All Forum Posts by: Ashley Rose

@Timone Matthews There you go. You got this!!!!! 

@Eric Armstrong Oh no!!!! You have got to get another copy right away! :)

@Timone Matthews I was able to utilize my realtor to monitor progress throughout the rehab...then on the listing I pay 7% commission instead of the typical 6%. Also, the contractor sends weekly photos of the progress. 

Sometimes you just have to take a leap of faith. I would say if the numbers work on your GA property then go for it. OR you could always buy it and relist it without rehabbing (technically wholesale it). 

@Ian Merrit This is awesome! I have been wanting to find a good BRRRR Deal myself. If you havn't already you should read Buy, Rehab, Rent, Refinance, Repeat: The BRRRR Rental Property Investment ...by David Greene. It's super awesome!!!!

I always end up Selling after the Rehab part 😂

@Odie Ayaga I actually have family that lives in Delaware and a few years ago I used to go to the tax sales. In the process of attending sales, I was able to make connections and build relationships in DE. This only my second actual flip in DE. 

Investment Info:

Single-family residence fix & flip investment in Dover.

Purchase price: $75,000
Cash invested: $50,000

This is a typical flix and flip. We are under contract for $155,000 and expecting to close December 6, 2019. Estimated profit 30K after all expenses.

What made you interested in investing in this type of deal?

Although I live in Atlanta, Ga I found a great team in Delaware. I work with one of the best realtors and contractors I have ever met up there. When my realtor sends me properties they are usually a good deal and we can get in and out pretty quickly.

How did you finance this deal?

I partner with my mother on most of our projects. We have been using cash to finance properties but plan to start using hard money soon.

Hey Victor!

Try finding an agent who is also an investor or a newer buyers agent because they typically have more time (but make sure they have at least a couple under their belt so they can do the contracts correctly).

I think a lot of times traditional agents don't like working with investors because we (investors) need to purchase properties where the numbers work. This can lead to having to sift through TONs of properties before finding one we can make an offer on close to asking price....This being said if you find an agent who does both then they will have a better understanding of what your looking for. 

I know personally, being both an agent and investor I find it way easier to work with investors. Typically, I work with investors who are in different niches that way there's less chance for us to want the same properties. 

Moving on....a good agent should be able to schedule, on your behalf, to tour properties on days and times that work for you. I would make sure that any agents you meet have access to off-market properties in your area. Also, make sure they know HOW to write up contracts for off-market properties and represent you in those kinds of deals. 

Try looking on Instagram (#yourcityrealtor)...ie. #atlantarealtor OR Facebook OR asking other investors you know if they know any good realtors. 

Hope this helps!

Hello Everyone, 

My name is Ashley and I am Atlanta Investor and Real Estate Agent. 

I recently attended a real estate weekend seminar where the speaker said that it was possible to purchase 2nd lien foreclosures for a trustees deed. He explained that the risk here is that the 1st mortgage company would foreclose as well and their debt is not removed even though you would be the owner of the property with your trustees deed.

The opportunity to make money comes after the 1st mortgage company foreclosures. They will collect their balance and anything left over from the auction moneys beyond what is owed to them is due to the most recent owner on the deed which would be whoever purchased the 2nd lien.  

Example: 1st Mortgage is 100K balance to Bank of America. 2nd lien Holder is Wellsfargo for 50K Home Equity Loan. 

House first gets foreclosed by WF and you win the bid for say 5k. Then you get your trustees deed (essentially owning the property). 

At this point the property belongs to you but the Bank of America still has a lien attached to the property for 100K. 

Now Bank of America forecloses because the original owner is not paying the mortgage anymore due to the first foreclosure on the 2nd lien. Let's say the BOA foreclosures and the highest bidder pays 175K. 

Bank of America would collect their 100K and the balance would be due to the last person on record for the deed which is you (because you purchased the 2nd lien foreclosure). The speaker was saying the attorney is obligated to notify you of any leftover proceeds. 

-Has anyone heard of this strategy for investing and/or know where second foreclosure liens can be bid on? He said you can do this online from anywhere???