All Forum Posts by: Joan Garcia Hernandez

What are you guys currently doing to target Off Market homes, and what has been most successful for you? Is there anything I should avoid? If you are pulling list, were are you getting them from?

Repair estimates are just assumptions. My plan was to check the property out and adjust from there. Would a suggestion be just to tour the property and find what the issue is? Then from there, decide if it’s worth pursuing?

I am looking at getting my first deal and have come across something that might work, but I am looking for thoughts and advice.

The property is a 2Bd 1 Bth, close to the town center. House is listed at $69,900. It will need repairs, but a conservative ARV is around $120K. I am considering it a rental that can rent for $1000 a month. After expenses, it would have a monthly cash flow of around $215-230. The down payment would be between $14,000 and $17,000, depending on whether I go conventional or DSCR. Repairs I am estimating to be in the $ 10-20K area, so the total cash needed would be $24,000 to $35,000. The ROI after a year would be around 7.25%, using extreme numbers.

My exit strategies consist of keeping it a rental, flipping, or refinancing the property. 

 The property has been sitting for 90 days, so I would try to negotiate the price. However, I would also have to figure out why it has been sitting for almost three months. The price has already been cut down twice from $79,000 to $74,000 to its current price. 

I will also need to look for partners for the cash required, but I wanted to get some feedback before going any further. 

Thank you. 

The home I am trying to find the ARV for is a 5 bed 2 bath, so it is bigger than the homes around it. It is a little over 4 miles from the town center on a highway heading out of town, so it would be considered rural. Even when compared to homes 12 miles away, I am having difficulties because of the size. It is not in Nashville but in a small town in middle Tn, so that was my mistake. It was a probate lead, so the seller is looking to sell. It would more than likely be a flip. I would like to help the seller figure out what the best solution is for them, even if it, is not something I am going to tackle.

How do I run comps on a property that has no comparables in the area?

This may be a stupid question, but are there ways to get a loan without a job or proof of funds? Looking for different ways to raise capital and understand partnerships a little better. 

I have been targeting probates recently, and I heard on one of the podcasts about follow-up letters to the heirs. I am looking for some tips or advice on how I should format the first follow-up later and then the proceeding letters. Any suggestions or recommendations?

Hey guys, my name is Joan Garcia. I am 19 years old. I am new to real estate, but I have had an interest in it since I was 17. I am located in the middle of Tennessee and am excited to learn more and finally take some action. Feel free to reach out to connect, or if you have any advice, that would be appreciated. Thanks!