All Forum Posts by: Sean Eads

Pine elementary, as you probably know, is a private school and very well accredited. That area can vary greatly in demographics depending on the zoning area, as I know there is a large spanish district north of the school and one that the county 'zones' around for school zones. I like the area North of the airport for the BRRRR strategy, if that is something you are considering. Great potential for rentals.

Guys, need some help evaluating my potential first property!

As of now, the owner has agreed to settle on a purchase price of 52K. Now, I am trying evaluate the best way to finance. I am talking to two separate banks and here is what they have offered:

OPTION 1: allowing a minimum of 15% down (because it's an "investment property") at 6.125% interest on a 30 year fixed mortgage. 

Total Cash Needed: 13,800 (including 4k in repair estimates)

Cash Flow: $245 at 

21% COC ROI

OPTION 2: allowing 10% down on a two year adjustable rate mortgage, 30 year term starting at 4.5% for those first two years subject to change:

  "Your interest rate can change every 2 years"

   "Your interest rate cannot inc or dec more than 8% over the term of the loan

   "Your rate cannot inc or dec more than 1.0% at each adjustment.

At 4.5% with 10% down:

Cash Flow =$291; COC ROI: 27%

At the potential 8% cap

Cash Flow = 188$

So my question is which option would you choose? Also, would it be feasible to go with the adjustable rate and then potentially REFI 3-5 years down the road pending interest rate hikes? Thanks for the advice!

Hey guys. I am looking for ways of finding and networking with local wholesalers in my area (Greenville, Spartanburg). In search of my first flipping project, I have been beaten to the punch on 3 occasions now mainly because I believe other investors are finding out about these 'deals' prior to it getting to me or my agent through local wholesalers. I am wondering how I can find a local and trustworthy wholesaler in my area to begin connecting directly with about potential properties for flipping.

What are some ways some of you are working with wholesalers. Has it been beneficial? What are some things to look out for? Thanks for the help!

Hey guys. I am looking for ways of finding and networking with local wholesalers in my area (Greenville, Spartanburg). In search of my first flipping project, I have been beaten to the punch on 3 occasions now mainly because I believe other investors are finding out about these 'deals' prior to it getting to me or my agent through local wholesalers. I am wondering how I can find a local and trustworthy wholesaler in my area to begin connecting directly with about potential properties for flipping.

What are some ways some of you are working with wholesalers. Has it been beneficial? What are some things to look out for? Thanks for the help!

Whats up BP!

My name is Sean and I am a new investor from the Greenville/Spartanburg area. I have spent the last 2.5 years as a travel physical therapist after graduating in 2015 - of which has taken me to do contracts in 5 states and allowed me the freedom to travel abroad to South America, Europe, and most recently a 9 month voyage through Australia and Southeast Asia. It was during that time that realized how badly I wanted a lifestyle that would allow myself and my future family the luxury of time freedom. Of course with that, you must establish financial freedom and after doing a lot of research and self reflection, real estate appeared to be the most viable option.

I first discovered BP back in 2015 but was not in the right mindset nor financial situation to actually commit and take action. Plus, I was enjoying the hell out of traveling. I have since returned home and am creating a great opportunity for myself here in Greenville to start investing and scaling a real estate business part time. I joined BP in Jan and have been podcasting, researching and following forums/advice like crazy! I saw the value in becoming a PRO member and have been practicing analyzing deals and networking with as many investors as possible. I have analyzed about 20 deals now, have established a good relationship with a real estate agent/investor, been pre approved by two local mortgage lenders and met face-to-face with 3 successful investors in the community. I have taken the necessary steps to prepare myself for action once the right deal comes along. 

Investment wise, I feel like the smartest and best move for myself would be to start with house hacking (as I currently have never been a home-owner). Live for free for 1-2 years and then move that equity into another property. SFR and multifamily properties make the most sense to me. If done the right way, the BRRRR strategy just makes the most sense to me, but I know how important the numbers are as well as prior experience doing this strategy. Thus, that's why I am looking forward to networking inside this forum and my local networks to make an informed and educated decision on a property first. I would love a partnership moving forward as well, particularly one who knows more on the construction/building and rehab side as I believe my strengths would be in networking, finding/analyzing deals, and managing.

Looking forward to this journey and connecting more! Good luck to everyone!