All Forum Posts by: Michael Rogers

Hi Brandy, welcome to the network.  What are you looking to do with real estate?  I have an empty house available, needs a lot of rehab, about $18k.  It is located in Thomasville, NC.  I have it marketed in the "Market Place" section of BP.  Check it out, or send me direct message for more info.

Anyone know if the rental market in London, KY is strong to support a $500/mo rent for a 1,000 sq-ft, 2bd/1ba house off Sinking Creek Rd?  The house is within a mile of the WalMart Distribution center, and a FedEx hub.  Sellers of the house are saying the house would rent "over night" for $450/mo easily.  The house will need some work, probably about $5k.  Any comments?  Any local investors interested in buying?

INVESTOR SPECIAL. House has been cleaned, yard cut and ready for new investor! 4bd/1ba, and a big kitchen area, enough space for a dinning table. Also, upstairs room is large and could be converted into a 5th bedroom. Cash only, close quickly. Asking $38k for 1,700 sq-ft house with unfinished basement.

Have a nice day, Bob.

I calculate cap rates on my SFR too. I simply talk to the seller about their expenses, rent rates and vacancy to calculate. I also look at straight ROI - as this includes debt servicing whereas the Cap Rate does not. People may have their own approach to analyzing multi-family, be it duplex, triples, four-plex or "many" units. I like my methodologies.

Hi Thomas, check "loopnet.com."  That is a commercial real estate site for nationwide properties - lots of apartments.  You will first need to know expenses and rental potential.  You'll want to calculate a cap rate.  That is "net operating income/purchase price."  In Lexington, Cap rates run about 6% to 9%.  I would also suggest you look up "Anthony Chara."  He is an apartment buying coach and has info on his website about his classes and some info in general about investing in apt complexes.  

Hi Elisha,  I live in Lexington, KY and have done some wholesaled deals, and have a complete system you can plug into.  I also have a list of free and clear owners that I have mailed about 400 letters to.  Have another 1,200 letters to send.  I have a person that mails for me, and a phone service that takes the calls 24/7 - a human answers, not a "pls leave message" type of system.  I am not doing wholesaling much anymore, so there is no competition.  I'd be happy to share with you my successes and "non-successes."  I also know a few wholesalers in Lexington who are very good at what they do - so I can inform you of the competition you face here.  Message me directly and let's exchange phone numbers. 

Ah, yes, @Gabe K,  I am familiar with Granite.  Colonial Impact fund buys from Granite, and I have purchased notes from Colonial Impact fund.  How could I get on Granite's distribution to buy their notes?  

Hi Gabe K., I to buy discounted notes from Colonial Funding Group (NoteSchool, by Eddie Speed).  Where did you find this note on the Bob-O-Link property?  That's a great deal for you, Sir!

Sorry, I used the "wrong forum" to post the ad.  I meant to use "the Seller's marketplace," but instead posted this in "discussions."  I'm asking $30k.  Here's a link to craigslist ad, with pictures:  http://greensboro.craigslist.org/reo/5714820856.html