All Forum Posts by: Tevell Williams

@Justin Tahilramani- I really do appreciate your honest opinion, I obviously haven't made an offer and still weighing my options, and I do agree it is way overpriced. Thanks again, 

Sorry everyone, I fell asleep pretty early last night. Just to add my input, while I agree somewhat with the naysayers, I will say that I lived in spring lake for 10+ years including last year before moving to raeford. I also own 5 SF rental properties a mile away from this building. Nonetheless, from my experience I have seen the building rented out all 16 apt units and the 4 spaces at the bottom, in the last year! Before the town condemned it it was fully occupied. Poor management from the owners I believe was it's downfall. I agree that the price is a bit high, but I do believe it can again be fully functional and can bring in consistent cashflow. 

Spring lake, has been a hotbed lately, because many older investors are selling their properties in package deals. Just recently across from the building, somewhat purchased the actual spring "lake" and the land surrounding it lso I see a revitilaztion coming soon! Again, I appreciate all the advice and I will keep everyone posted on our decision on whether to move forward. 

@Justin thanks for the advice. 

@Jerome, yes I understand that aspect and that was one of the barriers I mentioned. The reason why I posted the discussion was to get sound advice on the property. Appreciate your input. 

That's exactly what I mean, I was also considering adding the down payment to the owner financing as well. I'm going to make an offer and see where it goes. Thanks for the advice, definitely helped me paint a better picture of the situation. 

@Allan Smith, Thanks for the advice my concern is how to structure the deal, I'm aiming for 100% financing due to the condition and the fact that there is no cashflow coming in from the property. I do understand your point on the construction loan nonetheless and will definitely keep that in mind. 

Hello all, I am looking for some sound advice on a possible investment opportunity. I found three owners, of a 20 unit multiuse/multifamily property that they are trying to sell. Each owner owns about 33 1/2%.. The price currently is at 469k. They are highly motivated and will consider seller financing.

This is the thing, there are 16 units on top floor all one bedroom studio apt. 4 are about 600 sq. Ft. The other 12 are about 500 sq. Ft. Also, 4 commercial spaces on 1st floor sizing at about 10,000 square ft. Total. The town has condemned the apartments due to no sprinkler system, so there are currently no tenants. Two of the 4 commercial spaces are leased at the moment.

I currently own five SF rental properties in the same town, I think it would be a great addition to my portfolio, however there are alot of barriers as I've pointed out. But considering the sellers are willing to entertain seller financing I may be able to structure a deal. However, I don't neccesarily know how to get creative with the numbers to make this work for both sides. Any advice will help!

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Hey rob,

Thanks for your input, fortunately my partner and I did not have to put much down. The 5 years is  the 60 month note period, where at the end of the 60 mos. we will own the properties free and clear. Three properties are all on one lot, the other two are on same street, all close to proximity of where my partner and I live. That is why we have decided to manage the properties ourselves. The two vacant properties do need some work, but not too much that they are not habitable as defined by state law in NC. Our plan is to use the proceeds from the rented properties to repair the other two. Considering we have 8 mos. before our financing starts, we believe we can at least have one repaired and rented out by the 8 month period. I do not have the properties' tax information and that is what I'll be working on this week. Hopefully the management company can provide these documents?

Thanks for the advice, your'e right my partner and I definitely want to get started asap. Also, It's great to hear you like cozy, that is the exact program I was going to use, have already created a profile. There is one more question I forgot to add, considering I will be doing away with the management company am I legally allowed to retrieve all documents regarding the properties? Considering  come may 1st we'll be walking in the building to collect the rental income and keys to the properties it seems like a sticky situation waiting to happen. 

Hello all, 

I am a new real estate investor, however my partner and I have had our LLC for over two years. Although it has been a long road we have mustered up a owner financing deal that is due to close on may 1st. The deal consists of five properties on one note. 3 out of 5 properties are currently rented out at 440/mo. 4 properties are 2 bed 1 bath 700= sq ft. the other property is 3 bed 1 bath 900 + sq ft. The deal is arranged so that I am not responsible for any payments including note, taxes and insurance for the first 8 mos. May 1st-Jan 1st. We will also receive 2k to begin cashflow and repairs on the two vacant properties. The note is 500/mo. for 60 mos. (After 8 month period), Hope I gave enough info for some sound advice

1. How do I make the best out of the 8 mos. given do i repair with rental income or save rental income for 8 mos? (I plan on using the rents from the other properties to repair two vacant homes one by one)

2.) I plan on managing properties oursellves they currently are managed by a company. good idea or bad?

3.) Good idea to move to ACH online payments?

4.) any other advice for a first time landlord?

Thanks and look forward to taking in all the knowledge and advice. 

Hello all, I am a bit discouraged because I've taken my course exam and failed twice! My last score was a 71% I need an 80% to move to the national and state exam. I'm seeking some motivation from brokers who have been in my position, I won't give up because its my dream to be a Real estate broker, but it's taking a toll on my drive. I know many don't pass the first time, however this will be my third try. Can anyone relate that has been in my situation however, has come back on top and succeeded? Would love to hear your story thanks.