All Forum Posts by: Ronald Stanley

@John Underwood. Thanks John. In your experience , is it true that 95% of people exercise their right to redeem? If so, does that mean I have to purchase 10 deeds with the expectation that 1 of them may be a property that I can actually foreclose on? Also, did you take an introductory course or read a book when got started? If so, can you recommend any? I am strongly considering paying for a coach to show me the ropes.

@Winston Nwanne. Hey Winston, are you a new investor? If so, do you have some time to chat so we can share ideas. I live in Georgia and I’m looking to attend my first auction as well.

Hey Family,

I live in Georgia and I am interested in investing in tax deeds and tax liens. My state has a pretty good interest rate of 20% interest on redemption Deeds. The problem is that you have to wait a year before you can bar the right to redeem. I want to invest in states where I can take possession of the property. I am wondering if anyone else ran into the same situation. Did you start investing out of state? Did you get a mentor? I have the basic knowledge but I’m trying to figure out the best way to Get started. Any advice would be greatly appreciated

@Elaunte Brown

Good ideas. Can you send me your phone number. I like the fact that you're an agent in Marietta because this is some of the areas that I am looking to invest in.

Hey Craig, Thanks for your post. I'm sorry, but I don't understand your reply. Are you saying that I can lend my money and earn points and interest for my private financing? I just want to be clear. Also, do you have any feedback for the questions I had above. Thanks

I just realized that you might have replied because I am marked as a lender. I am a loan officer, but at this time I am not interested in lending my funds as much as I am in learning the fix and flip business. Any advice you can give would be greatly appreciated. 

Hey All,

My name is Ronald and I am 35-year-old part-time real estate investor in Atlanta GA. I am seeking advice on how to successfully flip 3 homes next year. Below is a short background of where I am right now.

History

• I have been in the Mortgage Industry for 12 years so I have an above average knowledge of real estate terms and contracts. I also know a bunch of realtors.
• I recently owned 3 single family rental homes of which I sold two this year to be able to pay off 50k of student loan debt
• I have never flipped a home before. I had to do a light renovation (about 8k) on one of the rental homes I sold this year but I have never done a major reno before (30k+).
• I have a relationship with a GC who has a construction/roofing business. He is willing to go in with me 50/50 on each project.

Personal Finances

• Personally, my wife and I gross about 180k per year and we have no debt other then our house payment of $895/ month. It took a long time to get there. We both have excellent credit.
• I have a Home Equity Line of Credit on my primary residence with a 100K of available credit and a zero balance.
• I have 80k in my 401k and can borrow 40k to invest with
• I have 90k of available revolving credit on 6 cards of which I can get 0% financing for 12 months on 40k
• In total I have 180k to invest with.

My thoughts are to use the Realtors and Wholesalers I know to find Single Family homes and close on my first rehab by February 15. Allow 4 months to renovate and 60 days to sell. Go under contract of my second home by May 15 and sell that one by September and start on the last home by August to close early 2021.

My questions are below

1.  Is 50/50 a good split when working with a GC on your first flip. I am thinking that I can put in 70k and he can put in 70k so we can find homes where we are all in for 140k and then sell them for 180-190k.
2. Should I use Private Money or Hard money instead of using my own money?
3.  Are there any books that I should read or any courses I should take before I start?
4.  Should we create an S-Corporation and buy these as a business together? What sort of legal document should we put together to outline our relationship and responsibilities? 
5.  I would be totally dependent on my contractor for the entire renovation and that creates anxiety for me. What else do I need to factor into my plan? What could go wrong? What do I need to prepare for?

Apologies for any grammatical errors. I am writing this at 11:25 after helping my sister move for the first part of the day, so needless to say I am drained 😊 Thanks in advance for any help you can provide.