All Forum Posts by: Christopher Stacy

Christopher, I would like to hear about a few topics. Since I am still in Germany for another 9 months, it is a challenge to get results in the Augusta area. The properties that do hit the MLS fly off almost as fast as they listed. Off market deals seem to be out of my reach, so is anyone using birddogs, wholesalers, or other creative methods for their deal funnel? I certainly cannot drive for dollars. Next, I recently tried to get another loan from USAA for my next property and found that they are no longer loaning to investors. Might be due to COVID, but not sure. Has anyone been using a local lender that they can recommend? Lastly, I have been working with a couple of agents in Evans, but they are not exactly investor focused. Can anyone recommend a good agent that understands what we are trying to achieve? An agent that understands the BRRRR strategy and other creative methods to build our portfolios. Thanks!

Christopher I am in for the next Zoom session since I am still in Germany. Looking forward to it! I am also on WhatsApp. 

Chris

I have to agree with Ned and Juan above. You have to know your target market and be comfortable running the numbers. Think Cap Rate, Cash on Cash Return and cash flow. I will add that if you are looking at multi-family properties, you need to get your lead funnel producing potential deals. Two sites that you can use to setup automatic searches are Crexi and Loopnet. You can also seek out a broker who deals specifically with multi-family. 

There are other methods that you can learn about here on BP, but you can also overwhelm yourself and get analysis paralysis, so stick to the basics in the beginning. By the simple fact that you are a CPA, you are potentially a perfect partner to team up with and people will seek you out, especially at REIA, meetings. I wish I was there because I certainly would!

Unfortunately, or fortunately depending on how you look at it, I am active duty military currently stationed in Germany and I have been trying to get stationed in Tampa for about 10 years. No luck, but I am due to return next summer so I am crossing my fingers. I currently have three single family homes in Georgia near Fort Gordon and I am looking for my next investment. I have two agents in Augusta sending me MLS feeds and one in Tampa. I also have Crexi and Loopnet feeds for both markets. It is very competitive now because of low inventory and low interest rates.

Properties are flying off the MLS almost as soon as they are posted, so my last bit of advice would be to act fast. If the numbers work, jump on it. Don't worry about making a home run on your first property. Just get a base hit to get in the game. There is more value in diving in besides making money. Knowledge and experience goes a long way and it only comes by taking action.

Hope to link up with you soon! 

Best of luck to you and your partners. 

Thanks again team. I actually have 3 properties and only one with a mortgage. I have about $22k left on it and market price now shows that it is worth about $160k. I was thinking that it would be easier to get a HELOC on a property that still has a mortgage, but I guess I was wrong. I will look into Wells Fargo if PenFed doesn't pan out.

Great ideas folks! I really appreciate it. Perry, thanks for the Fannie/Freddie ideas. I am a PenFed member so I will look into them first. I haven't used them in a while since I switched to USAA, but I did leave my account open. Appreciate it!

Tom thanks for the insight. I am originally from Illinois so I will look into Guaranteed Rate. I did ask some of the lenders I mentioned above about cash out re-fi options and the story was the same. I may just default to traditional lending until the current situation stabilizes. They say that getting pre-qualified is better than pre-approval and in some cases, almost as effective as cash.

Folks, I am ready to start working on my next deal. I have two realtors that have setup an automatic MLS search, I have been scouring the internet sites and I even started networking with some like minded investors in the area. I have a sizable down payment, my credit score is over 800 and I am ready to pull the trigger on the next investment property. I have been running the numbers for the particular area and I am fairly confident that I can recognize a good deal when I see it. I can go the traditional mortgage route or position myself to be more aggressive. In this environment, I believe that an all cash offer can go a long way in negotiating terms, but I can't seem to find a lender that is providing HELOCS. I have tried USAA, Bank of America, Discover and Third Federal. All have informed me that they are not doing HELOCs on investment properties. I really do not want to go the hard money route, because I am doing buy and hold, so I am looking for options. I would appreciate it if you all can share your thoughts and insights. Thanks!

Has anyone thought about setting up a Zoom virtual meet-up? I am interested in networking with you folks in the area as I have a few properties in Augusta/Grovetown and I am looking to expand my portfolio. I am currently stationed in Germany, so it would have to be virtual. 

As I stated in the description, the agent I have been working with is not producing, like at all lately, aside from sending me daily MLS listings. I have been working with her since 2010 and she initially started as my property manager. She is not exactly an "investor focused" agent, but does work with investors. I have purchased 2 houses with her over the past 5 years, but they have been at or close to retail. So, I am thinking of seeking a new buyer's agent for my next deal and a friend recommended one that he works within the same city. I want to keep my agent as my property manager for the time being, but her fees are on the higher end so I am contemplating changing the PM company too. Adding to this conundrum, my agent is getting up there in age and I am starting to see simple mistakes that can easily be avoided by someone on top of their game. I am also asking because I recently learned about vetting agents on Zillow and my agent doesn't score too high. I feel that I am paying too much and missing out on deals, so I need to do something. Would it be unethical to start working with another agent/PM to move down a better path for my next investment?

Thanks all. I appreciate the candid advice from everyone and I am confident that I will get past my analysis paralysis. I would still like to see it graphically however. Something like in terms of this loan pays for house number 4 and that loan pays for house number 5, etc. up to 6, 8, 10. If anyone has seen an example like this or something similar, I would appreciate it if you can send me a link.