All Forum Posts by: Joel Douglass

I am looking for creative financing or an investor for a property that I've already negotiated pricing/terms, etc. on.  Last year, I entered into an agreement to purchase a 25-unit/25-acre mobile home park in Gray Court, SC.  I did creative financing (owner financing), and invested a chunk of money into the deal and have a 15% stake in the property.  The plan was that my down payment, along with the increase in rents and appreciation, would allow me to refinance out of the deal with little to know (more) money out of my pocket. Well, rates did nothing but go up, so the bank is requiring more out of pocket dollars in order to make the deal work.  I still believe in the deal, but I don't have the additional capital to finalize the deal.  I'm open to suggestions, investors, lenders to get this over the finish line.  Purchase price is $1.6M.

I am in Greenville, SC, about 30 minutes from the property. We have a great, long-term property manager in place and we have steadily increased rents on the units (even on non-turned units) with more room to increase them as they turn over.  

BP Family - long story short, I am working on trying to structure a deal on a 25 unit mobile home property. It's not a mobile home park. Each mobile home is on it's own separate piece of deeded land.  The property is 20+ acres.  The property was for sale, but the deal doesn't cash flow (at least where I need it to) at the sellers bottom line price.  After doing some digging and trying to be creative - the owners are willing to consider a partnership.  They want to be hands off, and want me to buy in on the deal with cash.  

They've asked me to send them an email on what I'm thinking as far as a partnership/buy-in.  If anyone has any experience in something like this, I'd love to hear your thoughts.  They want to exit in 3-5 years and I own the property (obviously taking over the loan, etc.).  

@Coury Cast - thanks for the this info. It's very helpful. I just shot you a personal note as well, and would love to connect sometime.  I just got some info on a potential multifamily property that's for sale, so I will try to run some numbers on this property with the feedback you provided. Thanks again!

Thanks, @Morgan Eriksson. I will check it out. 

Hey BP Family -

I recently ordered Brandon's multifamily real estate book, and as a result I attended his multifamily masterclass (which was free when you bought his books).  I am committed to investing in multifamily, but I feel like I am all over the place trying to figure out where to start.  

I currently have a rental property that has done quite well, and am looking to sell it within the next 3-9 months.  As a result, I will have $100k-150k to invest into a multifamily property (or two).  I am currently struggling with two things - finding deals (as most everyone struggles with apparently) and running numbers.  I have connected with a couple real estate agents, who are sending me multifamily listings, but everything seems to be so inflated right now.  I don't want to buy something just to buy something.  

I'm looking for at least 4 units, up to 8 units.  I feel like I should stay within my local area for my first purchase (I'm in Greenville, SC) and am looking in the upstate of SC.  

My questions are:

Where is the best place to find leads for a 4-8 unit multifamily. We currently can't buy lists for SC (I tried through list source). I am looking for properties that are currently owner managed, and I will use a property manager to manage the property moving forward.  

I've looked at the bigger pockets calculators, and even tried to run numbers on some listing agents have sent me, but I am still struggling to understand if something is "a good deal" or not.  

In all honesty, I don't want to make a mistake. I'm asking for any help/advice you would give to a new investor. I'm all in . . . just need to get the ball rolling. 

@Caleb Brown @Jim Kalish Thank you both for the feedback. I did have a GC walk it with me and he gave me a "quote" on the rehab. It was more than expected. I made an offer, which was pretty conservative, and was below asking price (from a wholesaler).  The property went for 10k above asking and I wasn't comfortable enough with the numbers to offer above asking, considering the feedback from the GC. Thanks again!

I am currently reviewing a deal, where I have to make an offer early next week. I am new to flipping, and have run some numbers myself, but am second guessing myself.  I want to ask for help. Is there an experienced flipper who would be willing to run through the numbers on this specific deal to help make me feel comfortable about making an offer. I would really appreciate the help. Thanks in advance. 

@Ryan Blake @Frank Chin - thank you both so much for your insight and feedback. Both were very helpful.  

@Frank Chin - I have some of my own cash to invest (About 50k) and have access to hard money, along with a couple of private investors who are interested. I have a few options when it comes to capital - I just need to find the deals. 

Thanks again, to both of you. This was very helpful. 

Good Morning, Fellow Bigger Pockets Members - 

I'm still somewhat new to the real estate game, and am looking at venturing into the (pre)foreclosure market. I am open to any and all advice. 

Two specific questions: 

1 - When you call out on these types of properties, what do you feel is best approach. I've researched, and there seems to be differences of opinions here.

* To tell the person you know they are in foreclosure and want to help them

* To avoid the foreclosure conversation and just ask if they are interested in selling their home

2 - Has anyone had success purchasing homes before they get auctioned off?

* I've called my local county/government  tax office, and they say that there isn't much I can do, the home is going to be auctioned off. 

Open to any and all advice, but those are my 2 specific questions. 

Thanks!

Joel