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All Forum Posts by: Ivan Jenkins

Ivan Jenkins has started 9 posts and replied 18 times.

Post: Real Estate Consultant & Broker

Ivan Jenkins
Pro Member
Posted
  • Real Estate Consultant
  • Greenville SC
  • Posts 20
  • Votes 2

This is a good question Ashley, one that I have posed to a few agents in my market which do the same. Needless to say, I didn't get a clear answer. It was easier to get paid a "consultation fee" for a transaction when I was not under an agency agreement. I'm sure the BIC would be willing to discuss this with his/her agent, but I'd be curious to see what agents here would think.

Post: Happy Birthday JScott!

Ivan Jenkins
Pro Member
Posted
  • Real Estate Consultant
  • Greenville SC
  • Posts 20
  • Votes 2

Happy belated birthday J. Scott! My birthday is July 8th which makes certain that I probably won't ever forget yours. I hope it was a great one for you! Thanks for the great critiques you gave me on the Riverdale deal! Take care!

Post: Regaining Confidence/Credibility

Ivan Jenkins
Pro Member
Posted
  • Real Estate Consultant
  • Greenville SC
  • Posts 20
  • Votes 2

Thanks for the feedback Shanequa.

Post: Regaining Confidence/Credibility

Ivan Jenkins
Pro Member
Posted
  • Real Estate Consultant
  • Greenville SC
  • Posts 20
  • Votes 2

I'm not a new investor, but I'm feeling like one all over again. After raising money for various deals only to see it lost due to scams and inexperience a few years back, I'm working to regain credibility with private investors and do deals again. Its an understatement to say its been tough to get over the fact that I let down my investors early on.

I've recently completed paying back several thousand to a friend that invested with me early on, and I plan to make right with all of my past investors. If there's anyone here that's dealt with a situation similar to regaining confidence and/or credibility after losing investor's money in the past, I'd like to hear what actions assisted you back into full fledged investing without the timidity after leading previous investors to disappointment.

Post: Any HML in Atlanta, GA that doesn't have Upfront Fees?

Ivan Jenkins
Pro Member
Posted
  • Real Estate Consultant
  • Greenville SC
  • Posts 20
  • Votes 2

I currently have a great potential rehab deal in GA. The deal has a buyer in place who has already signed a contract & made a deposit to purchase at our ARV! The only issue we have is cash, or lack of it. Deal looks like this.

ARV: $115k (apprasial done 5/31)
Rehab: ~$40k (2 contractor's bids done last week)
Purchase Price: $33k

Property is new construction that needs to be completed. All rough plumbing and electrical completed, mostly cosmetics need to be finished (i.e. flooring, cabinets, appliances, drywall in basement, deck, windows.)

Is there any HMLs out there that will fund on the strength of a deal without paying upfront fees? If so please let me know. I would perfer not to wholesale this deal, but I might be running out of time to get this thing done. Does anyone have any suggestions? Thanks.

Post: "Super Rehab Deal GA!" 4/3 Built in 2008- ARV $139,900, End Buyer in Place!

Ivan Jenkins
Pro Member
Posted
  • Real Estate Consultant
  • Greenville SC
  • Posts 20
  • Votes 2

We have a great wholesale deal this week in Riverdale, GA. This is a new, never lived in property available for only $50k. Estimated repairs are about $36k. But here's the kicker....WE HAVE AN END BUYER ALREADY IN PLACE! The buyer has verifiable proof of funds and has already made a deposit to purchase the property once the rehab is done for $139,900!

It doesn't get much better than this. We're unloading this to investors and rehabbers instead of keeping it ourselves because frankly,
we need the cash now to go put into other deals like this one.

Numbers look like this:

PURCHASE/REHAB ASSUMPTIONS
% of ARV
After-Repair Value (ARV) 140,000.00
Purchase Price 50,000.00 36%
Rehab Cost 36,000.00 26%
Total Holding and Closing Costs 2,580.00 2%
Total Project Cost Basis 88,580.00 64%

Total Cash Committed 88,580.00

PROJECTED RESULTS

Projected Resale Price 139,900.00
Projected Cost of Sale 11,192.00
[/b]Flip Profit 40,128.00
ROI 45%
Annualized ROI 181%

Timeline Assumptions:
Time to Complete Rehab: 2 Months
Time to Complete Sale: +/- 1 Months
Total Time: 3 Months

If interested, in seeing photos of the property or more information, feel free to email me at [email protected]. Thanks and we look forward to doing this deal and more to come.

Post: Best Strategy for Assigning Owner Financed Properties Buyers?

Ivan Jenkins
Pro Member
Posted
  • Real Estate Consultant
  • Greenville SC
  • Posts 20
  • Votes 2

Thanks Travis. This is very similar to the solution that I came up with. I'm working to put the right team together to make this work.

Post: Best Strategy for Assigning Owner Financed Properties Buyers?

Ivan Jenkins
Pro Member
Posted
  • Real Estate Consultant
  • Greenville SC
  • Posts 20
  • Votes 2

I currently have several buyers that are looking for owner financed properties. I also have several sellers that wish to owner finance their properties. I am curious to know what would be the best strategy to “assign” these seller financed deals to respective buyers. Do I contract with the sellers first, then assign to the buyer for a fee? Do I negotiate a lower down payment to be accepted from my sellers then have the buyer pay a higher down payment to the seller to have my fee as a kick back from the seller? I’m curious to know what’s the best approach.