All Forum Posts by: Junior Salters

Congratulations, @Virginia Jones! You guys did an amazing job on the renovation as well! Keep it going!

@Tom S. Hey Tom! Owner did not want to come down to pricing I truly wanted/needed and honestly I wanted to take the advice of a few people on here and clean up my personal finance a little bit so that I will have money not only for down payment but for any large Cap Ex as well. 

@Richard Sanderson Great insight, Richard. I will definitely reach out to the local tax assessor in my market. Those are all great points!

@Joel Owens Thanks!

Thanks for all the tips, @Joel Owens! Quick question, how would I go about checking tax records specifically for quadplexes?

Hey guys,

I know quadplexes are not technically considered commercial properties and so their value is computed off of comparable sales within the given area. What do you do when there have not been many if any quadplexes sold within the given 6 months to a year or longer? I'm currently working off of the numbers I need to make a deal considering market rents, but I understand these deals aren't technically viewed that way. Any suggestions or help would be great!

Congratulations, Nate! I'm interested as well in how you were able to structure the deal!

@John Casmon I was heavily debating this because as @Brandon Turner says 50% of anything is better than 0% of nothing. At this point being still fairly new I'd be open to even 40%.

@Cortney Jones The numbers I wrote previously were actually with 10% PM and 8% vacancy so basically the equivalent of what you wrote. You did bring up a good point of houses on the market being around this value so I could afford to wait a little longer to build up cash for DP and good bit of reserves. Just getting trigger happy!!

@David Zheng Thanks for the advice and coupled with the point above, I may just wait. I actually did wholesaling my first year and half and took a break when my last daughter was born. Having done a good bit of research and studied my market, I feel comfortable doing the deal and have had family members reach out to help. But I don't necessarily mind waiting to build up more cash. I don't think I necessarily have to use my own money for my first deal, but I'm not totally against it either.

@Andrew Postell Immediately none, but I estimate within next 6 months to a year, I want to rehab to get then up to my standards which will take about $5,000 in work. Comps have sold for 100-110 in similar condition and fairly similar rents.

@Chris T. I think you may have it right with seller financing on this one. @Joe Prillaman mentioned that as well!

Hey guys,

I have an out of town investor wanting to get rid of a duplex in Spartanburg. He's selling for 98,900 but is willing to take $95,000 and both sides are rented for $700/unit and in a good area of town. After subtracting 10% for cap ex, 10% maintenance, taxes and insurance, cashflow is around $359. A 20% down payment is $19,000 of which I have $6,000. I don't want to have to keep passing on deals due to capital (even though I'm understanding if I do), but there have to be some creative ways whether that be HML or what. Just looking for some ideas on how to make this deal happen even if a partner comes in and take a little bit more cashflow than myself. Just really wanting to get this first deal done. Any ideas or thoughts would be greatly appreciated!!

Thanks!