All Forum Posts by: Darrell Shepherd

Try onlinejobs.ph for your hire.  Prob not gonna find $3/hr work advertising here.

Hey Devon, this is a little outside of my wheelhouse, but I'm looking to get into some markets in Florida and am very capable of showing up with the money on this thing. Curious about a JV with a builder. Anwyay give me a buzz when you get a chance. 404-886-9318.

I may want this thing.  Give me a call tomorrow please.  404-886-9318.

$220k ARV?

Give me a call on this tomorrow.  404-886-9318.  Can I get in to see it?

Best thing to do is partner with someone with deep pockets and a little experience on your first one unless you've got a construction background.  I've been at this a while and still get ripped off by contractors for lots of money pretty regularly.  Rehabbing is a fantastic way to make a living, but this stuff just isn't as easy as they make it out to be on TV.  

I've got lenders that will do first timers.  "majority financing" can be tricky depending on what that means.  Most of the hard money guys wont go under $75k and the ones that do have high minimum originations that drive money costs up quite a bit.  

Are there regions in Atlanta to shy away from?  haha, hell yes there are!  Feel free to reach out, I'm just far enough out of Atlanta to leave my doors unlocked, but close enough in to get downtown in no time.  I'd be happy to give you my $.02.  I don't do a lot of apartments but know guys that do and can get you some advice on the deal.  Like Percy said, 500 doors is the big leagues.  

Not really any products out there that I know of that do 10% down on non owner occupied property, not that I've looked lately.  There are some that will go 100%, but only up to 65% of market value, so if you are stealing the property you can do that, but if you are paying anything near market for the property I don't think you are going to find anyone to loan you 90% no matter what your credit score is. 

You might could find someone to loan you the difference if you've got good credit and a stable job, but most lenders want to know that the down payment isn't borrowed.  They kinda shy away from the 80/20 stuff we used to do these days, but it can still be done, especially if you're using private lenders for the 20.  I do my stuff financed at 100% all the time by using cheaper bank(ish) money first and private money behind it.  

If you did find someone to lend at a 90% LTV the rate is going to be way higher than a 30 year fixed FHA loan, just FYI.

First thing I do is multiply the sq/ft by avg $/ft in the zip code from Redfin. I'll glance at the Zestimate, but don't put much weight in it. Then I pull the solds in the same school district (elem, middle, and HS) and check out the pics. (I'm licensed so have MLS access). Pretty easy stuff to do in the 'burbs. If I'm in a city or near water, I definitely ask local agents. You can walk 100' and double the price if you're at the beach. In St. Louis there are $500k houses one street over from $100k houses, you'll never get that kinda stuff from a computer.