All Forum Posts by: Jamaal Taylor

Good deal

Give them notice that you will not be renewing the lease. 

How many lenders have you spoken with? 2 late payment that long ago wouldnt prevent you from a refi. Reach out to another 2 lenders.

1st order of business is getting all Documentation required to legally rent in your city. 2nd get the tenant to sign some sort of lease even if it’s just for 60 days so you’re covered legally if you have to evict for non payment or just non renewal. Get pictures for the inside of the property at the the time of signing. Have the tenant fill out a document that denotes the condition of the property and issues to be on the same page. Avail.co is a great resource to create leases, collect rent, make maintenance request etc…

More info needed to assess the situation. Can you handle a reno? Small, medium, or lite reno? How would you finance the reno? Are you planning on filing any documentation like subject 2? What will the property rent for once fixed? Are You Single or do you have a family.

Hey Puett!! I’m not sure. I’m not analytical in those ways. I’m more simple in my approach. Analyzing after repair values of single family and multi family property in my area mostly for cash flow. 
My live-in flip was in my “back yard”. I looked up prices of fixed up houses and used the 70% rule. I paid more for my property and repair cost so I was at about 75% but it still worked. It was an area I was very familiar with. In my opinion that made it easier to learn more because I could touch and see properties as often as I wanted due to proximity. IMO I recommend at least looking where you currently reside if your income, debt, and market allow. Def invest where you know if you can. You would def need some boots in the ground to invest out of state. A realtor, contractor, family member, friend, etc.. Makes it a lil easier. 
My next RE purshase was a triplex in baltimore. I decided on My current market mostly due to the affordability and it being a predominately African American city.   
Warning with brrrr, it is very difficult because there are so many moving parts. You have to be very sure about about the arv. I like to have a “cheat sheet property”. A comp that is within a mile(the closer the better) and improve the property no more or less than the cheat sheet property. This takes the gues work out of determining the values after the reno. Also need to make sure you have long term financing in place well before the reno is over. Reach out if you have any more questions. What market do you reside in?

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $100,000
Cash invested: $10,000
Sale price: $179,900

Live in flip. Bought and fixed it up over 2 years. Used an fha title 1 loan and cash from a 401k loan. I was cut a check of 48k at closing. 6k was used to pay off a 12 month 0% finance deal on the roof.

What made you interested in investing in this type of deal?

I made 13 an hour for years. Started listening to real estate podcasts like millionaire mindsets, black real estate dialogue, and CC smack. Decided that I could do the same

How did you find this deal and how did you negotiate it?

It was a foreclosure in the hud website. It qualified for 100$ down. 5 minutes from my job at the time. Paid full price which was 100k

How did you finance this deal?

I used fha financing. There was an hud program it was only 100$ down

How did you add value to the deal?

Redid the entire interior of the house. Both baths, kitchen, paint, and roof. A little landscaping.

What was the outcome?

Bought 11/27/2018 sold 9/23/2020. Was cut a check for 48k at closing.

Lessons learned? Challenges?

Besides taking a loan from my 401k I had no idea how was going to finance the rehab. Luckily I searched and searched and found the fha title 1 loan.

I want through a couple contractors. My best friend essentially saved my project with his finish work. He’s also a general contractor.

Pro tip. Reach out to people in your circle to help you. If we look deep we know people with a wide array of skills

My market(Baltimore)made the list. Massive properties in some areas that are singles that can be turned into small multis and the process is a lil easier here than in other places