All Forum Posts by: Willie Webb

Turnkey pool home with an open floor plan on an oversized lot. Very quiet neighborhood in a nice community. Minimal crime and it is located in a good school district. Property is being sold below market value.

@Jay Hinrichs, you're right about HML not doing owner occupied loans. If I were @Christopher Riley West, I would take the HML and start renovations ASAP and then start talking to banks to get the ball rolling on a refinance. If he is planning on occuping the property, then it's almost impossible to fail seeing that he will have to pay to have a roof over his head regardless. 

@Christopher Riley West, I pulled away from that deal; although, I did find a lender that would be willing to fund me for a property built on rural land. Let me know if you are still in need and I will screen through my emails and forward you their info. 

@William Glass

Welcome to the BP community. This is a phenomenal networking site. Its great that you already have goals in place. Keep pushing towards them regardless of what obstacles pops up. I would love to sit down and a coffee or a beer with you when I get back in the country in a few weeks. This REI game is very exciting thrill seeking. I really enjoy sitting down with other like-minded individuals to hear their goals and accomplishments.

Surround yourself with good people - succcessful people, and you will surely mimic their character and success. Good luck buddy.

Regards,

Will

@Wayne Brooks, thank you so much for chiming in on the discussion. I fully understand where you are coming from about not winning the property. I would like to know that I have some backing going into this though. If I don't have a lender that's willing to back me up, then it would be pointless to move forward. At the same time, I am still looking for financial backing (a partner) to tackle this with. I already have the title search underway, I have funds standing by to make the deposit, and I have a team ready to roll with the renovations so that valuable time is not wasted in the event that I do win.

Now, as for the history; a history cannot be established unless you have a starting point. I I have tailored this deal where it will be fruitful for both parties. I have set what I am willing to pay towards my maximum bid to protect the assets of my lender as well as my reputation. If I win the property, GREAT! If not, then we can just move on to the next opportunity.

Hello BP community! Hope everyone is having a wonderful weekend. As I stated in the subject, I am having problems coming up with funding for a courthouse auction. I found an AMAZING deal that will be coming up for auction VERY soon. The problem is, that I have the bulk of my assets tied up in another deal. I have spoken with my hard money lenders, and they are willing to fund me, but only "AFTER" I have won the auction.

Now, on the other hand, the main problem is that this is a courthouse auction. In my county, you have 24 hours to fund the remaining balance for a courthouse auction. It isn't like auction.com where you have at least 15 days to pay.

I have enough money to cover my deposit. I want to stay disciplined on this auction and not let emotions get involved. My deposit has to be at least 5% of what I am anticipating my maximum bid to be. If I win this auction and I do not come up with the remaining funds, I will lose my deposit.

I have run the numbers several times, and this deal would be profitable as a flip, or a buy & hold. It would be a minimum of a $60k return (pre-tax) as a flip. Now, as for a rental property; prior to cap-ex, the returns would be 2.8% if I acquire the property at my maximum anticipated bid. 

I compiled a detailed project outline on how everything would go from start to finish; I even listed the exit strategies - but I still don't have any bites. Am I going about this wrong, or is there a step along the way that I'm missing? I look forward to hearing everyone's feedback and opinions. Do not hesitate to be brutally honest. Have a great day everyone.

Regards,

Will

@Tabor Tollefson, I have looked into the market there. The houses typically do not sit on the market for too long there. Its an area that is starting to grow and develop. It's a 2400 sq/ft house.....Most other people are listing between 170-180k in that area.

Hello BP compadres!! I have a dillema on my hands. I have found a property selling for $61,000 in southern Georgia, and it needs around $40,000 in renovations. I have ran the comps, and the home has the potential to sell for $160,000. With a $40k spread, I am still unable to get a hard money lender due to the land being zoned for rural use. The bulk of the land in that area is zoned for rural use in this particular small town. 

The question I have for the BP community is how do I go about getting a lender for this property? My business partner is my contractor that I have personally known for +20 years; so my renovations costs will not be as high. I look forward to each and every response. Do not hesitate to be brutally honest. Have a great day everyone!!

@Luka Milicevic, thank you so much for that helpful piece of info. I will check it out now. Take Care

@Marko Cvetkovic, thank you for sharing that. It's always good to hear about other people's success and ingenuity. What was the purpose of your property you built? Was it for investment purposes, or personal use? 

Since you acted as your own GC, would you be able to give me more insight on investing with new constructions? Things like mistakes to watch out for, things that I can do beforehand to speed up the process, taxes, fees, is it complicated, etc.?