All Forum Posts by: Kedric Naylor

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?

I have a property under contract that was supposed to close twice.  The comps in the area are 250kish.  I have them under contract for 223k.  The property will cashflow around $500 a month after all expenses.  

We were two weeks from closing, and I received a call from our attorney stating that the title came back incorrectly.  Apparently, the person I am under contract with was managing the estate of the actual owner who recently died.  

Their realtor stated that this was a small issue that would be resolved.  Well, the original close date was delayed with no concessions.  We waited 2 more weeks. The seller said that he had a court date that would clear up all the issues and allow him to move forward with closing.  Well, we get here and his agent is telling my agent it will be another month for another court date that will allow him to sell the property. I'm concerned that this will not get resolved and I am just being strung along at this point.

Are these type of issues common?  Should the selling agent have known the issues with the title beforehand?  Should I just walk? What concessions should I ask for?

I've already paid for an appraisal and the earnest money is recoverable.

Thanks BP family! 

 I will make sure to thoroughly check the tenants. 

I’d love to see what there is in those markets. Usually you all can tell me what rents are and then I like to solve backwards. 

One of the articles on here discusses Warner Robins as a strong market, so we’ve been looking there some. 

We’d love to keep our investment properties closer to home. 

Looking forward to hearing what your market has to offer. 

I'm open to all opportunities at this point. I would love to scale quickly.  

We usually want 3/2 minimum for sfh.  80-150k for the properties.  We can go higher if the numbers make sense.  We could handle 50-100k rehab projects if necessary.  Would like to get that money back out in 6-12 months.

There aren't as many smfh available near me right now.  We would love to get some of those.