All Forum Posts by: Hemanth Grandhige

@Stan Butler ,  Do you use an agent in the Atlanta area that you would recommend for builder's risk policies?  Would love a recommendation.

Thanks!

@Ac Choudhary search the forums for Portfolio Lenders or Hard Money lenders.  There are many other threads that can help you with the details on both of these.

The other option I know if is to find other investors to work together on.  If you can't get a loan maybe they can and you can either bring money or experience to the table. 

Or you could find enough investors to buy the property for cash.  

Some of the early podcasts on Bigger Pockets talk about creative financing options.  Check them out.  

Good luck!

I don't think anybody can predict what will happen by giving out a combination or if it will be shared with others, etc.  However, I've worked with many brokers and other sellers who have provided me their combinations.  I've even found that other investors use the same combination for all of their properties. I see why thats easy for them to maintain but wow... talk about risk...

If other investors are handing out their combinations you may be required to "go with the flow" just so you get the same access to the market.

Just my opinion and perspective but hope that helps.

Have you checked the county tax records?  That usually does it for me.

If not, then check with the neighbors or the HOA. If they don't have the information they can probably point you to a relative or other contact.

Good luck!

@Daniel K Adderly Have you checked with the neighbors? Many times they are keeping an eye on the property. Also, if there is an HOA then they will often have the necessary information.

Hope this helps and good luck!

@Rick Baggenstoss Thanks for the reply.  We thought about contesting but in the end we let the deal go.  The problem was there really aren't other duplexs in the area.  We knew rents in the area and the place was occupied so perhaps we could have done a valuation based on income.  I just wasn't sure of the information I could provide and the relevance. 

The seller didn't have any incentive to lower the price as they were not in a distressed situation.  They had many properties and wanted to downsize their portfolio.  They sold something else instead.

Thanks everybody for the help.

I think most of the posts before me have answered your question adequately but I wanted to add that homepath properties can be had by investors for only 10% down.  A good option for new investors.

I don't know if it's specific to your area but in Atlanta I've found multiple quads and six-plexes on the MLS. I've also worked with brokers who specialize in the multi-family market. They generally have e-mail lists where they fire out deals.

Hope this helps. 

Hemanth

Curt, thanks for the reply.  I guess the reason I'm still interested in turning the deal into something is b/c my calculations show that as a rental property it would be quite profitable.  Even at my current offer price. 

The appraiser couldn't find a comp in the area for a duplex.  They had to go 10 miles out to a much poorer area. So I don't trust the bank's comp.

Feel free to correct my line of thinking... if I need to just move on, i'd appreciate the honesty....

I'm hoping for somebody more experienced than me to help me out with a deal. I found a duplex in my area listed for 139k recently. The agent happens to be a good friend and we put in an offer at 130K. This was the exact amount the seller has remaining on their loan. I ran the numbers on it and the ROI was in the 15% range... pretty good in my book.

I also know there was another buyer willing to pay full price for the property and was going to live in one unit himself.  However he didn't have the 20% down that the bank was requiring. 

We went through the inspection... needed some work but nothing crazy... but the house didn't appraise... they couldn't find any duplex comps in the area so they went 10 miles out to find a comp.  The appraisal came back at 85K.  

I've asked the questions to see if the seller's loan is assumable and what the interest rate is etc... 

Now I'm wondering if this is a "subject to" opportunity... to bring the other potential buyer back in.  

Any advice would be much appreciated!