All Forum Posts by: Keith Perkins

@Joseph Anderson Hi Joseph,  Did you ever do a loan with Cadence?  I am curious how the experience was.  I was a little hesitant since they went public and have sold a significant amount of the bank to investors.  

@Isaac El This is what I read,
Call the property owner, introduce myself, ask "Would you be interested in taking an offer on your property" or "I am interested in making an offer on your property"

Please do not take offense to my analogy.  You don't walk into the bar and walk up to a woman and ask them if they want to go home with you for the night.  You may get a yes but you may regret it later.  Use the phone call as a point to establish a relationship and find out what the hot buttons are.  Take notes and then use those hot buttons to close a deal.  You may spend months of follow up on a single person but each call you look at as one step closer to your goal of a purchase. 

@Kasey Libby  You really need to ask yourself how hands on you would like to be.  I would suggest spent a significant amount of time networking to find which niche you would personally like and then slowly move in that direction.  I wouldn't throw the entire amount at something unless I was leveraging my cash to get myself into a better deal than otherwise I could use bank leverage I.E. buying a distressed property that wouldn't qualify for a bank loan.   

Welcome @Austin Price.  Find what your focus will be and I am sure you can gather plenty of information. 

I personally just closed on a refi this morning. If I was in your shoes I would work on an emergency fund. Having to live on CCs for any period of time is not good. Work on clearing those out with the refi then do the upgrades with whatever remaining moneys you have on the cash out. Not sure what kind of ROI a new sink and updated cabinets would get you but I am confident the ROI on paying CC debt is probably 10%-25%.

I would guess you would get about 190k if you sold.  You could probably do a cash out refi and still cashflow, but you will not get as much cash.  On the flip side you will not be under the pressure of a 1031. So in theory you can have your cake and eat it too.   

@Reggie Rearden Really the answer probably lies in what you need right now.  If you need the quick cash the answer is a flip.  If you are earning enough from the other 7 properties or maybe you have a good job then I would say keep it as a rental(assuming you can place a solid tenant in that area).  Good luck with whichever you decide!

@Account Closed  What would make you say Georgia is a terrible market?  

The only people that should worry about a crash are the people leveraged without cash flow.  Also the people that are getting close to retirement and don't want to do this anymore.  Sitting on 20k-100k isn't life changing money but if you have 20-40 years to retirement and you sit on the sideline several years waiting for a crash that alone could be life changing.  

I am just here waiting for the punchline.