All Forum Posts by: Nikki Robinson

@Tom S.

First, I recalculated everything with more realistic (and appropriate for buy & hold) numbers. That took the repair estimate from ~$130k to $80k.

Being confident in the $348k ARV, rental rates & popularity of the neighborhood, I chose to accept the seller's final counter at $150k. (I tried for $137k though.. I kind of enjoy negotiation.)

I have until 5 p.m. today to return a signed PA. 3 days to get $1000 EMD to escrow. 21 day Due Diligence Period. Closing set for May 21.

The seller (a Realtor) sent the contract last night & I sent back two stipulations to be added and initialed by both parties:

1. Seller provides a set of keys and/or lock box combination, allowing Buyer & Buyer's representatives unrestricted access to premises for prudent exertion of Due Diligence Period.

2. Buyer is a real estate investor and will not reside in the premises, but will rent, lease, assign or sell for profit.

@Ronald Perich

Thank you for such an in-depth response. I didn't consider the nine or 12 month lease thing. I know many students stay year-round though (that's just from me having grown up here and working summer jobs with the college kids who enjoyed staying away from home). There's also the graduate students who stay year-round. 

There are also several instructors who rent in the area. I didn't consider that until à couple days ago.

In regards to the repair estimates, I've been reading up on that & since realized that I came into this with a repair estimate fit for a flip.. not a buy & hold. Meaning on top of my first estimate being padded, it was comprised of upgrades too high-end for rental property. Having walked through again a couple days ago, I'm thinking at least $40k of the original estimate was unnecessary.

Hey, I'm still learning here! Lol

The rent rates given in the original post are below max. potential. The property is literally five minutes from campus - walking, biking, skateboarding, driving, skipping.. however you choose to get there. Only five minutes.

It's also a highly coveted neighborhood for regular city residents, not just students/professors. It's a historical, well-preserved, "established residential" neighborhood in the middle of the city.

After rehab, the 1bed units can pull in $600-650. 2bed, $700-750. Maybe more but not less for sure.

There's also an option to convert the front property dwelling back into a SFR & just have the 2bed apartments in the back. If the end buyer goes that route, they'll have plenty of equity just by virtue of it being a reno'd house in such a prized neighborhood (where several other rehabs have either recently taken place or are currently in progress).

I'm mailing to owners of properties in south Georgia and north Florida. I got the south Georgia leads. I'll need someone in north Florida to 

• do drive-bys and take pictures of exterior
• go to walk-through appointments (and take GOOD pictures & video)
• show the property to buyers

I'll pay for the marketing, qualify leads, set appointments, analyze deals, make offers, negotiate with sellers and handle contracts.

You get 30% after closing of each successful wholesale deal in which you participate. If you find the buyer, that 30% becomes 50%.

Areas Included:
Quincy, Tallahassee, Monticello, Lake City and smaller towns in between.

PM me or email: [email protected] if you're interested.

Thanks for your answer Patrick. 

I asked because I've heard the stories of tenants who leave a car/trunk full of cash/(insert any "JACKPOT" item here) in the storage unit and disappear so the SS owner gets to keep it. Was just wondering how true those stories could be.

So Patrick, when someone defaults and no matter how hard you try to get in contact with them, you just can't.. what do you do?

Can you just sell their things or keep them? What's the law on that?

I see I'm going to need to work on my people skills. Lol great job! Congratulations on getting through your first wholesale deal successfully.

HGTV? Scam?! Blasphemy!!!

I won't hear a word of it!

Lol kidding. It's so darn entertaining though. I've always wanted to be on an episode of House Hunters.

Congratulations! I had a friend back in high school who always said he wanted to own self-storage facilities. Pretty smart for a 16-year-old at the time. Since then, it's always been a goal that sat at the back of my mind.

Your story rekindled the motivation. Thanks for sharing.

*clicks Follow Topic*

Thanks! The way I see it, if I can take full responsibility for my "failures," I'll get to enjoy taking full responsibility for my successes. Lol