All Forum Posts by: Kenny Johnson

Hello Wholesalers in Powdersville and Fountain Inn in SC,

Looking to buy 3 properties of any price point in these areas by April 1. Thank you!

Investment Info:

Single-family residence buy & hold investment in Taylors.

Purchase price: $127,000
Cash invested: $47,336

First deal:
Neighbor in need of selling. He didn't want to do any repairs. My strategy is to BRRRR while hoping to have $5000 or less in the deal after the first year.

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

Saw a run down house in my neighborhood... thought it'd be a great place to start.

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

My wife and I have walked by this house many times. I wrote a letter to the homeowner and told him I was interested in buying it. He called me back a couple days later and the rest is history.

How did you finance this deal?

HELOC from current home

How did you add value to the deal?

Cosmetic updates inside and outside of the home. Details include new floors, new paint, updated kitchen and bathrooms, cleaned up the yard, newer appliances and light fixtures.

What was the outcome?

Renting out property with a $400 cash flow and planning to refinance in 12 months. Goal is to pull out 100% of cash invested into property during that time.

@Joseph Firmin Thanks for the input. Agree that I'm wanting my money to work hard for me to keep investing.

@Corby Goade My lender had encouraged me to short term finance the house in cash instead of financing with a bank. He had said that I can get the house appraised to refinance the house as soon as repairs are completed vs what most banks would require a 6 month seasoning time until I can get the house appraised and refinanced. I am meeting with him again tomorrow to make sure I'm going about it the right now. I have been reaching out to hard money lenders and other private lenders... still not secured yet. One hard money lender gave me the option of 2% origination fee, 12% interest only payments for 3 months minimum, and closing fees... for $102,000 it came out to about $7,400. I thought that was high, but I'm still looking.

I am looking to close on Nov 1 so I am getting really close to missing my window of conventional loan which takes 3-4 weeks... 

Ive looked into upstart.com... looked like I qualified for 50k but it was going to cost around 4k, still seemed too high, but exploring my options is teaching me what's out there. 

If I say I want a $125,000 loan that I can return within 60 days, anyone have any advice on how to how to professionally structure? ...what would be reasonable return for that?

Hello Friends of BP,

My name is Kenny and I'm looking to close on a property that I have under contract by Nov 1. I have a couple of options with bank lenders, but was instructed to try and buy this property in cash (hard money or private lender) without a bank to refinance the property and avoid the 6 months of seasoning time. Purchase price with closing costs and rehab at 145k. ARV at 175k. Refinance as soon as repairs are completed (estimated Dec 1).

Am I doing this right? Thanks for any insights on the financing strategy as well as the deal.

I have about 60k of the 145k for cash needed. Let me know if anyone is interested in being a private lender on this. 

I'm currently in pursuit of this as well Quang... i'll reach back out to you when I find a good one.

@Arn Cenedella Thanks for the heads ups! I haven't made one yet but i'll reachout to Zach and see what I need to know that I don't know! 

@Olena M. Appreciate the comment. Thanks for your help.

@Cooper Marcus looking into trying one too... let me know how it goes. i'm thinking about absentee owners in the Greenville, Greer, Taylors, Travelers Rest areas in SC.

Hello Mr. or Mrs. BP Friend,

Another newbie has entered the BP world and is AVIDLY looking to help be of service to anyone willing to lend their experience and services to helping me get in the game of REI. I'm open to partnering, lending, serving, or talking with someone who is taking action so that I can get off the sidelines. My current position:

• Joined a 3 day real estate investment class in  June and loved listening and learning to the benefits of the field. 
• Signed up for a class on Lease options, which I have almost completed... but unfortunately have not taken any action on this.
• Listened to the first 20 episodes of BP podcasts and love it
• Watched 4 webinars on BP
• Building financing (closing on a HELOC soon)
• Getting an LLC. (Legal Zoom?)
• Looking to buy another house in the next 6 months to move into so that I can rent out the house I'm currently living in.
• Considering a mailing campaign to absentee owners in my surrounding area for the next 12 months to get my name out there and find some deals for wholesaling or buy and hold.
• Working Full time and trying to find ways to create time to further my REI experience ASAP.

For those that understand where I currently am at on the journey of real estate investing, please help shed some light on how to not waste time and get moving. Feels like the greenville SC market is pretty hot and its important to know when a good deal is coming across your plate and to ACT fast. Also hesitant to get a dump of a house without understanding proper rehab costs, process and working hard only to lose money on the house. 

Current goals:

1. To create an LLC in the next 1 month.
2. To build $100k in capital in the next 2 months.
3. To partner with 1 investor on a deal in the next 6 months.
4. To buy 2 SFH rental properties or 1 multi-fam before June 1.
5. To successfully complete 3 wholesaling deals before June 1.

Thanks for reading this Mr. or Mrs. Experienced Investor, and I am now ready to help be of service to you. 

Cool! Congrats!

@Justin Windham Thanks for reaching out Justin!