All Forum Posts by: Junior Salters

Hey Mike,

I of course have not bought in Greenville but I do know a guy who attends our REI meeting who manages properties downtown has been having more difficulty getting units rented due to the new apartments having a lot more amenities than the condos he is offering. Again, take that for what its worth !

No assistance? Tough crowd lol

Hey Timothy,

I'm a local investor born and raised in Spartanburg myself. Live in Boiling Springs now, but I work in a sales job that covers Charlotte and Boone as well. Would love to connect one day! Good luck with everything!

Junior

Hey guys,

What are usually the required numbers you look for on a contract for deed deal? Max LTV? Minimum Cash flow per month? etc

I have a guy wanting to sell me a house for $60,000 that is worth $82,000 that is wanting to get out rental business. It is in a blue collar neighborhood where houses are selling from 80-90 depending on amenities. He had contractor go through and says it only needs 3K worth of work. I know this may not be the most accurate but for the examples sake:

Private money loan of 65K acquired at 8% interest only payments of $433 for 10 years.

Purchase price of 60K and out 5K into it.

Do Contract for deed at 84K with 4K down at 8.7% for 15 years for payment of 803.58.

Collect difference of PM loan and payment of $370.

I'm sure it's not this simple and probably left out some parts so I welcome all advice.

Thanks!

Greetings Travis! I live in the Boiling Springs area as well and am looking for my first multifamily deal in the Upstate. Let me know anyway I can help or if you just want to link up! Keep doing that reading and I'm sure you will prepare yourself to do well! Jr

Are you just looking on the MLS and similar sites or have you started a direct mail marketing campaign? The market is definitely hot and some people are willing to settle for less returns but as Jordan said, you just have to keep analyzing and staying true to the numbers.

I definitely agree with Matt when it comes to looking within and really looking at the property management's process for evaluating potential tenants just to insure there is no funny business going on. I'm definitely no pro but tenant screening is more than just checking for the income requirements. Past rental history, job security, and references are also a huge factor and may want to make sure PM isn't bypassing these steps to fill units.

Hey James, reach out to Skyler Jackson at Carolina Foothills Credit Union in Spartanburg. I know those guys are pretty flexible when deals make sense and your numbers seem pretty good.

Hey Adam,

I'm definitely not here to sell his program for him, but I have no current complaints about the Syndicated Deal Analyzer. Everything is able to be modified to allow for any differences in your deals and Michael is very responsive via email if you have any questions or troubles. Easy to use and he even goes through videos to show you how to be most effective. You are also able to put together a sample deal package that looks very professional and top notch and I have had that said by current commercial brokers.I do know there are other good products out there, but this was the first one I put my own money into outside of the ones available here on BP.

Jennifer, 

I had the same question previously and as JD mentioned it depends on market and personal goals. My personal opinion is that as people get into larger properties, Cash on cash return is more important than cashflowing a certain number per door, but again, as an investor told me it depends on how much you value your time. if you want the deal to not only give you the cash on cash return you desire and a good cash flow per door, factor that into your price but understand that means you may be up against someone who will accept less than $100/door and thus be able to pay more. If that makes any sense