All Forum Posts by: Wes Waggoner

Call 10+ local/regional banks and let them know what you are looking to purchase. 5+ units = commercial lending (15-25 year amortization with possibly 5/1 ARM around 7-8.5% interest). If it is actually 2 4-units, you could still likely do conventional financing. Other options are seller financing, subto, private lending, etc.

Do you own them free and clear, or are they already 75%+ leveraged? Should be easy to get a line of credit from most commercial lenders if you have good equity in them. Otherwise, you may just need to apply for a construction loan and/or raise funds from private lenders.

@John Mocker Thanks John. I do believe the carrier has already sent a check to his mortgage company (maybe that initial ACV?...it is enough to cover the balance of his loan as he had about 65% equity in the house). The owner doesn't want to rebuild as he is moving out of state with family. So I'm just trying to figure out what the "win win" situation could be, or if my only option is to buy the land from him. 

@Allen Nelson I'm in Ocean Springs as well and invest in Jackson, Harrison, and Hancock counties. Happy to chat at some point! - Wes

@Jason Bott Thanks for your input. To be more specific, I'm looking at having the claim assigned to my general contractor. I know some legislation has passed in a few states limiting the practice, but I am not aware of an all out ban on assignment of claims. Do you have any references I can check out? If so, that'd save me some time/energy in pursuing the assignment route and just sticking to giving the seller an off on the land. Thanks

Once you are ready to get going, feel free to reach out, I'm happy to assist. A few of my friends are ramping up their wholesaling game soon, so I'll hopefully have some good leads. 

Yeah, as soon as he gives me the policy info I'll probably need to have him sign something to allow me to speak to them about his specific claim. I'll update this thread if/when I make some progress. Thanks

I have a potential seller that has an open insurance claim due to a house fire. He's ready to move on to live with family elsewhere. Any experience or advice about getting the insurance claim assigned to me? My thoughts are he'd assign the claim to me, I'd pay him $X amount for the lot and maybe a percentage of the claim, and then rebuild. State Farm is the insurance company (which I hear can be a pain) FYI. Thanks! -Wes

That is certainly a small hurdle to overcome, but @Glenn P Kakugawa did the right thing by reaching out on here and seeing if local investors can point him in the right direction. Did you find a property Glenn?

I live in Ocean Springs (~30 mins from Gulfport, MS). If they are the duplexes I'm thinking about, I'd probably pass as that's not a good area of town. I have a really good STR property manager I can refer you to though if you want, at least kick around ideas.