All Forum Posts by: Sheryl Griffin

Greetings BP,

I am currently looking to purchase fixers that can be purchased, fully renovated and re-sold in metro Philadelphia, PA.

More specifically, I'm looking for a local realtor who will work with us investors and help us locate fixer properties on the MLS and re-list them after rehab. We're generally looking to be in areas where values exceed $250K post-rehab and move quickly (no more than average DOM of 60).

Any input is appreciated.

Thanks!

Sheryl

@Tom Ott - thanks so much!  I will PM you.

@Jesse Burrell Yes, please!  Phoenix is also one of our preferred areas - can you help?

Hi @Nick Zocher,

Typically Private money lenders are cheaper - quicker - more flexible. Also, they will have better terms because it's "their" money - you're talking to the person who actually has the money. You will find PM's at REIA's, Meetups, Family or friends, other investors or the courthouse steps - investors who go to auctions will purchase with cash - good place to find them. Hard money lenders charge higher interest plus 1% of the loan amount, then they usually add on appraisal fees, inspection fee, draw inspection fee and doc prep fees....lots of fees.

Hope this helps.

Sheryl

Greetings BP,

I am currently looking to purchase fixers that can be purchased, fully renovated and re-sold in the metro Kansas City area.

More specifically, I'm looking for a local realtor who will work with us investors and help us locate fixer properties on the MLS and re-list them after rehab. We're generally looking to be in areas where values exceed $250K post-rehab and move quickly (no more than average DOM of 60).

Any interest, please PM or text me.

Thanks!

Greetings BP,

I am currently looking to purchase fixers that can be purchased, fully renovated and re-sold in the following locations: Cincinnati and Cleveland, OH, Knoxville and Nashville, TN, Tampa and Deltona, FL.

More specifically, I'm looking for a local realtor who will work with us investors and help us locate fixer properties on the MLS and re-list them after rehab. We're generally looking to be in areas where values exceed $250K post-rehab and move quickly (no more than average DOM of 60).

Any input is appreciated.

Thanks!

Sheryl

A highly recommended business I've been doing for over 10 years - Vacation Rentals -have proven to be very lucrative. Instead of long-term rentals, I discovered short-term rentals to be an option for travelers all wanting a common space to stay together vs. individual hotel rooms.  Best area to do this is in a resort location where people want to visit.  It takes some set up, comfortable, not shabby furnishings - especially beds, and homework regarding lodging taxes.  If you're going to purchase and rent out of the country, you are best going with a professional management company especially if you don't plan to visit the home at least every few weeks.  Otherwise, if you have rentals close to "home", you can go check on them yourself.  

One of the best things about Vaca Rentals is that you typically rent to people who will take care of the place since you will want to collect a Deposit, and additionally may have their credit card on file...therefore, your house will most often be cared for as these people want to return.  Also, renting through one of the public profile vacation rental sites (VRBO, AirBnB, HomeAway, etc.) will get you more exposure to travelers.  

I agree with @Juan Duque - I've had housekeepers who have been with me a long time, and may not be the best at what they do, but I can work with them on that part - it's the reliability and trustworthiness that counts. The most important part is that they show up and clean the house especially if you have a back-to-back. I've experienced a no-show housekeeper and the guest arrived to an unclean house - although I was out of town, fortunately, I had friends in the business I could rely on to run over and clean for me - but this is not a good situation. Make sure you have back up linens for everything in case you don't have time to get all the laundry done.  You want back -2-backs since this will generate more revenue in the long run especially in a busy tourist destination.

Let me know if I can offer further assistance - I love this business!

Nick, I agree with both Jerome and Marvin. Is your Dad looking to sell to make a profit and move on, or just sell and be done with it? If it's to sell and be done, you could step in with your "good down payment" to give him money to walk away and then pick up making his monthly payments (if there's still a mortgage on it), especially if the units are already rented, then you add to the mix with another payment or find a roommate to share the monthly payment or better yet, have the roomie pay the bulk payment (roomie doesn't need to know how much you pay/or don't pay). You buy the house and Dad carries the note - or do a wrap-around or Sub-2 if there's still a mortgage. 

Good luck!

Sheryl

Thank you so much @Cierra Newman!  ....and thank you Mike, @Ciro Affronti!  I will definitely give them a call.

-Sheryl

Joe, I agree with all of the above. However, like Darren Eady, I started in the note business by first creating, selling and holding performing notes - the ROI is really amazing and it's a great opportunity to get in on the ground floor. Then I would definitely head to a REIA or Meetup to meet other note investors (and there are plenty out there right now), plus there's quite a few Note Meetups in your area: L.A./Orange County.

....and please feel free to connect with me also here on BP as I'm more than happy to share with you some of my educational resources I've used.

Sheryl