All Forum Posts by: Harrison Ojimma

I'm glad I found this tread.... I'm working on this model in Georgia. Meeting some great people already in it. This is my way forward 

Good morning everyone

I need help saving a deal 

I have a homeowner that wants to sell their property. They owe $30,000 on the property mortgage, but the property is worth around $20,000. We discussed doing the deal via Subject To deal, where I would take over the title and deed of the property and the mortgage stays in her name. She asked what kind of guarantees can I provide her that I would make the mortgage payments and not default leading to foreclosure? I told her that she would see that the mortgage but that wasn't good enough....what can I do to save this deal or how can I structure it on the contract to make her not fear that I won't pay the mortgage?

What's the best way to do a subject to deal to get over this hump??

Good morning everyone

I have a homeowner that wants to sell their property. They owe $30,000 on the property mortgage, but the property is worth around $20,000. We discussed doing the deal via Subject To deal, where I would take over the title and deed of the property and the mortgage stays in her name. She asked what kind of guarantees can I provide her that I would make the mortgage payments and not default leading to foreclosure? I told her that she would see that the mortgage but that wasn't good enough....what can I do to save this deal or how can I structure it on the contract to make her not fear that I won't pay the mortgage?

What's the best way to do a subject to deal to get over this hump??

The owner just neglected them. Poor management...he never hired a property management company to oversee the property. Its is on city water and sewer 

Great Post @Michael Ealy....Funny enough I have a deal that is very similar to what you described in the works right now. I like how you were able to creatively find tenants within 60 days of taking ownership. overcoming the many unforeseen challenges. 

so here's the deal I'm looking at....what are your thoughts? any advice would be appreciated

I have a deal under verbal agreement at the moment until all the details are hammered out. This would be my first multifamily deal

Details of the property below;

• Number of Buildings: 11 buildings, plus 5 empty lots (potentially build more units in the future)
• Number of Units: 22 units
• Agreed Purchase Price: $132,000 CASH
• Repair Cost: $120,000 - $140,000 (**contractor priced repairs of each unit at $10,000-$11,000 per building - includes labor and materials**)
• Current Rent per Unit: $350/unit
• Gross Scheduled Monthly Rent: $7,700
• Gross Scheduled Yearly Rental Income: $92,400
• Current Vacancy: 87% (Only 3 of the 22 units currently occupied)
• After Repairs
• Rent per Unit: $425 - $450  (potential option is section 8 - section 8 pays $500-$600)
• Gross Scheduled Rent Income: $112,200
• Operating Expenses: $33,660 (garbage $2,000/year, electrical cost $200/year, water and gas on individual meters)
• Net Operating Income: $78,540
• Cap Rate: 9%
• **part of the repairs would be to convert all units from gas to all electric.

Plan and Exit-Strategy

Plan is to finance the property with a hard-money loan (purchase and repairs). Value of property after repairs and 95% occupancy will be roughly $872,000. Exit Strategy would be Cash Out Refinance the property 12 months from purchase date.

Good evening guys and gals,

I have a deal under verbal agreement at the moment until all the details are hammered out and I need some of your thoughts on it. This would be my first multifamily deal

Details of the property below;

• Number of Buildings: 11 buildings, plus 5 empty lots (potentially build more units in the future)
• Number of Units: 22 units
• Agreed Purchase Price: $132,000 CASH
• Repair Cost: $120,000 - $140,000  (**contractor priced repairs of each unit at $10,000-$11,000 per building - includes labor and materials**)
• Current Rent per Unit: $350/unit
• Gross Scheduled Monthly Rent: $7,700
• Gross Scheduled Yearly Rental Income: $92,400
• Current Vacancy: 87% (Only 3 of the 22 units currently occupied)
• After Repairs
• Rent per Unit: $425 - $450
• Gross Scheduled Rent Income: $112,200
• Operating Expenses: $33,660 (garbage $2,000/year, electrical cost $200/year, water and gas on individual meters)
• Net Operating Income: $78,540
• Cap Rate: 9%
• **part of the repairs would be to convert all units from gas to all electric. 

Plan and Exit-Strategy

Plan is to finance the property with a hard-money loan (purchase and repairs). Value of property after repairs and 95% occupancy will be roughly $872,000. Exit Strategy would be Cash Out Refinance the property 12 months from purchase date.

Please offer any thoughts or advice or questions on this deal that would help me. I have attached pictures as well so you can see the condition. 

So I have been driving for dollars. Searching the home owners in the tax assessors website. Found the owners and address. What or how can I find the phone numbers? I have only 47 homes to skip trace 

@Curt Smith Thanks for the advice Curt. I actually went by the GaREIA yesterday and i will be joining. the told me about the meet ups. thanks for the advice, nice meeting you

@Nicholas LaGatta Good morning Nicholas, thanks for responding. The reason we do not have any active projects at the moment is because we are just wrapping up a project with FEMA. our focus was not of real estate for the last few months. We have another business that also supports all of our staff members. we are definitely not looking to be wholesalers, we are looking for cash deals with at least 30k profit margin after repairs. focusing mainly on single family homes.

Hello everyone, I started a real estate investment company with my business partner and we have 4 staff members ready to rock and roll. We are having a tough time finding ideal real estate deals to get started. We have over 100k in funds and a strategic plan in mind. We need a solid wholesaling person or company or realtor that has worked with investors in the past to work with so we can get properties under contract.  Any advice or leads would be appreciated.