All Forum Posts by: Wyatt Michael

Thanks @Jaron Walling for your input. I could piece this deal out over time, building townhome units on it in portions, if it were possible with my own cash for downpayment.  Again, I feel that I could potentially do 10-20% down of what I imagine would be enough to get started.  There's room for at least 20+ townhome units there and of course hundreds if doing apartments on 3/4 stories.  I will certainly first attempt Seller Financing/Seller Building, but am uncertain about backing my downpayment with so many different types of lending.  Not sure where to start.  And..Should I go after this deal or buy a bunch of SFHs?  I guess it comes down to the numbers.

I have a question for my Bigger Pockets Community friends. I have found a prime piece of land in Myrtle Beach SC that is not on the market in my area. Near everything, 1.1 acres, zoned "Highway Commercial" which could be office buildings or changed to residential for apartments/townhouses I've been told by a builder. There's a new apartment complex now beside it and Townhome neighborhood with clubhouse on the other side - both within a few feet. Upscale area where everyone wants to live and nearby apartments are all filled. Full sewer etc right there, just hook into it.

I got hold of the land owner yesterday who is also a home builder. They've held the land for several years to build an office and model home on it, but have decided to go for a bigger piece of land as they've boomed in growth since. He is willing to sell to me. If you were in my situation, would you try to get a hard money lender to purchase the land and hire the owner to build the units on it? Or maybe work out a Seller Financing deal with him on the land, get a construction loan or hard money loan to have the owner/builder put units on it?  What would you suggest to pull off building townhome units on this?  I have downpayment money (probably the 10% - 20% to get started), but personal credit score took a dive during first 3 months of COVID...working on that/paid off all my debts in June/and have no income to report to a lender.

Do you have any general suggestions on this?  It is a good location that I've had my eye on for 5 months, now he asked me to make an offer on it.  It could work as apartments, multifamily, or a townhome community.  Thanks for your advice!

Thanks Nyla. Thanks Chris.

I'm an Investor in Myrtle Beach SC seeking a mortgage broker for this area. The Broker doesn't have to be literally in my area if they can get me approved from their location. I am first seeking an FHA loan for rental properties, multifamilies, (as I am eligible) and will go on to other loans from there in the near future. If you know of a good reliable person who can work with me in Horry County SC, either local or from afar, please reach out to me. I am seeking approval now. Thanks!

Wyatt Michael

Thanks Joe! 

Hello Friends. I would like to know if it is possible for a married couple to each get an FHA loan for 2 separate multifamily properties - the husband lives in one and the wife lives in the other for one year until that requirement is fulfilled. Is that possible seeing that the husband has 10 FHA loans available to him and also 10 for the wife? Thanks.

I'm in Myrtle Beach.  Doing flip and hold and new construction rentals.  Always looking for a deal in this area.  Not looking to sell anything anytime soon.

Thank you, Mr. Cosme.  Appreciated.

Hello. My name is Wyatt. I have a few questions for the BP community and really need some help right now. I am BRAND NEW to Bigger Pockets and also to real estate investing. I just sold my home property in NC and moved to SC for possible investment opportunities here on the SC coast. I was a licensed real estate agent (REALTOR) with Keller Williams and EXP Realty and did very well in NC, but not licensed at this moment in SC (I represented myself on my own deal as well - which took 5 months of haggling for a land developer deal).

I now have a bit of money to put into real estate. The sale date was May 26th 2020. I am wanting to hit up the 1031 exchange deal if I can, if it is applicable to me. I have not yet bought a new home and am renting now until I get situated. I have an issue. My credit took a major hit this year. Approx 4 years ago my wife's credit and mine was excellent. Upper 700s. We fell onto hard times and I took out several loans and credit cards. (We had none at the time, no debt). Over the course of 3 years we paid everything on time but had a heavy rotation of debt...until COVID. Beginning at Feb 2020 I lost all my real estate clients as the lenders were not giving them their loans. Some of them were under contract and still lost their funding, which in turn I lost my commissions. This caused me to get a couple months behind on my payments until June 1st where I paid off all of my debt with my home sale. $50,000 worth of debts. This has caused my credit score to plummet but it is slowly rising now. Of course I have proof of all this, on time payments for 4 years straight, no missed payments, until Feb 2020 with a big final pay off on all those rotating debts...again, approx $50k total.

I would greatly appreciate your advice and recommendations to my options now, professionals who can get me going, to help me get started with the cash I have available for startup even with a dipped credit (BAD) ranking.... What is needed for me other than hard cash right now? and what is needed to grab a 1031x from my sale? I would like to naturally put some cash down with a good loan on a property but am wondering if I have to wait until an actual credit score number has to be good on paper regardless of history and circumstances?

Thanks so much for your help!