All Forum Posts by: Justin Brown

anyone buying or have experience investing in Riverdale, GA ?

Hello I am looking for a licensed GC in Riverdale GA

Anyone have a good system to manage a portfolio of properties ?

I have 40 doors mostly out of state 

2 airbnbs 

3 brrrs/ fix and flips in process

I have a new personal assistant starting tomorrow and have google sheets and box currently for all the documents and to list out all the properties, utility companies , property managers, contractors, maintenance contacts, password/ log ins, etc

But wanted to see if anyone has something that’s more efficient ?

Not at all, when you go to take out a heloc or cash out refi the loan in first position or being refinanced has no negative impact when its an FHA loan.

@Preston Dean its available in all states but only for primary residence 

 Yea you have to have the intent to occupy it for 12 months 

So the will be looking that the occupancy makes sense … I’ve been in lending 22 years and run a mtg co, was an underwriter for a while

basically you won’t be able to do a lateral move because then it will be obvious your building a portfolio and it’s an investment, so yea the lenders telling you it needs to be a move up are correct for the most part 

but closer to work is considered a motivating factor and would work, so ideally I’d buy the first one on the outskirts of max distance you’ll be willing to commute , then find one closer to work with small sf .. it’ll make sense your moving closer to work

if from there you buy units that are larger in sf, and still similar or closer distance to work, that’s considered a move up going from a 4 unit to 2 unit , from units to a Sfr, all of that would be considered a move up 

going l from attached to detached, relocating from work, it just has to make clear sense for your motivation to buy and occupy the new p property other than simply adding to your portfolio 

Are you looking to buy foreclosures at auction ? or properties that are on the market by the bank that has already foreclosed?

Same with pre-foreclosures, are you marketing to the owners directly to try and negotiate a purchase?

Hey John I do need help with calling distressed property owners, and some other lead sources.. send me a message when you have a sec id definitely like to connect 

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $405,000
Cash invested: $96,500
Sale price: $645,000

Closing in 2 weeks, was a hoarder house, we purchased through a wholesaler using 100% PML

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

Income/Profit

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

Wholesaler

How did you finance this deal?

Private Money

How did you add value to the deal?

Gutted it, new everything interior... exterior was already in good shape