All Forum Posts by: Joseph Molander

Where in MS are you? I'm stationed in Meridian. The family and I are working on our first investment property right now. Should be down in the next couple week. Send me a PM if your nearby maybe we can get a cup of coffee and bounce ideas off each other.

Welcome @Daniel Soehren. I'm working on my first BRRRR property just south of you. Best of luck!

@Hal Mullins I'm curious too.  Just found an interesting deal and I'm looking for the capital to jump on it. 

I just found what looks like an amazing deal.  The problem is its about two hours away.  Also it's in a very rural area.  What are some things I should be looking for when flipping a house in an area that doesn't have every many sales but the sales they do have are pretty big?  I'm also looking for a lender in mid to north Mississippi to fund this flip if we can get it under contract for the right price. below are the numbers.

Original List price $125,00

30 days later it's listed for $110,00

brick house built in 2015

4 bed 3 bath

3,100 sf

8+ acres with a pond and creek

somewhere in the neighborhood of $70,000 needed in repairs.  I looks like they never finished construction so all the cosmetic finishes are needed along with some landscaping and a long driveway. 

It's just outside one of the fastest growing cities in the state.

I would love your thoughts on flipping big projects in rural areas.  As usual thanks for everything BP.

Hay @Patric Robertson,

I'm just about the finish repairs on my first hold property if found through a mailing campaign.  I also found a hand full of people looking to buy properties on accident while I was searching for the house I ended up buying.  I sent out a bunch of letters and talked to a lot of investors wanting to sell and a bunch wanting to buy.  I couldn't get the two sides to line up just right but I did end up buying my first investment property and made couple connections.  You can also try craigslist I've found a couple people there looking to buy rent ready houses and fixer uppers.  Give them a call find out their criteria then see if you can help them out.  What areas are you working in if you don't mind me asking?

Best of luck.

That's great! thanks so much.

The seller says she does really need money, she's wants to sell at a far price but isn't desperate to sell. She also reaching 80 years old and doesn't have anybody to leave the houses to when she passes. She's a very energetic lady and very active.

The potential buyer is just looking for properties that have been kept up with in good neighborhoods that are or will cash flow.

If I understand you correctly @Ed Emmins about the limited partnership, you are saying if she is willing to partner with someone she would continue to control the properties until a certain point in time and then control would be turned over to her partner. That way she continues to receive income from the properties while slowly over time the portfolio is turned over to the partner. Is that basically what you are suggesting, if my attorney says it is legal of course?

I'll keep you posted Thanks!

Hello again BP, once again I need your arson advice and experience. A potential deal came to light yesterday. I know an Invester wanting to liquidate her portfolio of a dozen + SFR that are all rented paid off and cash flowing. She wants to sell because she doesn't have an close family living anymore and doesn't want them to go to the state when she passes. I don't have the capitals or the credit to buy them myself. Today I met a another investor who loves to buy out portfolios from investors. He is in the market to purchase a dozen + properties. The two investors don't know each other...yet. Assuming all the properties are in great condition and he wants to buy all of them. How should I proceed? What are some ways I can structure this deal so everybody wins? I have an appointment with my real estate attorney next week. What are the questions I should be asking him, other than his experience with deals like this?

Hello again BP, A potential deal came to light today. I know an Invester wanting to liquidate her portfolio of a dozen + SFR that are all rented and cash flowing. She wants to sell because she doesn't have an close family living anymore and doesn't want them to go to the state when she passes. Today I met a another investor who loves to buy out portfolios from investors. They don't know each other...yet. How should I proceed? Assuming all the properties are in great condition and he wants to buy all of them. What are some ways I can structure this deal so everybody wins? I have an appointment with my real estate attorney next week. What are the questions I should be asking him, other than his experience with deals like this?

Here's a few more round numbers.  

Cash flow if held: $300-$400

Personnel debt (credit cards and Personnel Loans):  $55,000

Some of that went toward this investment property. Interest rates range from 20% to 12%

There is a 0% card in there somewhere but I'm limping it all together. 

No personnel mortgage or rent. 

No car payments

No student loans

Just a few bad financial habits that we have corrected. 

My investment goal is to be completely personnel debt free by January 2017

And complete five investment deals by the same time.  Flips or holds. 

The time frame is tight because my contract for the Job ends in first half of 2018 and My family and I are dead set on a lifestyle change by then.