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All Forum Posts by: Jaron Walling

Jaron Walling has started 40 posts and replied 4172 times.

Post: Foreclosures Over 1,000,000 loans in default? Time 2 Learn How To Buy Preforelosures?

Jaron Walling
Posted
  • Rental Property Investor
  • Indianapolis, IN
  • Posts 4,224
  • Votes 3,889

@Minna Reid "continuous aggressive home value appreciation" - That's dangerous investing and a big reason we haven't bought anything this year. We keep looking though. 

Post: Foreclosures Over 1,000,000 loans in default? Time 2 Learn How To Buy Preforelosures?

Jaron Walling
Posted
  • Rental Property Investor
  • Indianapolis, IN
  • Posts 4,224
  • Votes 3,889

@Jay Hinrichs "But it is a different ball game compared to GFC and pre GFC when lenders and servicers did not offer workouts like they do now.

The question is how long does this hold out for owners getting into payment trouble? If we have a shift in the job market/unemployment maybe that stops the party. We're looking at distressed properties and constantly getting confused at the sold prices. Either my numbers are bad or buyers don't care about numbers. 

Post: Suggestions for Inexpensive Upgrades

Jaron Walling
Posted
  • Rental Property Investor
  • Indianapolis, IN
  • Posts 4,224
  • Votes 3,889

It's hard to tell but that sink doesn't look very deep. The deeper dual sided or a modern square design with an upgraded facet would do wonders for that kitchen. Nicer sink, painted cabinets, and LED lighting is all we would do. 

Really nice rental property!

Post: Need Advice on next steps

Jaron Walling
Posted
  • Rental Property Investor
  • Indianapolis, IN
  • Posts 4,224
  • Votes 3,889

@Abigail King Do you currently own a primary residence? If you do congrats and keep researching, networking, and learning about investing strategies.

If you don't, I would strongly advice you buy a primary, go through closing, start house-hacking, and start the journey. Having this experience is unvaluable for REI. It doesn't matter if you're wholesaling, flipping, or doing a combination.

Wholesaling requires a strong understanding of the market, ARV, basic rehab budgeting, and what your end buyer is looking for (investor buyer list). Wholesaling is necessary for all kinds of things. I recently heard it being described like a pawn shop. Nobody wants to pawn items, but they do it when it's necessary or difficult to sell on there own. RE is no different. Some houses are unsellable to a regular buyers. Some houses have major defects. I bet 95% of wholesaler deals are sourced off market. You have to find those properties then investors pay you for the time, effort, and money to do it. 

You need money, marketing, and thick skin to get into wholesaling. You will have some difficult conversations with stressed sellers. It's a grind but if you can net some properties for your self along the way it's a lucrative strategy. Cheers. 

Post: Applicant smells like weed

Jaron Walling
Posted
  • Rental Property Investor
  • Indianapolis, IN
  • Posts 4,224
  • Votes 3,889

@Frank Nguyen You can deny at anytime during the application/screening process. Provide a polite, written rejection email or text saying they did not meet your screen criteria. Make sure to use a standard/consistent response. 

I would let them know as quickly as possible. Sometimes people are applying to multiple rentals trying to find housing regardless of there background, and qualifications. 

Post: Wet lands - Ideas for land on flood zone

Jaron Walling
Posted
  • Rental Property Investor
  • Indianapolis, IN
  • Posts 4,224
  • Votes 3,889

@Scott Davis Yep, CRP funds are currently "frozen" according my to co-workers. We can thank the current administration for that... really helping out the farmers who use those dollars.

Post: Explain BRRR math in detail

Jaron Walling
Posted
  • Rental Property Investor
  • Indianapolis, IN
  • Posts 4,224
  • Votes 3,889

@Nicholas L. We're looking at a property today that could be promising. It's priced too low... something is wrong with it, or it will have a few offers. Ran the numbers and it negatively cash-flows at 65% LTV, almost breaks even at 60%, and that's if we buy below ask. It's a flip opportunity at best due to the reasons you stated.

Current interest rates are crushing most BRRRR deals.

Post: What's your strategy for Fix & Flipping DUPLEXES?

Jaron Walling
Posted
  • Rental Property Investor
  • Indianapolis, IN
  • Posts 4,224
  • Votes 3,889

@Matt Agnew Flip one of the units with quality stuff, knock out big ticket items, and then list the property as the a value-add opportunity. The second unit is an "unrenovated blank canvas" perfect for anyone looking to "house-hack and reduce living expenses."

Think about your end buyer. Remodel accordingly. 

Post: Buying Auction Foreclosures

Jaron Walling
Posted
  • Rental Property Investor
  • Indianapolis, IN
  • Posts 4,224
  • Votes 3,889

@Brenda Reems The opening bid is just a number other investors will bid up. The spread between $75k and $240k is too good to be true in this market. If you can buy it for $75k it's probably a disaster. Due diligence is everything. We know this because we're looking for a disaster property to rehab. Haven't found it yet. If that's the case you need experience, DIY skills, contractor support, and a lot of cash to get it done.

Do you have those things?

If you do attend some auctions, do the due diligence, and find the diamond in rough. If you don't run the other way. Novice investors think auctions and REO properties are winners, but most come with added risk. You will tie up a lot of cash (yours or OPM) in deals like this. Experienced investors don't tell new people to buy at auctions because it's safter to level up through cosmetic flips, BRRRR, or house-hack/value add opportunities.

Post: First full gut renovation - tell us you experience

Jaron Walling
Posted
  • Rental Property Investor
  • Indianapolis, IN
  • Posts 4,224
  • Votes 3,889

@Marcela Hoag Appreciate the response. The smaller profitable flip is what I need to focus on. If we can't sell for what we want I'll just rent it. 

"Another option to help you scale would be buying a house to renovate (not just cosmetics), and live in it as a primary" - That's how I got started but we have 2 year old now. That strategy is really inconvenient when you have a family.