All Forum Posts by: Amani Clarke

Hey guys,

So I have this 9 sfr portfolio that I'm interested in buying. 8/9 of the properties are occupied with section 8 tenants and it's currently bringing in about $8,843 in rental income. Once the vacant unit is done being rehabbed the rental income should be about $10,093. The seller is asking $475k. The cashflow and Cocroi on this portfolio is amazing. I'm a new investor starting out and I don't have any experience or money so I knew I'd have to get either hard money or private money to help me acquire the property but here's how I structured my offer. The seller really wants to sell because they want to liquidate and reinvest in California so I figured I could give them a high down payment and just get opm to fund me the downpayment needed. 

Purchase Price $475,000

Down Payment $340,000

Remaining Balance $135,000

Monthly payment to seller $535

2.5% intrest to seller

7 year Balloon

The seller accepted my offer so I then started reaching out to lenders. I knew that I had a killer deal because the DSCR was close to 2 and I have a 730+ credit score I got a few DSCR quotes and basically ran into a lot of hiccups along the way in regards to meeting minimum purchase price per house, needing to show reserves, needing to show proof of down payment and worst of all I didn't know that most lenders won't lend on a deal with the seller carrying a note even though the seller would be in second position. That being said I reached out on Facebook and found a few hard money and private money lenders that said they would allow the seller to carry a note in second position however I would need 10% down of my own funds with one lender and another lender said I'd need 5% down of my own funds. I was able to ask my mom if she'd partner with me but she only has about $40k in liquid funds in savings and 401k accounts. I figured if I could get 75% LTC I'd be borrowing $356,250 and my down payment to the seller is only $340,000 so I'd have some funds left over which could be applied to the closing cost which the seller also agreed to paying 50% of. Here's the breakdown using the quote I got from a lender.

At a 9.99% (10 year interest only 20 year P&I) rate I'll cash flow about $3,539

I'm thinking that's pretty good considering I could always refinance when rates drop. With that being said my entry fee would be less than 100k when it's all said and done including the downpayment + 50% of closing cost + other fees. 

I don't have enough funds for the down payment, 6 months reserves and closing cost to make this work but I think it's a great deal it's just getting in that's looking virtually impossible. 

Hey guys,

I found this 9 unit portfolio that cashflows about 50% or above COC ROI that's all stabilized with Section 8 tenants. I have been building a rapport with the agent involved and definitely want to make an offer. The only thing is I don't have enough money for the down payment. I know that I will be able to get some of the best rates for a DSCR loan because of my credit which is at a 755. So with that being said I'm thinking about applying for business credit that way I can use that as my source of funding for a down payment. I've already been pre approved for a business/personal credit card/line up to $150k. I need $90k for the downpayment. I just wanted to know if anyone has actually bought properties using either a business credit card or a business line of credit. How exactly did you do it?

Hey guys! My name's Amani and I'm looking to start buying rentals. I've been receiving properties from wholesalers and I've found a portfolio of 6 units throughout Spalding County, Cobb County, Clayton County, and Henry County GA. I intend on using them as long-term rentals either as section 8 rentals or regular rentals. I have little to no capital to work with however I have a 750+ credit score. I'm looking for a partner that can provide the down payment for the DSCR loan I intend on taking out in return we can do a 50/50 split on the monthly cash flow from the properties. I'm really looking to start investing and networking with fellow investors.

Hey guys I'm looking to buy some rentals but where are you guys finding sub-2 or creative finance deals? 

It was a creative finance deal, no I didn’t work with an agent, I was purchasing site unseen however I learned there was an unfinished basement that was never disclosed after we went under contract. I backed out within my inspection period and before having to submit earnest money. Learning from my mistakes as I go. 

Hey guys ! So I got my offer accepted for what would be my first rental property and I intend on renting it out however I decided to back out because I was unaware there was a unfinished basement in the house and that simply wouldn't pass section 8 inspection so I texted the agent backing out of the deal. He never responded back, every time I try calling him he doesn't answer. I signed a purchase and sales agreement already and we're supposed to close July 7th. I just don't want to get sued or blindsided for backing out without signing anything saying that I'm backing out. Any advice on what to do next?

Hey guys so I've been talking to an agent regarding an on market 4 unit property in Brooklyn. He told me that the seller is open to selling on terms/ creatives however there is a mortgage on it that apparently can't be assumed. They've owned the property for about 2 years so there's about $500k in equity which is what I offered as a down payment. Ultimately I need help structuring this because it cant be a regular sub 2 since the mortgage is not assumable and it cant be a regular seller finance since it's not owned free and clear. Any advice? I also have no idea how or where to get the paperwork from to set this up. As you guys can probably guess this will be my first creative deal. 

Hey Doug, I have a duplex for assignment in Atlanta 30310. One side is on a month to month. 

Hi guys I'm a wholesaler who just found out about this strategy/ term called wholetailing. I'm not really sure what it entails, so I figured I'd come on here and ask. From my understanding, it's when you get a property under contract at a low price and then list it on market for retail value doing minor repairs if needed. I have a property in my pipeline that may be good for this however, I'm not sure if I should go through with it. The ARV is $385k, and the seller wants $250k it's a 5 bedroom 3.5 bathroom in Atlanta Ga 30331, and needs minor repairs. Let me know what y'all think.

Hey guys, my name's Amani I'm a wholesaler currently in multiple markets like GA,VA and KY. I have cold callers that call for me 5 days a week 9hrs a day and I get plenty of leads that simply don't work as wholesale deals but the sellers are motivated and their asking prices usually always are around retail value. I figured instead of tossing them to the side I can build relationships with other agents in those areas and just refer them for a small fee. If you are or know any agents that'll be interested let me know I'm looking forward to connecting with you all.