All Forum Posts by: Jared Garfield

Being in a landlord friendly state is crucial when investing.  Some liberal states have dragged this much longer.  It was a merciful step to  make sure people were not on the streets during the pandemic, but now that it is largely passed, this is a good move.  Hopefully stimulus money will help people catch up so there will be less trauma during difficult times.

We have a few properties that were purchased for r or five years ago and have solid returns, what are you looking for?  Be careful of prairie soil, Montgomery has foundation problems in a few areas of town and it’s important to not buy in those areas.  We’ve really loved the Dalraida and Forest Hills area.  How can I help?

@Ashley Wynn River Bank in Montgomery is very favorable for investors.  We have done over 150 investment properties in Montgomery, and many of our investors that bought turn key from us had great success with them.  In Birmingham one of the best investment banks that has been excellent, especially for construction loans where they will loan you the purchase price and renovation money is Eva Bank.  They have better investment terms than anyone else I have worked with in the area.  I have a great contact in Huntsville as well, F&B Bank!  Please reach out to me personally if anyone needs phone numbers and contacts at these banks.

Investment Info:

Other commercial investment investment in Falcon.

Purchase price: $3,000,000
Cash invested: $1,000,000

Colorado Springs is one of the hottest housing markets in the United States. Home values here have had massive increases over the past several years as the city has been ranked among the top 5 "Best Places to Live!" The average home price in this area is about $350,000. We are entitling 829 acres into approximately 220 lots. About 25 Acre land will be a small commercial/mixed use portion, with the balance an equestrian community 2.5 acres and finished homes selling from $335,000-$400,000.

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

Buying land at agricultural pricing at rates that foreclosures were going for 15 years ago made this property a no brainer. It had enough water rights to be able to have our own water treatment plant as well which will be a nice income generator for many years to come. Being able to provide affordable housing on 2.5 acre lots when everyone in the area is getting stuck right next to a neighbor made this more green and more sustainable which I love! We will roll profits into apartments 4 income

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

A very good friend brought a realtor who specializes in this type of project, her buyer had been working on this for several years and fell through and so we were able to step in after most of the water rights were secured. That really speeds the deal up and saved us a lot of costs.

How did you finance this deal?

We used private money, but were able to get some financing from other land owners that joined the project as an assemblage.

How did you add value to the deal?

We were able to improve the zoning which immediately brought a huge value increase, as well as having the legal water rights. The land had been foreclosed and the seller didn't realize pumps had already been installed.

What was the outcome?

We are currently putting the funding together for $750,000 to do the engineering of roads and the water treatment plant. Then we will either sell the development once it is shovel ready, or start phase one and develop the homes. We want to take the profits and buy apartments that we can re-position and use the cash flow for passive income.

Lessons learned? Challenges?

Going through the engineering, site planning and zoning process is always a good learning experience. Working with CCIM land planner experts and developers that have tons of experience in these types of projects is also really important. Having the right teams that are well connected, and in the West, the importance of WATER!

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes, glad to give referrals to anyone looking in the Colorado Springs area, or in Huntsville, Birmingham, Montgomery, Atlanta, Kansas City, South Bend, or the Florida Panhandle where we have done a lot of cash flow turn key investing.

@Shelby Pracht, we dealt with this and were able to prove breaking and entering, and as we were the owners the police told us we could press criminal charges.  The police put their few items on the street, we secured the house and were asked to testify against the people later in court as they were serial offenders.  This was in Huntsville, AL.  The police reports were a good safety for us I think.

Oh, sorry, they aren’t local but live in Gainesville, GA.  I can get you their number tomorrow, call me and I’ll put you in touch tomorrow.

@Peter Philando you are in luck, I’m a real estate broker, call me tomorrow?

This 4/2 brick home is located in Sunshine Acres/Seth Johnson subdivision a neighborhood that has been significantly on the rise due to a large number of renovations that have taken place. This has been our best performing neighborhood, it’s a street with solid C+ to B- pride of ownership. We have probably renovated 6 homes on this street alone. Right now we have four homes in this neighborhood, so if you are looking for a very attractive package you can do really well by assembling several really nice properties that have great returns! This property has a great floor plan including a large formal living room and a formal dining area, the kitchen has a small dining area as well, and the large back yard is privacy fenced. This home has a new roof, new hot water heater, and new hvac, refinished hardwood floors, new lighting, paint, appliances, new bathroom vanities, mirrors and much more. The full scope of work will be posted below within 48 hours. This home is rented for $830 per month and the lease runs through September of 2019. It’s rare to get a property that beats the 1% rule in today’s market but we just did! Also, property taxes are so low that you get much better cash flow for the price in Alabama.  It's also a value add property because this home should be rented for $850.  For More Pictures, Proforma, Demographic and Rehab Scope Click Here To Visit Our Website!

This 4/2 brick home is in Sunshine Acres/Seth Martin is one of our best target neighborhoods, if you follow us regularly, you know that we have done 20-30 homes in this neighborhood with many streets having 3-6 of our totally renovated homes boosting values around the neighborhood and improving the community due to the excellent screening and the desirability of the high quality renovations to pull higher quality tenants. Four sided brick, hardwood floors and luxury vinyl plank flooring in the bathrooms and kitchen give this home many low maintenance features that will protect your investment for years to come, and provide value at potential resale. A totally renovated kitchen with granite, new cabinets, tile back splash and a stainless under mount sink make this property extremely appealing to potential tenants. New lighting, fresh paint and several other renovations really make this home a nice property! This home rented in January so if you close quickly you get the benefit of almost a year remaining on the lease. The detatched garage is a great bonus as most homes in this neighborhood and price point do not have a garage.

For More Pictures a Proforma, Demographics visit our site!

This home has $850 direct deposit rent every month and the property is rented below market so this is a value add property because rents should be increased to $875 or $900 when lease ends in September of 2019.  The home features a huge living room, an eat in kitchen with lots of cabinets, new countertops and appliances, a gigantic den on the lower level and a 1 car garage. There are newly refinished hardwood floors, updated bathrooms, and a newer condensing unit. This deal is hard to beat, and is rented for $850 per month and should be an excellent turn key income property! Call for proforma, renovation scope and more details.  Huntsville inventory is going really fast and is pretty limited, it's a really hot market but you can buy homes at prices that are hard to find elsewhere in the country.  Taxes much lower than everywhere else because Alabama is #48 in the country for property tax.  This means you can cash flow about $100 better per month than many markets.   Square footage is per tax records and buyer should verify.