All Forum Posts by: Jarrod D Day

I hope by now you've connected with local wholesalers.  I am also revving up the wholesale arm of my investing business and would love to connect with you all.

Great information, thanks!  Yes, I definitely could sit on the property for 2-3 years.  Since it's my first sub2 purchase I'm squirly about the current bank calling the loan if the economy tanks.  I guess even if that happens, I could use HM lenders as a bridge and the local bank lender that we have a good relationship with to help.

Okay, I'll hold on talking directly to the family member and will just be sure all the info you suggested is in the contract.

I appreciate it and will DM you next time. Hope to see you and fellow Atlanteans in future REIA meetings!

Hello all,

I'm a new investor and, after starting direct mail and text blast campaign, I've found a motivated  seller.  The story is, she is nearing retirement and wants to get rid of her property.  I texted her actually of another property I found while driving for dollars, but she wasn't willing to sell.  

The numbers: house is near the best elementary and high school in the city. She has a mortgage and not much equity, about 20%, current appraisal at $57K. With about $12-15K rehab we can get an ARV of about $70K. Because of low equity, we negotiated 'subject to' financing with seller to take over the monthly payments of close to $250. After rehab, we can easily get $800 for rent (we have 2 other houses and we've proven this, despite the pandemic, as we are getting this amount). My plan is to refinance in 6-12 months. We have a lender at a local bank and keep them in the loop and unless the economy goes to crap we can still get LTV 75% on the refinance. I think this is a good deal.

The social:  she has a tenant,  a family member, who she has allowed to stay in the property without paying rent for a year (the reason why she wants to sell it and not the other one, I figure).  The seller tells me that she has already spoken to this family member to let her know she is selling the property.  There is no lease agreement in place.  The seller says the family member will move once we sign contract.  Add to this, the seller and my wife REALLY didn't hit it off and there were some issues but I smoothed it out later over the phone and calmed things down but now my wife thinks the seller is crazy.

How would you guys handle this family member occupying the property?  Nothing is in stone, and we are verifying mortgages and getting her the contract to sign (authorization for release of info, etc.) but even without the moratorium on evictions, I don't trust the tenant knows about the seller selling the property so I'm going to go knock on her door and talk with her.  Would you guys wait to even sign the contract until talking with the family member in the property now?  I told her that if this is a hardship on her family member then the deal is off which I'm including in the contract and having my attorney look it over as well.

Hi All,

My wife and I have created our own yellow letters after using a service which did not pan out very well.  After looking at their yellow letters and having our order scrambled, I decided to do it myself for this initial campaign.  So now I have over 100 yellow packages in bright envelopes, thinking I could go to our friendly neighborhood USPS store and have them shipped.  I fought through my apprehension in trusting government workers with such an important task (I included a test envelope in the batch, but still) but we proceeded anyway.  Long story short, the USPS employee kinda laughed and said it would take too long and they could do only 10 at a time.  A friendly customer in line at the time mentioned amazon having a service, but I have combed through my amazon prime pages and don't see it.  I've looked at UPS Store but they charge three times more per envelope which negates the most of the reason I'm doing this myself.  

Has anyone encountered this issue before and how did you deal with it?  

Thanks all!

Thanks Mitch!  I'm combing through the paperwork and files now.  I appreciate your help

Hello all!

My name is Jarrod, and I'm a new investor living in the McDonough, GA area.  I've bought investment property in NC but now I want to invest closer to home.  My most current issue right now is getting purchase and sale contracts for use in GA.  I've searched this topic on the forums but I'd have to pay for a package from the site which isn't a huge deal, but then I'd have to vet the contract with local attorneys which will cost even more.  I've spoken to some very helpful people that have suggested asking local real estate agents--how do I give the agents value when I'm asking for help upfront?  Since we focus on creative financing (less so on traditional bank-financed closings) when buying properties I imagine I should use the real estate agent in the transaction somehow so they can get something out of giving me a GA real estate contract to use? 

What do you guys think?

Hello everyone!

I'm asking the community for help in turning an adjacent lot that came with the purchase of our very first property into a cash-flowing asset!  This our brand-spanking new foray into investing, and the property we had our offer accepted a couple of weeks ago.  We are finishing up the the due diligence  and are ready to close.  In the deal, the property comes with an adjacent vacant lot measuring 0.45 acres.  Not huge, but we need ideas on how to cash flow this area.  The property itself comes with a detached garage.  I am thinking of a storage unit here for the renters, but I'd like to know--for those investors that have built storage units before, what was the estimated cost?  How much did you charge per month?  Is that even a smart move on Single Family units, or should storage unit investments be reserved for Multifamily units because of a higher return?

We also considered mobile homes but I think it's too close to the property...

My wife and I appreciate any creative ideas from the community!