All Forum Posts by: Will Bumgarner

@Bill Plymouth

Just my 2 cents for what it’s worth. I used to wholesale and eventually got into investing in Rentals. Not all wholesalers but a vast majority of them waste your time, bs you, and flat out don’t know the law or contracts for that matter. Like I said, there are a few out there that are great but a lot of them need to be educated and give others a bad name.

@Alfred Harris

I started with one property I bought for all cash. I then took out a heloc on the property to buy 2 more. I refinanced one of those properties after rehab and placing a tenant. I then used refinance cash to pay back heloc and anything that is left over I reinvest into another property. If you find diamonds in the rough and by discounted you can replicate the BRRRR strategy over and over.

@Brian Mcmenamin Thanks. This does help. I was thinking that was the best option but I know nothing about heloc and how they operate.

Hey guys, I’m fairly new to BP and real estate investing as well. I’m in NC not too far from Raleigh. I started investing in real estate in 2016 and began wholesaling properties. I made enough to purchase my first property, a duplex that I bought for $4k. I got an excellent deal and decided to buy instead of wholesale. With minor repairs($3500) I have both units occupied. In 2017 I bought a SFH for cheap($10k) and have that rented out as well. I’ve recently decided that I want to increase my “portfolio” and purchase additional homes, taking advantage of the equity in my duplex. I spoke with the bank and decided to take out a heloc on my duplex. It appraised out at 66k and I have access to $50k to fund future purchases. I have 4 single family homes under contract at the moment for $18 k. One of the homes is a 4 bedroom that needs a full rehab. My question is if you where in this postiion what would you do? I know i still have 32k of the heloc available for future purchases,( don’t have a solid figure on the rehab but I’m thinking 25k at the most). But my question is, is it smarter to pay down the heloc over time using the rents or refinance one or all of the houses I’m buying to free up my heloc for future purchases? I’m new to the loan world and have never had a mortgage so my knowledge of them is limited. What is the best option for continuous growth of my portfolio without breaking the bank or putting me in terrible debt?

@Shray Goel I don’t know the code in your area but where I’m at in NC I use PTAC units. They are the “stand alone” units you see in hotels. They are cheap, reliable, and provide both heat and air. I use them in any of my units that are 900 sq’ and under. It works exceptionally well in an open floor plan. I pay $1600 each and that includes installation. I would call a HVAC company and price a PTAC unit. My local code enforcement officer recommended them to me as a cheaper alternative. If you’re looking to save and do a good job at the same time, go with them.

So I'm a little late to this discussion but I'm curious as to the legality of wholesaling. I own a few rental properties in NC and have also started wholesaling as a way to bring in extra income. I partnered with a licensed real estate agent who markets all of the properties I find. If I put a house under contract and he markets and finds a buyer is it illegal? Im not an agent and I don't market the properties for sale, I find motivated buyers. So, therefore I'm not "brokering" the property but I am putting it under contract. Does anyone have any advice on the topic?

Hello all,

I wanted to introduce myself to the forum. My name is Will Bumgarner and I am fairly new to wholesaling residential real estate. I have a few years experience as a landlord in the Triangle under my belt, but I'm looking to expand on the wholesaling level of my career. I have been wholesaling for two months now, getting ready to close on my 4th deal. I've been fairly successful thus far with the assistance from another wholesaler in Raleigh who graciously extended his mentoring abilities to me. Im glad that I have stumbled across BP and I look forward to learning more every day. 

@Stanley Parsley I was initially looking to make a cash profit off of this deal. Everything that I’ve bought and held has ad some sort of cash flow off the bat. That’s my dilemma, the historic value is definitely a factor, who doesn’t think a house built in 1780 isn’t cool. I just don’t know if it’s worth the novelty aspect to spend 65k and it does need work. I know that there is value in it but there is an unknown to how much rehab would cost  and I’m also not familiar with this town’s market. 

Hey Everyone,

Im new to the forum and fairly new to real estate. I was wondering if anyone could point me in the direction of success/least resistance on a current home I'm dealing with. I ran an add through social media and recently had a home owner reach out to me with a property located on the VA/NC line that was built in the late 1700's. The house also had an addition added on in the 1820's. In the 1950's someone came through and updated the foundation and other aspects. The house is in somewhat rough conditions to my standards but it has amazing potential. It doesn't have heat or a/c but the electrical was updated 3 years ago and the owner/occupier of the property has made a few improvements including siding, paint, wood rot replacement, electrical. The home owners reached out to me and have agreed to let attempt to wholesale this property. the tax value is 85k an they are asking for 60k. The area's rental market is nonexistent and I'm an hour away from the property so I'm not familiar with the area. I don't think its a rental unit possibility but I see outstanding potential for a fix and flip. Does anyone have any advice for me on how to handle this situation or how I should market it?