All Forum Posts by: Marcus Blalock

Welcome @Joey English. Good to see you here. I hate that Bill closed down North GA REIA. I didn't find it until a few months ago. The meetings always contained a wealth of information. I am pretty green, but if I can help you in any way, please let me know.

Does anyone have any experience with Elite (1) Brokers in Atlanta:  http://www.elite1brokers.com/

They are suppose to be investor friendly. 

If I was in your situation and had $100k to invest, I would look at using that as a downpayment on a small cash flowing apartment complex. Brandon Turner did a webinar last night on investing in apartment complexes.  It is worth watching.  Here is the link. It is good until Friday night: http://app.webinarjam.net/login/2725/c33e63e56f/0/...

I use Cozy.co and have not had any issues.  I know you said they do not use computers, but you could go help them set the ACH up and then the payment is processed automatically every month without them having to use computers.  All you have to do is set up the lease on Cozy, amount of payment, help them enter their info, and that is it. Just the one time setup and then it is automatically drafted every month. Payment will take 5 days to hit your bank account from the time it is pulled from the renters.

Looking forward to this.  It is perfect timing.  I am looking at a 24 unit apartment deal right now.  Biggest challenges are putting a team together.  Who all should be on the team?  And financing.  Seller of the property has said they will carry back 25% of PP.  Now I have to figure out a way to come up with the rest of the money:  PP and rehab as units need rehab and are not currently rented.  

What mistakes did you make when you purchased your apartment complex? What to look out for in the process? Thanks.

PM sent about one in Tennessee that meets most of your criteria.

I am looking for funding for the following scenario for a buy and hold investment.  If you have any think that might work, please let me know.  Thanks

The property is a 24 unit apartment complex in Alabama that needs to be rehabbed and currently has no tenants in place.

The purchase price would be $224000 unless it could be negotiated down, I have talked to the seller and they said they would consider owner financing 25% of the PP and the buyer would have to come up with the rest of the money for PP and rehab. I also asked about a master lease agreement until all units are rehabbed and rented, but seller was not interested in that.

Seller had a GC estimate rehab to rent ready status for all units to be about $150000 as all plumbing has been completed, but that was over a year ago. A low end estimate for rent for each unit is $500 once rehabbed.

If we can create a situation where the numbers work, I will purchase the property in an LLC, have a FICO of around 740, and I have identified a property manager in the area that could manage the rehab, leasing of the units, and management of the property, but have not reached out to them yet as I am not at that step in the process.

Do you have any funding options that would work in this situation- have the seller carry back 25% of PP and get a loan for the rest of the PP and rehab costs? Purchase would be dependent upon results of due diligence period.

I plan on being at the Chatt REIA holiday party on Thursday night.

Hope to see some of you there.

@Luke Holcomb If you all have a BP meetup for folks in the Chattanooga area, I would love to attend. Thanks.  Marcus

I am looking for either a hard money or private money loan for fix and flips.  I am looking for someone who will accept both collateral from other assets and line of credit that I currently have.

The other asset I have is a rental whose PITI is $612 a month and it rents for $900 a month. Here is a screenshot of when I analyzed the property with the BP rental calculator. It is currently in year 2 so it has about $29k in equity right now.

- Note the property taxes shown in the screenshot above will be coming down as I appealed those to the local assessor and won. They will come down about $200 a year. The $99K ARV reflects an appraisal done by a financial institution.

The other funds I have is from credit lines totaling about $15K. The deals I am looking at are in the Atlanta, GA area and total purchase price and rehab will not exceed 200K. My excepted ROI is 15-20%.

I have other income that pays the bills, but looking for someone who will work with me and loan to me based on what I have stated as collateral and assets.  My FICO is about 760.

Also, I am NOT interested in one of the programs where you have to sign up for a bunch of credit cards.  I am looking to work with actual lenders to build a history and access to a future line of credit.  If you have something, please reply below or send me an IM. Thanks