All Forum Posts by: Michael Williams

I have been a member of BP for a year and a half. During that time I have accumulated a wealth of knowledge and good information pertaining to real estate. I even got my first birddog deal through BP. I am a serial entrepreneur; I do websites, internet marketing, graphic design, and t-shirt designs. After doing all of these things for the last 18 months the 2 real estate deals I did brought in 10 times more than a year of doing all of that other stuff combined. Now that I've got that out of the way here is my story.

I got semi-serious about real estate 18 months ago when I was living in my car. I immersed myself in learning, going to all of the seminars, and buying RE courses online. So I have a decent understanding of wholesaling and Subject To deals. But the biggest leap forward was actually doing a deal and getting a check.

I have been on my corporate job for 28 years and lately I’ve been having problems with my knee. My meniscus is pretty much depleted. So for the last month the pain has been getting worse and impedes by ability to do my job. So I was placed on limited or light duty by a doctor. My company does not have light duty work so I was sent home without pay. All my leave has been used up and new leave doesn’t kick in until June 1 2016. So 3 weeks with no pay has forced me to take real estate seriously again. I am really contemplating retiring now and just go for it. My wife and I are discussing it this weekend. She is very supportive and will back me up on whichever decision I make. But I say this is the best thing that’s happen to me because I know that real estate investing is the best business hands down. This time off has given me a peace of mind that I haven’t had in 23 years. Plus I have more free time to get the real estate thing going. So I will be on BP everyday now. Don’t you just love it? So I am getting my direct mail marketing campaign together so I can get the leads. I am very confident and know I will succeed, because my wife and children deserve better than what I have been giving. I have been telling my wife and friends for years that if I got fired from my job it would probably be the best thing that could ever happen to me. I still feel that way.

 Hey Carlton I know this is a year late but agree with you 100%. I have been the victim of this complacency on and off in the 2 years that I have been in Ga. Opportunities like the real estate market here is why I relocated from Memphis. I would start, get a deal, get paid, and start working more overtime hours at my job of 28 years. Start RE again get paid then start working more overtime. But my luck has changed for the better. My knee is messed up so I can't work. I need an operation, but my company won't give me workman's comp or short term disability. After 3 weeks of no checks I have to do Real Estate full time. This is the BEST THING that ever happened to me. This post is not a joke. Sometimes you need this violent shove into reality. Looking forward to working with the droves of investors coming from up north to find investment opportunities in GA. I'm your guy. 

Great Info. This information will come in handy because it seems I may be leaving my job soon. More time to do real estate.

Hey J.J. I am inspired and intrigued at the same time. I will be checking back to see how everything turned out.

 Thanks Matt I will check him out.

 Thank you Bill I will head over to that blog as soon as I finish responding to all post. 

 Hi Josh,
Yes this would be a great learning experience since most of the houses today have some type of financing attached to them. This is definitely a buy and hold for cash flow for a while or forever, unless something drastic changes in the area. It good that the owner is open to all creative financing options.

 Hi Claudette

The tenant pays on time and has been there for 6 years, but the landlord say they don't like him because he is messy, but I repeat he pays the rent on time. The schools are a rated 5-6 and 6. The landlord is very open to all of the creative financing options, he is motivated. I don't plan to mention moving money until he mentions it first.

I have a tired landlord that is selling 4 properties in Georgia. He stated if I give him a good deal on the first one I will get dibs on all of the others. First let me tell you I am not in position to buy it myself, this will be a flip to a buy and hold investor. 
Here is the info: 3/1 - built 1920 - central air installed- PVC piping - hardwood floors - Roof 7 years old - new Hot water heater- ARV on house is $65k - Decent school district- Rated 5-6 and 6 - there is a outstanding loan for $41k - A tenant paying $650 per month. Landlord selling to move to Florida and he understands Subject To and know it's going to be that type of deal. Paying $500 month on loan - fixed rate - rents in area for similar house is- Comps are 3/1 sold for $63k ,1000sq ft - 3/1 sold for $79k ,950sq ft - 3/1 Sold for $87k , 1546 sq ft.
How would you structure a Subject To for this deal to flip to a buyer. As a buyer what would interest you in this deal. Owner may want some cash from deal, how much would you give the seller.

Hi BP,
I would just like your advise on this one. Putting together a contract for a house in a hot part of Atlanta. There is major construction everywhere around this house. The owner is a tired landlord and is selling off properties. This house is on a very busy street and is a huge corner lot. This house and others in that area is are averaging ARV's of between 240k -280k. This particular house is worth $245k and they want $269k because they know it is a hot area. There is a stretch of 5 houses two residents down that are mini mansions worth 700k-850k that were all built by one developer at the same time. I plan to contact that developer to see if he is interested in this plot as well. The problem is that the owner with the house between them isn't interested in selling which could have made it sweet for that developer.

This is what I plan to offer. There is a $155k loan on the house, so my strategy is to offer $50K cash and a "subject to" arrangment for the loan. The rent in this area is a strong $1,500 per month. House was rented one month ago for $1,500. Need about $5k sprouce up (Paint and some landscaping). Loan on house is $700 per month, so cashflow would be $800 per month. Let tenant pay loan down for 3 years then lease option with an exit in for $290k. New owner would have a strong possiblity of being bought out by same developer when other neighbor decides to sell in the future. As an investor, would you take this deal if I presented to you? If not what would make it sweeter?