusta

And the second biggest is the Bigger Pockets Meet up the 4th Friday of each month - https://www.eventbrite.com/o/christopher-oyenuga-53272302923

There’s also Fit Investors Walk the 1st Saturday of each month at Savannah River Rapids https://www.facebook.com/groups/551851979899690

Cashflow (the game based on Rich Dad, Poor Dad) the last Saturday of the month at 8:50am - 909 Walker St (The Auben Realty office)

Weekly:

Tuesdays: 8:30am, Ubora - 1128 Jones St, Augusta, GA 30901

Thursdays: 6:30am, Sunrise Grill - 3830 Washington Rd #10, Augusta, GA 30907

Thursdays: 4:30pm – Sole - 1033 Broad St, Augusta, GA 30901

Friday: 11:55am – BBQ Barn - 10298 Atomic Rd, North Augusta, SC 29841

 Hey Ankit,

Are you interested in small multifamily? If so, I'd be happy to help or can recommend some other investor-friendly agents. :)

I like Rudnick and Rudnick in Aiken (they've found some title issues that McLeod missed on one of my deals). I also have used and like Zier Lawfirm in North Augusta, but want to warn you that he doesn't wire proceeds - only a check. So, that's a bit of a drawback. From what other investors have told me, he is able to close sub to and other creative financing options.

Seller credit will go towards closing costs. However, the amount of seller credit can be limited by banks. For conventional mortgages on investment properties, it's usually 2%. 

Because seller credits are not taken off of the sales price, the seller will still pay a commission on that amount to the broker.  Seller credits do not impact the buyer any differently before or after an appraisal and shouldn't impact the appraisal either. That being said, if a property doesn't appraise, there is a good chance that seller would want to reduce the seller credit/purchase price. 

As an example, assume a property purchase price is $300k, there is $6k in seller credit, but it appraises at $298k. It is likely that the seller will want to drop to a $298k purchase price with $4k in credits (or that they will at least try this). The buyer of course will want to drop to the appraised value of $298k and keep the $6k in credits.