All Forum Posts by: Austin Faux

Welcome Connor to BP!  Lots of good stuff here and people to help you out.

Austin-

So I'm looking into buying a property in another state in which I don't have any title co or attorney contacts yet.  I want to put only $10 down so as to bind the contract but I don't know where to put it.  How do you escrow when you don't have a title co or attorney?

Thanks,

Austin-

Lol....well our baby was born 2/1 so it's a good thing the date changed!  See you there :D

Has anyone ever gotten burned from using a generic and/or assign contract for wholesaling?  I've got a good deal in Arkansas but I live in Colorado, and I want to get it under contract asap.  I'm thinking of just getting it under contract to wholesale (Assign or Double Close) using a generic contract that says the purchase price, escape clauses, 60 day close, and lets me market it, etc.  I just don't want to lose it now that I got a "Yes" in a state I'm not familiar with.  

Any ideas? 

Hi Jon,

My name is Austin and I live in Denver, but grew-up and invest in Des Moines from afar.  

Welcome!

Hi Folks, 

I've never done any deals in North Little Rock Arkansas but I've got someone that wants to sell me their house for $10,000.  I couldn't find a ton of comps but the median home price for zip code 72114 on Neighborhoodscout is around $56,000.  What do you think should I get it under contract?

Thanks,

Austin-

So I still work my 9-5 and can't always get to the phone.  I currently use Switch.co for my business number and I have a answering service at a different number.  I'm trying to figure out if there is a way that if someone calls my business number and I can't answer by the 3rd ring, it automatically sends it to my answering service.  

My answering service says it would have to be through Switch.co that it would work, but I can't get Switch.co to do this, or they don't have the infrastructure to do so.  Anyone have any ideas on how to make this happen?

@Andy Luick So we ended up making her an offer to setup a sandwich lease option but she turned it down.  She wasn't quite as motivated as she said she was.....lol.

lol....We recently had a buyer backout and I thought you were asking about that property so I was wrote up like a paragraph. Jacksonville, IL (Buy: $15,000 - Rehab: $50,000 - ARV: $110,000) -

We're selling a great property at $60,000 (27% Cap Rate) but we're throwing in a Quick Close Discount (Feb 1st) discount of $7,500!  That means you can buy this place at $52,500 for an insane 30% Cap Rate! That makes this hot investment property perfect for renting! Plus it's just blocks away from two colleges! 

Investor Summary: 315 6th Ave Grinnell, IA 50112. This one parcel has a Triplex and Duplex for sale, totaling 5 units with 4 of the 5 units currently occupied and the fifth unit in need of repair. Current gross rental income from the 4 units is $1400 a month. When the 5th is operational, gross rental income will be between $1800 and $1850 per month. ARV on this sits near $106,000! So you could even parcel out the two properties and sell them if need be!

Highlights:

• $60,000 Original Purchase Price
• Quick Close Discount: $7,500 (Feb 1st)
• $52,500 New Purchase Price
• $1800/m Income Potential
• 30% Cap Rate!

Call Now! - (515) 608-8811 Ext: 803

Repairs: The 5th unit has some fire damage and needs to be updated. The property also need some siding replaced and light cosmetic work. We even had an inspector go through the property, and you can take a look at the report if interested. Overall we're estimating the repairs to around $20,000 to get place ready even though we've had two contractor bids that have said it will only take around $6,000 to get this place up. See attachments for bids

Income vs Expenses:

Four of the five units are already being rented out. The fifth unit has some fire damage in the kitchen and needs the repairs. But the unit will rent for at least $400/m to $450/m after it's rent ready. Even in it's current state, with no other work done this property is already pulling in monthly cashflow. So if the only thing you do is buy this property....you'll make money. Check out our breakdown below with 4 Unit (As-Is), and with 5 Units to include repair costs:

Tenants:Three of the Four tenants have been long time renters for multiple years, and have been quite responsible in paying their rents, giving the previous landlord no reason to evict them. The fourth tenant just signed a one year lease which started this January 2016. We have copies of all the leases if you want to see them.

Neighborhood: The Property two blocks away from Iowa Valley Community College and six blocks away from Grinnell College. It's also near great shopping and two parks.

Highlights:

• $60,000 Original Purchase Price
• Quick Close Discount: $7,500 (Feb 1st)
• $52,500 New Purchase Price
• $1800/m Income Potential
• 30% Cap Rate!

Call Now! - (515) 608-8811 Ext: 803

Be sure to check out the attached repair bids. Cash Buyers Don't Wait Call Now!

Thanks so much!

Hi,

Austin here from Miracle Real Estate Group and we've got a hot investment property that's perfect for renting! Just blocks away from two colleges! Huge 27% Cap Rate, and Cash Buyers can get into this property ASAP!

Investor Summary: 315 6th Ave Grinnell, Iowa 50112. About a 50 minute drive outside Des Moines and Iowa City. This one parcel has a Triplex and Duplex for sale, totaling 5 units with 4 of the 5 units currently occupied and the fifth unit in need of repair. Current gross rental income from the 4 units is $1400 a month. When the 5th is operational, gross rental income will be between $1800 and $1850 per month. ARV on this sits near $106,000! So you could even parcel out the two properties and sell them if need be! But great rentals like this don't come around too often. Tough choices when making money!

Highlights:

• $60,000 Purchase Price
• $1800/m Income Potential
• 27% Cap Rate!

Call Now! - (515) 608-8811 Ext: 803

Repairs: The 5th unit has some fire damage and needs to be updated. The property also need some siding replaced and light cosmetic work. We even had an inspector go through the property, and you can take a look at the report if interested. Overall we're estimating the repairs to around $20,000 to get this rent ready.

Income vs Expenses: Four of the five units are already being rented out. The fifth unit has some fire damage in the kitchen and needs the repairs. But the unit will rent for at least $400/m to $450/m after it's rent ready. Even in it's current state, with no other work done this property is already pulling in monthly cashflow. So if the only thing you do is buy this property....you'll make money. Check out our breakdown below with 4 Unit (As-Is), and with 5 Units to include repair costs:

Tenants: Three of the Four tenants have been long time renters for multiple years, and have been quite responsible in paying their rents, giving the previous landlord no reason to evict them.  The fourth tenant just signed a one year lease which started this January.  We have a copy of the leases if you would like to see.  

Neighborhood: The Property two blocks away from Iowa Valley Community College and six blocks away from Grinnell College. It's also near great shopping and two parks.

Property Pictures: 

Call Now! - (515) 608-8811 Ext: 803

Cash Buyers Don't Wait to Call! With a cap rate of 27% this property WILL be gone soon, so don't wait let's get this going! I look forward to selling you this property!

Thanks so much!