All Forum Posts by: Junior Salters

HoUsE On SaLe ! (truck not included) Must Sell!

Country Livin’.

3118 Erwin Mill Rd, Honea Path , SC

Brick house, 3/2, great floor plan, Jack n’ Jill bath, carport, laundry room, hardwood floors, spacious kitchen, great roof with land to spare!

Arv 106K, REPAIRS 20K OR LESS

PRICED TO MOVE! ONLY 52K OBO

Call for lockbox combo

Alex McGhee 864-884-2913 or Junior Salters 864-706-9544

Click for pix http://greenville.craigslist.org/reo/4523057440.html

Welcome John,

I'm right near you in Boiling Springs and doing most of my investing in Spartanburg and branching out to Greer. Doing wholesaling now, but hoping to get over to flipping to purchase rental properties! Let me know if you ever want to meet up! There's a great investor's meeting on Wednesdays at 7:30 am every week!

What exactly are you looking for @Warren Sterling ? Or what do you prefer?

great introduction @David Wilson ! Glad to see you finally jumped in and are eager to get started. I send you well wishes from up here in spartanburg, sc!

@Chesley White  Thanks for your input Chelsey! I thought 2% wouldn't be as common. But yea as long as you're cash flowing!

Quick question @Mark Kemp because I know you have some history doing these types of transactions. If the property is worth 100 and seller owes 50 and say you offer 60, what exactly happens with the 10k equity position? Is that paid out of pocket or how is that done?

Sorry for your troubles @Nick B. but I'm in the same boat as @Barbara Riley . I wholesale most properties where if I had the financing and resources that I would keep myself, but I still need cash reserves. I've done close to almost 7 properties now and all my end buyers have been satisfied. I've taken from $1k-4k home, but I know some guys who really try to rip it up and make over 10k even if their end buyer's margin isn't good. But its like any business: you got the good, bad and the UGLY!

Excuse my ignorance with the pre-foreclosure process, but how much time do they have until it goes to auction and foreclosure status. The only thinkg I can think of (you can read up on it more too) is that you would come to them with the proposition that you will take over their payments, see what needs to be done to actually get them out of pre-foreclosure status, and see how much time you would have to get a renter or end buyer before considering the subject-to route. You just have to explain to them that you would be taking over their payments and that the actual lien from their bank would still be in place (but at this point that shouldn't be too big of an issue I assume b/c they're already on the hook and you're trying to save them).

Honestly at this point, I think you just need to get more information on where they're at in the process and go from there.

Have you thought about possibly purchasing subject-to and then doing a lease option on the back end/ just renting. You could also go with a subject to with a wrap mortgage if you wanted to sell. You could get them to transfer the deed over to you, and then you can rent it out.

Hey guys,

I'm currently a wholesaler in upstate Spartanburg still building funds to do some fix and flips and purchase rental properties but for anyone in South Carolina and mainly the Upstate are you guys usually seeing the 2% rule on your rentals in terms of your rents vs. you all in purchase price + rehab? I don't see a lot of these which isn't surprising, but I assume it can be done.