All Forum Posts by: Samuel Garrett

Believe it or not this was on market and i saw it on loopnet. But the key piece was that this was advertised by one of the big firms in the multi family space. I have also closed a few deals and built those relationships which enabled some considerations.

So again, there are deals out there, it is a matter of you making it a deal from a numbers stand point. And so far, the numbers are looking good on this deal, but will need to be verified through my due diligence period.

Happy investing.

I have had many conversations about the same topic. A famous quote by the famous hosts of BP Podcast is, "You don't find deals, You make deals". Of course I probably butchered the exact quote. But the bottom line is there are many deals out there, Cashflow play and/or equity play. You just have to stay active, stay connected with a wide range of sources and deals will come your way. I am in the process of cataloging 4 deals I completed in the last three months. I am also in contract on a 17 Unit....not in Huntsville but in the surrounding areas. 
Happy Investing!

@Andrew Lekowski....WOW!

Thank you for sharing your "ALL TOO COMMON" experience. We have all been there. I know many will gain great knowledge from your heartfelt post.

Appliances:

I can relate with the appliance acquisition process. The time that it takes for you personally to go pick up and bring back, carry it up the stairs (yourself or with the help of a friend) to find out that the fridge is too big to fit through the front door, then you have to remove parts in order for it to fit is not cost effective at all. Let alone you think you are getting a bargain because you are paying $100-$300 cheaper than a brand new one. 

- recommendation BUY NEW! That is the consensus I have gone with. You get a warranty from a credible company, that even through COVID, will remain open because they are considered an essential business. Plus you get free or near free delivery, with installation and removal of old appliances. Therefore, you come out way cheaper than the route you (and I ) have gone through.

Self management:

I too was faced with an eviction process within the first few months of my acquisition of a small MF property. What I found is that my notices with my company header stating you have a 7 day notice...doesn't have any impact what-so-ever. It is merely a piece of paper. However it is a paper that you need to have to support the actual process. But I bring it up because I too wrote that notice, then accepted a partial late payment, then had to provide another notice and give another 7 days the following month, due to me accepting monies.

- lesson learn, send notice, once time has expired, seek counsel (Sarah Taggart). After that....DONE DEAL...in a timely and efficient manner.

I am curious if you have taken the time to add up the costs and your time (standard hourly rate) to see how it compares to having a professional company manage your property(ies). Cause in the end, it seems like my time is very valuable to spend on PM when I also am responsible for the Strategic Narrative of my company, the analyzing and acquisition of properties, network building etc. I rather factor in the cost to have quality PM for my properties.

Glad to read that you have gone through this, and got through this, so you can learn and grow and share your experiences with others so we all can ensure we don't have to experience similar in the future.

All the best!

@Joe Villeneuve, Joe if I could have given you multiple votes, I would have. That advise doesn't just apply to anyone new but I believe for all of us. Thank you for the sound advice as I will re look my plan and goals. 

@Jamie Hodges Thank you for posting. You are not alone in your feelings as I am quite sure most can relate. You are now experiencing the power of social platforms, in particular BP, how one can send out a "distress" call and people from all over will expeditiously respond and provide support where needed.

Like all the other responses, I am here in Huntsville. I would gladly be another resource available to you. Please reach out anytime.

Thanks!

@Jamie Hodges thanks for your positive response. congrats on your road to real estate investing. Have you identified the business strategy you want to embark on? Wholesaling, Fix/Flip, Buy/Hold, SF or MF, Commercial or Residential, Tax lien certificate auctions, etc.

What are your short/long term goals? 

What are your strengths and weaknesses? 

What are you able to offer potential partners, teams, investors? 

Funding is one aspect. But where can you add value to others, if there might be an opportunity to Joint Venture?

It is great that you are maximizing your time learning; at some point you have to take action. 

This wasn't an overnight success (i use that term loosely as i am still learning and growing, so far from being considered success), this was 18 years of taking action, not knowing what i was doing early on but taking a leap on faith and commitment to make it work...fast forward those action steps paid off to allow me to use the proceeds to fund current projects. The main difference is, I now have a strategy, thanks to platforms like BP, to be my foundation when I now invest.

Sorry for it to be a little long winded, I had a "smoke break" from my job and used that time to respond. 

Look forward to hearing about your goals and your path to financial independence!

@Adam Costanzo thanks for the compliments. I will gladly send you some of my contacts. Where are you in your process? Are there any hurdles you are trying to overcome?

My experience in the Huntsville market has been a rewarding one. There are a great amount of deals to take action on. But I also have seen not so good deals. My personal thoughts, the increasing exposure about Huntsville market is great, but I often question the legitimacy of certain price points and what that may mean down the road. But that maybe for a whole new thread.

Like most season investors you hear on whatever platform you connect to, it is all about the numbers. if you run the numbers and the deal doesn't make sense, don't try to make it work. As such, I passed on a good number of deals (on/off market) due to the numbers not supporting.

Biggest thing I can offer anyone is "TAKE ACTION" more so now then ever. If you are able to get out and drive neighborhoods, do so. If you can connect with people virtually, do so. If you are able to take a course, do so. Take action. It will pay off down the road. 

I am now starting to see some returns on my action from months prior. 

I would love to hear your strategy and goals!

Happy Investing!

Hi @Lisa Eckman. Thank you. Towards the end, we decided to replace all the windows which brought our rehab total around $41k. The home appraised for $132k, $12k more than what we anticipated (thank you recent sales in area). Since I didn't have an immediate project, we didn't refinance right away. I was able to acquire two more SFH (off market) with light rehab needed, and once completed and rented, I refinanced all three into a portfolio loan. This helped my DCR.

My strategy is to buy and hold. Unless the numbers scream to flip (which I haven't done as of yet).

I will gladly send some contacts I have via message. Are you looking in this area? Are you already active here?

Currently we successfully acquired a property through the foreclosure process. This one really excites me as there is a detached unit behind the main property that is already fitted with a full bath and ready to go for a kitchen. So we got a 2 for 1 at an unbelievable price! Are strategy for this one will be to AirBnB both properties. Oh I forgot, the parcel is .42 acres and the two properties both sit on just .22 acres. And a 40" semi trailor was left on the property. So we will look to get creative and see what we can create with this gem...maybe experiment with a tiny home concept.

We also placed a bid on another beautiful home built in the 30's, it is a 4/2 2,000 sqft and has all the qualities for a potential AirBnB. Hope to hear back this week if are bid was accepted. 

Can't wait to post updates soon!

Thanks for reading my post and commenting. 
Happy Investing!!

@Mariah Petzoldt Hi Mariah. I have some local lenders as well that doesn't require a seasoning period. DM me if you like their contact info. Happy Investing!!

@Viral Patel. Understood. I am sure your schedule maybe pretty full for your visit next week, but if you have time,I am more than happy to meet up and discuss further.

@Viral Patel

What type of properties are you looking for? Price point? Strategy - B&H, F&F?