All Forum Posts by: Dillon M. Leonard

Hi! I've developed a successful Wholesale Business in Louisville, KY that has made close to 6 figures this year and has had growing profits for the past 3 years, I'm getting into Commercial and Leaving Residential and plan to cash in and sell my Wholesale Business, I just have no idea what it be worth or what to ask?

Essentially I'd be selling the Brand Name, 3 Premium Domains for the Geographic Areas we cover, a solid 800+ Buyer List, and Lead/Disposition Website. The (3) Domains alone are worth $4,000.00+ as undeveloped Domains according to GoDaddy.

Does anyone have any idea what something like this would sell for? 

THANKS in Advance!

Hello Investor Family!!! 😄

I need your help! (or Opinion at least!)

I’m a Full-Time Firefighter and a “Full-Time” Investor dealing in Multi-Family/Apartment Wholesale & Holdings in the Greater Louisville, KY Area.

I work 56 Hrs. a week as a Professional Firefighter; 1/3 of which I am On-Duty (24Hr on / 48Hr off). I also spend another 30-40 hours a week running my Investment Business (Renovating, Managing, & Wholesaling).

I recently purchased (2) 4 Unit Apartment Buildings, where I am managing the Renovation of 2 of those units. I am very good at creating deals and have plenty of opportunity to expand; my goal is to reach 100 units by the end of 2025 and I currently have a 14 unit deal pending in addition to my 8 units.

Currently I manage the Acquisitions, Renovations/Repositions, Management/Maintenance, and Dispositions (Wholesale) of my business.

My wife and I like to travel out of state and occasionally Country and plan to do more of this in coming years, being a Firefighter also constrains my time and prohibits me from being able to respond to “emergency” repairs/situations at the properties 1/3 of my days.

I’m considering hiring a Professional Property Manager to manage my properties so that I can focus on Acquisitions and Repositions/Renovations. My wife is becoming an Agent and is going to run our Dispositions.

So here’s the Question: ⁉️

Should I consider hiring a PM for the sake of my sanity and growth?

With the level of opportunity I have and my ability to put together deals, I believe my time would be better spent Sourcing Deals & Funding, however my stubborn Firefighter/DIY mindset is making hiring a PM a tough decision for me.

From the outside looking in, do you use a PM on your properties and do you think it would be beneficial to:

A. Hire a PM (Outsource).

B. Build In-House PM.

C. Continue “Attempting” to Self-Managing?

Thoughts, Comments, & Suggestions welcome!!! 👍

A line of credit can cost you 6.5% to 20% so 12% may be the better option. In some areas around me duplexes sell higher than SFH. The thing with Wholesalers is that everything is negotiable, I would start by asking what there best cash deal was if you could bring them the money tomorrow. Bluff them a bit, you can probably see what they're willing to come down and then throw a low verbal offer to see where they'd meet you. Doesn't have to be contractual but can be a casual negotiation, with most wholesalers they know where there numbers are and they're looking to make the profit over 20 deals versus holding onto one property till their contract expires trying to milk it for all its worth. Hope that helps!

UPDATE! 

Heres where I'm at right now, the two properties are in downtown Louisville (I don't want to disclose addresses or source due to the deal still being active). The owner was asking $9000 a piece, through bundling and negotiations prior to viewing I was able to negotiate the two for $10,500 bundled (I previously estimated that I could buy them bundled for $7K a piece). After accessing the properties Ive estimated $5000 repairs on one property and $6000-$8000 repairs on the second property.

REGARDING FUNDING: Thus far I was able to secure a 5Y Personal Unsecured loan @ 9.75% APR for $30,000. The plan as of now is to use the PL to finance purchase and repair, then REFI into conventional mortgage. In essence Im following the BRRRR method.

What do you think? Any recommendations? THANKS!

Hi! Im a new wanna-be investor and have been researching financing options and properties for about 6 months now. Ive read several books on general finance and investing in real estate and Im looking to finally pull the trigger! 

I have found 2 SFH on the same block, owned by 1 owner in Downtown Louisville, KY. Problem being they are too cheap for traditional mortgages and I need capitol for rehab rolled into the loan. The purchase price of the 2 properties together is $14,000 and are in need of about $10,000 in repairs & rehab between the two. Between the two properties I stand to take in $1450 (pre tax, insurance, app. exp.) per month.

I have about $9000 in liquid assets available to invest, however I am kicking around the idea of taking out a unsecured personal or business loan for $25,000/$30,000 for property acquisition and rehab at 7.99% for a 5 year term. 

Has anyone done this to acquire properties or have any better recommendations? Thanks in advance!

Update! I found a buyers agent who is a fellow firefighter. He did the research and confirmed that it was in fact $1000 W $20,000!!! in back taxes. HARD PASS! However I did find a $40000 property in a nice area needing a little remodeling, sold in 2007 for $64K so this is what I'm looking at now. THANK YOU ALL, you've been so helpful especially for my first entry and I will defiantly be an involved member to this community! Regarding the single family bios out to duplex, I'll research and advise!

Great recommendation! I think thats an excellent way to start! I appreciate you reaching out, Im just the little guy as a new 21 Y/O investor so everything helps.

Hi! Im a firefighter and small time investor in Louisville, KY and came across a property in the Portland are I believe can be converted into a 3 unit property. It will need a full rehab but I have $20K in Funds available as a loan and $5K in liquid assets. 

My question is how do I go about finding a buyers agent on a $1000 property? I'll need to find information on leans and past due taxes as well but who can I find to help me with the transaction? Im new to real estate so I don't know who to contact!

Thank you in advance for your help! This is my first forum inquiry!