All Forum Posts by: Pat S.

@Michael Tierney  ,  I'm in similar move situation.  Transitioned away from one job this week and am moving Asheville over the next couple months to focus on real estate. I've been following the market closely for the past 9 months and can't wait to get started there.  You'll find there are a few Asheville folks on BP who are active on the forum.

Best of luck to you on your transition!

Pat

@Allison Ezzi , we'll be there at the beginning of Jan for a few weeks and then actually moving there in mid Feb! We can't wait! I'll contact you once we're in town to see if you're available for coffee or perhaps we can find a date that works for @Account Closed as well and all meet up!

Thanks,
Pat

Awesome! Good luck on finding a new acquisition @Austin.  I hope you find too many options and have to wholesale a few to other BP members this spring ;).

Thanks for the update, was curious what's been happening! Sorry to hear it's so far off schedule.

Lots of good info on the ebenfits website too on the process, eligibility, fees, etc.
http://www.benefits.va.gov/HOMELOANS/index.asp

@Todd Whiddon that scope of work description you gave is very similar to contracts I've managed for many different types of deliverables and services outside of the real-estate sector.  Having it be performance based, with specific timelines for milestones and deliverables also helps the contractor understand what's important to you and work your priorities. So it's actually good for both parties.

I'd love to see an example of one of your SOWs if you're willing to share.

Thanks,
Pat 

@Johnathan Osborne Good luck! I haven't been to a meeting yet (I live in Hawaii at the moment and will be moving there in a few months). But I have met with several members from CREIA and found them to be excellent colleagues so far!

I think the current VP of CRIEA is still Rodrigo from Asheville Cash Buyers (wholesaler). I don't think he's active on BP, but he does have a web-site and I met him for coffee the last time I was out there, great guy.

Pat

Johnathan,

I follow the sub $200K retail market in Asheville regularly, but not Black Mountain, so I might be off a little... I think you're right to doubt his ARV. $171k for an 1100 sqft 3/1 does seem high for that area. I've seen several rehabbed small 3/1s in the 125k-150k range in Asheville this summer.

Also, when he says it needs 30-40K to get it up to code, I assume that means just to get it to code? If so, the rehab could easily exceed your 50K number too.

Conservatively since this is your first, I think you should consider seeing it in person and verifying the numbers by getting an agent to run a independent CMA (Comparative Market Analysis) and have a GC (General Contractor) walk it with you to give you an estimate. Even if those both cost you a little, what you learn may be worth it for this deal and others and could save you some trouble. Plus, you'll be able to provide that additional info to your buyers list which will help them feel comfortable that you've done your homework and allows them to make a better informed decision.

Another alternative would be to take it to another experienced wholesaler and see if they'd be interested in helping you through certain parts of the deal for a portion of the potential profit.

Pat

I realize this is an older thread, but wanted to note that...

It can be used to cover the cost of licensing tests. (including the Real Estate Broker license in many states.) See: http://www.benefits.va.gov/gibill/licensing_certif...

The benefit usage calculations are not very clear though for this.

For the classes, I'm not as knowledgable, you may be able to search schools from here: http://www.benefits.va.gov/gibill/school_locator.a...

And may be able to find one for your state that can work with the VA and handle the paperwork needed for the classes.

Pat

@Jeremy Sanders Did you take the course with one of the schools? Any feedback?

Thanks,
Pat