All Forum Posts by: Garrett T Colburn

Hey guys, so we’re starting to market and have got the ball rolling with that. We also started property management for some friends of ours and it’s starting to add up. We’ve got a flip going and our own properties as well. It’s getting overwhelming doing it all ourselves (my wife and I). The question we have here is, what tools or tips do you guys have for keeping a small business/startup organized and get systems in place? That seems to be the hardest part so far. With a lot to do and hardly any free time or the budget to hire anything right now, we feel like we’re chasing our tail here. We both work full time as well. So if y’all know of any tips that would be very appreciated. Thanks BP

So just a quick question and here’s a little preface of our situation as well. We own a couple rentals and are looking to add in some flips going forward. We have a deal under contract, And I may just be dumb or something but does the price we pay for this property count towards what comps the appraiser will use when we go to sell the home in a couple months? It’s “distressed” and I say it like that because it really just needs paint, carpet, and minor landscaping. Any pointers would be great, thanks in advance.

Independence bank in Owensboro and Henderson offer great HELOCS. Not too familiar with smaller community banks in Evansville. We invest in Owensboro which is about 30 minutes south from there. I would give them a try. 

So I’m under contract to close on a fha househack duplex. Both units are occupied but the tenants in Unit B are in process of eviction from the current owner, and that’s the side we’d be moving into to. I know I have to live there for this loan. We were supposed to close last week, but in the contact I put that the tenants needed to be out before we would close. They weren’t out and the owners court date for the eviction hearing was supposed to be yesterday. The courts pushed all civil cases like this back until April 14th due to Covid-19. I am not sure if it will be pushed back further. My question is, since I am needing to close ASAP for my loan to still be good, could I go ahead and close and put in the contract that the owner must continue with the eviction? (The owner is also a big time property manager in this city). He was the one who offered this option to us when we spoke to him. I have been told by my loan officer that we have 60 days to occupy the home after close. That should be more than enough time for the eviction to finish. Any thoughts?

@Brenden Mitchum thanks Brendon!

So I've came across this deal, sort of by accident but I just can't pass it up. The seller is extremely motivated. This will be a Sub2 deal if I can figure out how to actually do it. The person I've been speaking to is the sister of the owner, the owner ended up going to jail and could be facing foreclosure on his house. The sister is now his POA with the right to sell. They owe ~52k, it needs around ~10k in minor cosmetic repairs, and arvs at around 80k+. They deal they accepted is a sub2 with no cash down, I just assume the loan. How does this work? I know the basic concept but to be honest have no idea about the logistics between actually doing one. Can't seem to find solid answers anywhere I look. I spoke to my attorney yesterday and he's not too sure either. He was talking about a "due on sale" clause which I've heard of. Also this property is located in Indiana, and my attorney and myself are in Kentucky. Any help/advice on what my next steps are or how to even structure this? Thanks

@Tim Herman Thanks Tim! This helped out a ton.

Hey everyone, so my wife and I are about to close on our first Duplex. Our question is how should we actually prepare for CapEx? We ran the numbers on the BP calculator using 5% for the CapEx budget like Brandon Turner talks about in his webinars, but we were wanting to actually know what we should expect and prepare for. I have the book on Estimating Rehab Cost by J. Scott and that helps out a ton. A little preface about the property, it is a 3/2 each side, single story duplex. Built in 2009, so the roof, water heater, furnace, ect. are all still original. The property is in pretty good shape, one of the units will need the basics like paint and carpet off the bat after we close. Is there a certain way we should be budgeting for the future on this property? Sorry for the long winded question, any advice would be greatly appreciated.

Its a great group. Hope to see you there one month! 

Hey Randall, every second Tuesday of the month there is an investors meetup at the Courtyard Marriott in Evansville. A lot of local investors attend and share knowledge/network. You can find them on Facebook or Meetup.com at ORIC (Ohio River Investment Club).