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All Forum Posts by: James Bynum

James Bynum has started 22 posts and replied 104 times.

Post: I'm looking for a unique opportunity to learn the business

James BynumPosted
  • Phoenix, AZ
  • Posts 106
  • Votes 29

Hey BP Nation,

I'm am brand new to the real estate business, and I am looking for a unique opportunity to create a great future partnership with an established investor. The great part is, this opportunity won't cost you a dime for my time and services.

Right now I am waiting for the funds to start investing on my own, but in the meantime I need some real experience doing deals and estimating rehab costs. Honestly right now that is the only thing outside of money that is holding me back from going at it on my own,

So what am I a offering? I am offering boots on the ground in a city or area you may not have had access to before. I live in Spartanburg, SC but I'm close to a lot of cities like Greenville that are preforming very well!

So maybe your an investor that has an interest in pursuing South Carolina and the Upstate in general. I am already working with a very motivated real estate agent that wants to focus on investors. The only problem I'm having with that right now is I don't know how to help him focus his search, and what to look for. I can't rely on him to push deals my way, but you can. You can work with me to help narrow this field and find what to look for. The other great part in working with this agent is that his agency works with a lot of investors so he already has connections and can easily find more.

I'll spend every second that I'm not at my day job working for you to manage flips and find deals for you, and all it will cost you is time and maybe some gas money if the project is far. And once the money I'm waiting on is there we could even do some partnership deals if that's what you would like.

Anyway just know that my full focus is on this new business venture, and I hope that someone reading this will find a great opportunity here.

If your interested in contacting me about this opportunity, please email or called me at:

James Bynum

C: 201-852-7966

[email protected]

@Carol Venolia House hacking simply means that you will live in the property you invest in. It can be if you buy a duplex you will live in one side while renting out the other, or living in a house while you are flipping it.

Post: Applying ARV/Duplexes

James BynumPosted
  • Phoenix, AZ
  • Posts 106
  • Votes 29

Because for the most part you are hopefully looking at buying distressed properties of some sort. So you need to see what other houses of the same caliber are going for in that area to determine if you are looking at a good deal or not. Ideally you should be looking for a property that is 30% below the comps minus repairs you will have to do to make it a good deal for you to have the equity to sell it down the road, whether you are flipping or holding for a period of time. 

Meaning, even if you are planning to hold a property you need to be sure that should something come up, you can still quickly sell the property and not be underwater on it and still come out ahead.

Originally posted by @Joel Owens:

I think it's unrealistic for someone that has been there for 10 years for you to say to just leave or give them a few hundred bucks and they will happily comply.

If you wanted it vacant you should have requested the bank deliver it that way before closing or do a DEEP discount to account for the trouble you will deal with.

A classic mistake I see is a bank will leave a tenant because they are being trouble and sell as-is. They will mark down maybe 10 to 15% for this inconvenience to the buyer. The price needs to go down to 45 to 50% to be worth it. You are going to have likely cash for keys money in the thousands, lost rent for months, and a unit lived in for 10 years that probably needs thousands to get into re-rentable condition, also attorneys fees. Get ready for over a 10k hit.

Hopefully you budgeted for this going in.

Why is a tenant going to move for a couple hundred bucks when the moving truck will cost more than that?? They still have to pay deposits with security and first and last months etc. and uproot themselves after 10 years of living there.

I hope it does turn out easy for you and you meet your goals. Just plan for the worst case scenario as well.

 Your right Joel, I mis-spoke, yes it will probably take about a grand for them to think maybe this is a better option than eviction, but depending on if it's a professional tenant or not, they would probably rather take the $500 than ended up being evicted with nothing, that's how I would word it to them.

There is also the option of offering cash for keys, would definitely be cheaper than an attorney and gives her a couple hundred bucks to help her move her and her things out. Just make sure you get it in writing so she doesn't just take the money and stay.

Post: Buyer Broker Agreement

James BynumPosted
  • Phoenix, AZ
  • Posts 106
  • Votes 29

I know this is an older thread but came up in my searches. I was just talking to my agent tonight and he brought this agreement up. We are both newbies, but he's already been working his tail off to help me find properties, and if he brings me a good deal I have absolutely no problem with him getting paid for it. 

But the one thing that does concern me and please correct me if I'm way off base, but if I were to send out yellow letters and such and then find a deal on my own that way, would I then have to bring that agent in on the transaction if I would normally just be using a real estate attorney to draw up the contracts?

I'll probably get fired for this if someone finds it but I'll say it anyway. Nowadays take what you hear in the news with a grain of salt.

Do your own research because TV stations aren't. Local stations have been bought by big companies and have been scaled down so much to try and make as much profit for the company that journalism in itself is going down the drain fast. How do I know this? I'm a journalist and have been for almost a decade. I've seen the rapid decline since I've started.

The networks are also scaling back except for a few, and they need ratings so bad, that they will way overhype things to get higher ratings. The problem then is, on the local level, we take the feeds from these big networks as-is and run the story without doing research and looking to balance out the story. Journalists just aren't given the time to really look into things like they used to. There is a lot more pressure from producers that need to fill their ever expanding newscasts to turn as many stories a day as possible.

I like to use Uber as an example because it was making a lot of headlines. Since Uber was very new and different people were paying attention to it. And of course taxi companies are not happy with it because they have to now compete with something. So what do they do, they go to city council and invite the media to televise them slandering Uber and talking about how it's a public safety issue, we'll all the local stations are there and every station wants to be first to air with it and with no time to research anything they just go with it. Now we like to skirt around facts by saying XYZ Taxi SAYS that Uber is a huge threat to public safety.

Now if we actually took the time to dig things up and research the topic, out of the millions of rides given each day through Uber, the chances of becoming a victim of a crime in an Uber is substantially less than becoming a victim of a crime in a taxi, and even if a reporter had the time to find this info producers feel that nobody cares about taxis because they've been around forever, so that news won't generate ratings, so producers don't like it, so it will never see the light of day. But every single time there is an incident with Uber you can bet you'll see it on the news.

Sorry for the ridiculous rant I just went on, but when I see people start saying well there are tons of horror stories about it, I just get infuriated by it. It's not their fault, it's the media's. How many times has someone died using AirBNB? How many times has someone died while staying in an actual hotel? Use your brains and as much as I hate to say it, don't rely on the media for credible information anymore.

I've thought about doing this myself. I have the cash to do a flip, but I don't have the knowledge. I've thought about funding the entire flip, and we would split the profits 50/50. 

The only thing I would structure in the deal is that he complete the job, and if not I'd pay going rate for a contractor with no profit sharing for the work actually completed, and two, we would do everything together, explain everything that he has to do and why. 

I think doing my first flip with an expierianced GC would be invaluable for my future. But that's just my 2 cents. 

Post: Networking in SC

James BynumPosted
  • Phoenix, AZ
  • Posts 106
  • Votes 29

Hey @Daryl Williams, welcome to Bigger Pockets, I just moved to Spartanburg. How long have you lived here?

I'm just beginning my real estate journey myself and would love to network with other like minded people.

Post: The next step!

James BynumPosted
  • Phoenix, AZ
  • Posts 106
  • Votes 29

Thanks to the BP podcasts, I decided that I was going to tell everyone that I struck up a conversation with that I was working on getting into real estate investing, and right now that just paid off! I was talking to a co-worker about it, and as it turns out, her husband is a brand new real estate agent.

It kind of scared me at first, as I am a newbie too, so it could be disastrous. but the guy has been working his tail off for the last week working with me to narrow down my search results for a house, talking almost daily, knowing that the funds aren't in place yet, and I won't be able to do a deal for another couple month. He sounds just as excited as I am to start this venture. The best part is his broker deals heavily with investors so he has a lot of resources at his disposal.

This comes at a great time for me, as I was starting to get into that analysis paralysis mind set, so it's good to have something that breaks that cycle and motivates me to take another step forward!