All Forum Posts by: Kalimah Jenkins

@Sonny H.  I am sorry I misunderstood.  I purchased cash and I am now at 4.5% over 30 years.  Payment is now $515.

@Jorge Borjas To be honest, I was buying and searching for a bank.  I talked to many lenders and yes, most said 6 mos seasoning.  I spent some time looking for the best deal and oscillating between conventional and private money (only because private money didn't require the same seasoning).  So yes, the process was a little slower but now that I have the bank, I will apply on Dec 1 for the property I purchased on June 1.

Sonny H. I purchased it cash. Jonathan Frazier I will buy from anywhere really. That was a CL listing.

Brent Coombs I left off the last R because I'm one month away from repeating due to seasoning requirement.

Brand Bank -- 4.5% 30 yr fixed.

I purchased a townhouse in December 2015 and completed a BRRR on it yesterday. Well, I didn't actually rehab it, just found a good undervalued property and raised the rental to what is still below market (I didn't want to kill the tenants in the first year). Numbers looked like this: Purchased for $71k cash; raised rent to $1,000 from $830 in July 2016; minimal repairs; appraised for $110k; cash out refinance for $82k; payment $515 incl escrow; will raise rent to just below market to $1,150 at renewal. Atlanta, Marietta, Kennesaw, Georgia

Russ at Roof authority and Lidia at Flooring distributirs international.  If you message me and I provide phone numbers.

Fernando Parker I do agree that these may not be the norm but some tips I've learned so far: 1. My attorney requires all parties to attend the closing. 2. The contracts should have assignment and double closing clauses and be clear about reselling. 3. I NEVER EVER pay for the attorney UNLESS he is representing me. Otherwise, I don't agree to pay. 4. Always write the earnest money check to an attorney, not the individuals 5. When the contract says non refundable add things like except if (and I put dates and non performance in there). 6. Always buy owner's title insurance. This is not legal advice just some things I've learned when dealing with wholesalers. Even I, as an attorney, use one.

John Chapman Interesting. I've bought several properties from wholesalers and had always used assignments. However, this past summer, the wholesaler wanted to double close. I should've known something may happen when my attorney refused to close the deal. He does assignments only. I went to the wholesaler's attorney. After we closed, all hell broke loose. I went to evict the tenant and got a writ of possession. Between the time of receiving the writ and the sheriff's arrival, I receive a call from the sheriff indicating that the magistrate vacated the writ because there was an allegation of fraud. Essentially, the argument was that the original seller did not have authorization to sell the property. She apparently had an old POA from a husband who she was divorcing and who is now in prison. The father in law had the valid POA and filed a sheriff complaint. Long story short, I am also an attorney and filed an emergency petition and litigated the matter before the magistrate, specifically on subject matter jurisdiction grounds and in the alternative, the magistrate was using the sheriff as its agent to do what it couldn't do directly (litigate matters of real estate ownership). Further, it was giving the father in law the benefit of court intervention without having filed any court case. Anyway, the magistrate reversed itself and issued the writ. The tenant was evicted and we moved forwarded. I agree that that law degree comes in quite handy in this business.

I understand your curiosity but why does it matter? If it's a deal, it's a deal. You buy title insurance to protect yourself, check the comps, check the condition, checkout other rentals in the area (types of tenants, competition). Even speak with some property managers and neighbors. If after doing your due diligence, you're convinced it's a good deal, who cares why she's selling?

Steve Snyder I'd be interested in hearing more about the long term product. Have a couple of holds that I am trying to cash out of.