All Forum Posts by: Tim B.

I have tried. They don’t even have these properties under contract.  on two different occassions I have ‘won’ with high bids and both times the seller has rejected saying they want some unrealistic number above market. I don’t understand their business model but don’t expect them to be around long.

Makes perfect sense. Thank you!

Purchasing an off market property from a wholesaler. He says he has a contract with the original seller but I have not seen it. I see that the seller has it listed on the mls but hidden from public view (can only be seen by agents) at a much higher price. I received the assignment of contract to sign at the agreed upon purchase price. Should I ask to see the original contract between him and seller? Anything else I should be checking for to protect myself?

@Niyi A. Congrats! Do you have any projections on the expected annual gross income? Looking to do the same.

@Jeff Hanes hey Jeff do you mind sharing where your properties are? Is this Orlando or Orange County?

@Kevin Hubbs Congrats! Do you mind sharing what happened with Lending Home that caused you to have to put down 30%? Seems like alot to come up with at the last minute!

@James King congrats on your first BRRRR!

@Matthew Jordan just curious if you think there was another good option in this scenario? Conventional is usually the cheapest financing and most allow you to cash out refi after 6 months.

I’d be interested in a meetup. I’m in Noho. Currently investing out of state but looking for a local house hack opportunity.

Investment Info:

Single-family residence buy & hold investment in Atlanta.

Purchase price: $191,000
Cash invested: $14,000

Single Family buy and hold. Purchased and completed bathrooms and other minor cosmetic rehabs. Monthly cash flow not including maintenance, cap ex expenditures.

What made you interested in investing in this type of deal?

long term wealth building, extremely cheap financing.

How did you find this deal and how did you negotiate it?

MLS, not much negotiating happened in a rapidly escalating market, however there was less retail competition due to the work required.

How did you finance this deal?

Conventional

How did you add value to the deal?

2nd bathroom had been ripped out due to water damage. Lot severely overgrown, floors in bad shape, house was generally not well taken care of. I completely re-did both bathrooms, re-working layouts to be more functional. re-did floors, tamed lot, other minor cosmetic upgrades and repairs.

What was the outcome?

rented for top dollar, very strong interest, could have priced rent higher in hindsight.

Lessons learned? Challenges?

As usual, contractors were the main challenge. Quality work done on time within budget is extremely difficult to find, managing from a distance makes that even harder. For the next deal I'll be looking for something where I don't have to leave as much cash in the deal.

@Colleen F. @David Lu thank you both. I went by there again yesterday eve and saw a few notices to the landlord posted on the door. It looks like someone tried to do a forceful eviction which makes me think the seller isnt being forthcomming with the tenant situation. That would explain why the owner doesnt want to deliver vacant. Decided to pass on this one since I don't want to risk being wrapped up with eviction court for several months.