All Forum Posts by: Alisha Mingus

 What about wraps in NC? If I were to just do a wrap on a mortgage and become a landlord. I was approached by another person today about doing a wrap or sub to in NC. ( I'm starting to think either I live in the wrong place or my marketing is off target by a few miles lol) I'm still confused on how the wrap works . I mean I understand how it works but don't understand what the final result is. This new property is about 5k upside down and needs about 5k in repairs. Could I not structure to deal to make the seller pay me for what's upsidedown and the repairs? Maybe have them pay the first 3 months after I take over the note to give me time to repair it and get it rented. More importantly, the sellers wanting to sell so they can buy something else. If I did a wrap would that free their credit up or just keep it tied up? I'm trying to be create and not be just a "wholesaler" . I'd like my bag of tricks to be as diverse as possible

Well, I've taken the advise offered here to heart and have backed off the property a little. At the moment I'm waiting on the seller (my friend) to let me know exactly what she wants to be out from under it. If the price is right then I'm just going use a buy and hold investor friend of mine to do some sort of lease option from his end once he owns the property. 

The vacation rental idea is an option that i hadnt thought about. That may also be taken into consideration in the future should I decide to move forward. 

My apologies if I sounded like I wasnt hearing the opinions of you seasoned investors. I was a little excited when I was approached out of the blue the way i was. I guess it just feels good to see that my hard work and unorthodox methods are actually paying off. (kind of paying off. good or bad deal is still a deal right?) Thanks again guys and I'll update this forum in the future when or if things go thru.

 Have you tried greendot? The prepaid credit cards. I know they used to sell just a reload card for like $5 and you could add it to any card anywhere but I'm not sure if they do it anymore.  You could always have your tenants get a green dot card and either transfer funds to your account or run the card as a debit card on your end. Paypal would be another good option. Dollar stores, Walmart, a lot of gas stations can load money into a paypal account and you can collect it that way.  

Sorry if those suggestions were already mentioned and I missed them. Good luck 

 Thank you for the very informative answer and not just responding "pass it to me please". As a newbie I understand that not every deal is going to be for me nor is every deal going to be a deal. With that being said, some of the best lessons are learned the hard way. I'm not wanting to fall on my face but if diving in is going to teach me and the fall isnt that far then i guess i'll be in for some bumps and scrapes. My post here was to ask more experienced investors how they felt about this kind of deal to help determine if i was on the high or low dive before jumping. My savings isnt where i'd like to see it (but who's is really?) but i could definitely swing the mortgage and some repairs if need be. Being a landlord has never been my goal but when opportunity presents itself i feel we are sometimes pushed in a different direction in order to achieve our set out goal. Is rolling with the punches and finding a creative solution not the path of an successful entrepreneur? 

The house was never rented due to my friends concern with dead beat tenants. Not implying that I'm real excited about them either but if its a necessary evil and only risking a couple thousand then why wouldnt i pay that couple thousand to the school of hard knock that may or may not pay off? Even if its just to lock me in to a time in the future when my finances are better and i can just buy the property outright. My main goal is to find bottom dollar, get it under contract then sell to an investor in that area. If theres not enough meat on the bone for that to happen then I was thinking sandwich lease option. Find a tenant buyer that would take decent care of the property with hopes of purchasing it themselves in the future. I can afford to pay the mortgage a few months screening tenant buyers. Then the non refundable option fee could be applied to any future issues that may arise with the property until its sold. I'm sure I'll have more time in it than id like but as stated earlier, some lessons cant come free of charge. 

A few more details about this property to help weed out some questions. The property is located near a casino opening soon. Mortgage is right at $550 and fair market rent is in the area of $8-$900 a month.( this is pre casino opening rate) I'm in really good with owner so I could do basic lease option or wrap option. At the mortgage rate i could buy do lease option and hold it as long as necessary without any problems. I could also rent said property and generate a $300 surplus. (which wouldn't really be a surplus if tenant tore something up or anything breaks) I mentioned previously that the appraisal value was 115,000 but forgot to mention that the appraisal was done in 2011. Looking at the comps in this area is a bit hard due to it being so mountainous but from what i can see is that comp houses are going between 40k-120k (again the mountains make it difficult to accurately find comps) Any advise besides "pass it to me please" would be greatly appreciated     

Should I start taking bids? I've posted asking for advice and all I've received thus far is request to pass along this potential deal. I'm not sure(being a new member and new to real estate investing as a whole) passing along this deal would teach me anything at all. I will keep you all in mind and contact you once I get this property under contract. Then we can discuss opportunities I'm willing to pass on.  

 I'll sell you the opportunity. (i mean sell my rights once i have the property under contract. im not a realtor nor acting as a broker) LOL. Once i get some advice from a few seasoned investors and decide my best route. Right now im thinking of doing the rent to own approach. Rent to own it for the appraised value which would build in a $30,000 spread and then selling my built in spread for a small fee. IDK. 

I was just approached with a house(nice little 3-1 1056 sq ft) that a friend of mine is wanting out of. They cant sell and dont want to rent. She said she would let me take over payments if i wanted it. Listing on this house is about to expire so a realtor would not be involved. Asking price is 85,000 but it appraised for 115 i believe. Right now she's just wanting to get out of making the payments. What should i do? I'm not in North Carolina nor do i have any buyers in NC lined up. Taking it over and renting it out might be an option but a little difficult being a 2 hour drive across the mountain for me to deal with tenants. Any advise would be amazing right now as this might turn into my first deal. 

With such a wide variety of intelligent and able people signed up for this site why has there been no app created yet? I mostly view this site from my mobile and can't help to think how awesome it would be to get notifications via app instead of emails. So much time is wasted on apps like Facebook ( for many people) the in general do nothing but waste time. A "social networking" app called bigger pockets with all BP members is much needed! I would much prefer seeing people flip projects or deals going on than someone's cat with some insane quote coming out of it mouth( thanks mom, no seriously it was a really funny quote and extremely cute cat) . Ive got too much on my plate ( more so now that I'm a new member) to spend countless hours learning how to create a mobile app for this site. With that being said I'll elect myself to be the first one to vote that this needs to become a reality ASAP.( maybe you can get some guru to create it. There seems to be no shortage of those out there with nothing but time on their hands) Thank you BP. You have become my go to for any questions I may have and the motivation I need to keep me going. Alisha 

I'm posting this in hopes of networking with other investors in my area. I work a fulltime job and have 2 kids so my time to search forums and attend the rei meetings is limited.  I was wondering if there were any other investor meetings( private or public) that anybody on here knows about that I could possibly attend on a weekend. I'm between Chattanooga and Knoxville so either direction would be fine. I know the rei would be the best place to network, find leads and meee buyers but again their schedule and mine aren't working for me right now so I'm turning to the bigger pockets community to lead me in the right direction. Thanks guys.