All Forum Posts by: John Gardner

Whatever you do....do not pay them in full until the job is complete to the agreed terms.  Make sure that you email or text everything and nothing is left verbally.  (take pictures and attach them to the emails).  If you pay them in full you will either never see them again or have a hard time getting the job done to your satisfaction!  Even if you have a conversation in person /on the phone follow up with an email.  It should state everything that was discussed.  Keep up with your records because you may need them in 6 months.  Good luck!

I have purchased 3 and got them all through the mls.  I have found that there is usually one agent that gets them before others, so you may want to do some local research.  Remember if you are going to try to get one as an investor you will have to wait 7-10 days.  This gives would be homeowners first dibs.  If you purchase one to live in they want you to stay in it for one year.  Hope this helps you.

Yes, I have an LLC that I use for the rentals. Right now I just have single doors, but just wanted to know who to contact the next time I get a deal. Thanks.

I have 3 properties and I have purchase all at foreclosure using the BRRR method. My question is that all of them have gone back to my local bank to keep the loan inhouse. They use a 5 year balloon that is set at a 15 year payment. So in order to keep my cost low and not have to refi every 5 years what leaders are out there for me? FYI my credit is excellent and score is over 820, so that isn't an issue.

thanks,

jg

Thank you Diego.  I'm digging into it and that would be nicer than what I have currently.

HELLO ALL. I'M NEW TO THE GROUP, SO DON'T LAUGH TO HARD AT ME. I HAVE 3 RENTALS AND ALL HAVE BEEN CREATED WITH A CONSTRUCTION LOAN THEN ROLLING INTO A 5 YEAR ARM AT THE LOCAL BANK. BY LISTENING TO THE PODCAST I'M HEARING A LOT ABOUT "FHA LOANS" (DO THEY COME WITH A LONGER LOCKED IN TERM? WHAT IS THE DIFFERENCE FROM A FHA AND 203K? WHICH WOULD BE BEST TYPE OF LOAN TO GET IN MY SITUATION? (I JUST WOULD LIKE TO LEARN MORE ABOUT LOANS AND KNOW WHAT TO LOOK FOR-WHO TO GET THEM FROM) I PLAN TO GET ANOTHER RENTAL AND JUST WANTED TO SEE IF I NEED TO GO A DIFFERENT ROUTE ON LOANS. THANKS-

I made a mistake and corrected it when putting in my info on this house.  I put in 18k into the house.  I did everything to this house but the roof.  I have sold a property and have another rental that I need to put on my profile.  Just haven't yet.  (so sorry about my mistake..no things cost money, but I can save by doing it myself.)  I am a salesman at a local flooring company, so I'm able to get good pricing on stuff.

I'm interested in hearing about your triplex.  Both of my homes are single family and would love to get into a duplex or triplex.  How did you find your triplex?  My biggest question is loans.  That is where I want and need to learn more.

Jennifer, 

It rents for 850. and is in Lakeside School District.  When I first got it 7 years ago I was getting 700.  (it was a complete gut job).  Like I said earlier is that when my last tenant of 5 years moved out I put new flooring & worked on the kitchen.  Before completion I got a call from my very first renter and he was moving back in town.  He is now living in there.  

Are you active in the Hot Springs area?

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $50,000
Cash invested: $8,000

THIS IS A SIMPLE 3 BEDROOM, BATH & HALF HOUSE. IT IS IN ONE OF THE BEST SCHOOL DISTRICTS IN TOWN.

What made you interested in investing in this type of deal?

IT WAS MY FIRST RENTAL AND PURCHASED IT AND 2 OTHERS AT FORECLOSURE.

How did you find this deal and how did you negotiate it?

AGENT. THE BANK WAS ASKING 63K AT THE TIME. I OFFERED 50K AND WAITED MONTHS TO GET IT.

How did you finance this deal?

CONSTRUCTION LOAN WITH A 5 YEAR BALLOON NOTE.

How did you add value to the deal?

I HAVE TOUCHED EVERYTHING. NEW ROOF, NEW WATER HEATER, CARPET, OUTSIDE PAINT & INSIDE PAINT WHEN I FIRST PURCHASED IT. AFTER MY LAST TENANT MOVED OUT I PULLED OUT THE CARPET AND PUT IN GLUE DOWN LVT, NEW FORMICA KITCHEN COUNTER TOPS WITH A NEW BACK SPLASH. AFTER THAT WAS COMPLETED I NOW HAVE BEEN ABLE TO GET AN EXTRA $50/MONTH THAN BEFORE.

What was the outcome?

I HAVE HAD GREAT SUCCESS WITH THIS PROPERTY AND HOPE TO CONTINUE FOR YEARS TO COME.

Lessons learned? Challenges?

TO NOT RUN MY LLC LIKE A SIDE HOBBY. NOW THAT MY KIDS ARE OUT OF THE HOUSE I HAVE THE EXTRA TIME TO RUN IT CORRECTLY AND PLAN TO PICK UP MORE PROPERTIES SOON.