All Forum Posts by: Kedric Naylor

I've become a little more active here in the past few months. As I finish up my latest deal, my next step would be to maybe try a flip.  I wanted to connect with wholesalers and lenders with knowledge of pre-foreclosures. I would appreciate any input or connections you all may have. 

I am located in North Metro Atlanta.

I absolutely plan to.

Thanks for being kind and recommending that for me.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $223,000
Cash invested: $60,000

This is my second deal. This deal was a little tougher as it turned out to be a probate deal. I wanted to walk away like 4 times but the price point was too good.

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

I knew the rents in this area on the front end. SFH is going to be my specialty until my portfolio is maybe 10-12 doors.

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

Found on MLS. We used a real estate agent. We came from the perspective that we knew what we needed to make it cashflow, and that dictated our top number.

How did you finance this deal?

Conventional

How did you add value to the deal?

Roof, paint, appliances, ripped out carpet, and put in LVP

What was the outcome?

TBD. Will need to get a renter.

Lessons learned? Challenges?

The hardest part of this deal was that it was a probate. The person who owned the home died. He didn't have a will, so the sale process was attached to the legal proceedings in probate court. The closing got pushed back 4 times.

We just got done closing on our first probate deal. 

We got the property under contract back in January.  It took all the way until now to close.  Comps in the neighborhood are selling for 290k.  We got this one under contract for 220K. Rehab costs will be 15K max.

The next step is the rehab and then getting it filled. I will say the second time around was much easier.

We now own 2 LTR!

Thank you all for helping me with this process and motivating me to act.

Cheers!

I’ve posted a few times already about my deals in the past. 

Today we got our first tenant with signed lease moved in. We also got our first rent payment. 

I can’t thank this community enough for helping me through the process.  I went from never believing I would ever own a home to now owning 2 homes and closing on a probate deal hopefully in 2 weeks. 

I did it and I did it in the most tumultuous real estate environment I’ve been a part of. 

Once again, thanks to bigger pockets and Rockies real estate for giving me the tools to create something for my family and I future. 

I am forever grateful!

I looked at similar properties in the same development to get my pricing data. I didn’t follow close enough to see how long it took to get rented. I guess I can get that information from Zillow. 

While you’re here. Tell me about this REÍ thing. 

I’m on the final step. I listened to the podcasts. I took action. I found the property. I did the math. I got the loan. I rehabbed the property. I did market analysis to find the right rental rate. And now that it’s posted, all I’ve gotten is 1 hit and that person was a no show. 

To be fair, it has only been up a week. 

I posted it on RentRedi who cross posts it on multiple sites including realtor and Zillow. 

I followed the instructions on proper tenant screening and made sure the description and requirements were appropriate. 

How long does it usually take to get a tenant?

I have another townhome under contract closing at the beginning of march and now I’m worried that people aren’t renting. 

comps are 252. I just closed on one for that last week and it appraised.

Under contract at 223k with seller paying 5k in closing.

The property needs 20k in repairs.  Paint, Plumbing, Roof, Flooring, appliances.

B- neighborhood.

55,750 down payment + 20k in repairs.  75750 all in.

Median rent for the neighborhood is 2k.

532 cash flow.

I already asked them to drop the price by 15k for us to remain in the deal.  They have until 12 to respond.

Investment Info:

Townhouse buy & hold investment.

Purchase price: $252,000
Cash invested: $63,600

First buy and hold. Townhome in Gainesville Ga. Looking to make $450 a month in cash flow.

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

It's close to home. We wanted to self manage.

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

Local real estate agent. Doing it all over again, I would use a investor focused agent.

How did you finance this deal?

conventional 25% down

How did you add value to the deal?

Paint, flooring, updated bathrooms

Lessons learned? Challenges?

Always start with investor investor-friendly agent. Do not be afraid to lowball. Renovations can cost more than you expect, add 10% to your overall number.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Kendall Knight with First Horizon bank for lending. This guy is great and he thinks outside of the box to get the deal done.

What would you recommend? Interest rates are changing every day.  I'm looking to grow quickly.

Do you advise sitting and waiting it out?  How do you even know if things will work out?