All Forum Posts by: Brandon Johnson

Hey Elvin, the assessor's value is irrelevant, to me at least. I work backwards from the ARV, so that is the most important number to nail down to start.

ARV - (Realtor Fees & Concessions to Eventual Buyers) - (Rehab Cost) - (Closing Costs + Your Fee) - (My Profit) = MAX OFFER PRICE to Your Seller

Good luck landing your deal!

Congrats on the success dude!  It gets addictive quickly if you let it.  I love how you persisted and did not give up on the refi and followed that little inspiration to help the appraiser see things your way.

Sounds like a really good start.  Now set your mind to buy the next one for $100k then you walk with a little more beer money!

Hey Nick sometimes allowing the listing agent to write your offer can help you get a lower offer accepted because the agent stands to make both sides of the commission so may push her seller harder to accept your offer. On the other hand there are some pros to showing up with your own agent who in theory should have only your best interest in mind. You have to figure out what works best for you in this situation.

@Timothy Winfield my friend who inspired me to get started said the same thing and he came from the plant world also.  He said many of the other employees began to display an envious disdain for what he built for himself leading up to the time he left the job to be a full time investor.  I spent five years working in that industry also so I know how it can be.  But I guarantee there are a few like minded people in there with you who would love to assemble such a lunch pow wow in the cafeteria.  You just have to find your first follower then it will just spread like wildfire I'd bet.

@Timothy Winfield that request shouldn't be too far from reality.  I'm sure your bump of the keyword just alerted more than one BP member who works in that massive facility.  

Do you speak to your fellow employees about your real estate goals?  I'd be willing to bet there are more than one or two rental property investors spending their days there with you already.  

All you gotta do is put it out there...

@Jason Braud I'd call that a homerun.  Nice work brother!!

@Tamara Alston I definitely recommend you give @Amy Verges an opportunity to interview to help you out with at least the continuing property management at your place.  Sorry to hear about this mess you are in because I know how it feels.  Lane Bennett at Bennett Law firm is a good real estate attorney many of us around here use if you need one. 

@Charles Jackson I second what @Mike Guidry said.  That is THE place to close your deals if you are in BR and you are doing assignments, double closings, creative finance or complex structured deals.

Talk to Rob Whittington over there. He is their marketing director and point man.

I hope you find an abundance of deals to close with them, and hopefully I can buy one or two or three from you!

@Andrew Flora Nope because I can't imagine there is a bank out there that would take the 2nd position on a 75% LTV. Banks will usually only take 2nd on something like a HELOC on a primary residence or a credit line against the equity in a property. The mortgage with the seller could be "refinanced" at that time, cancelling the original mortgage, re-filing the new mortgage and shuffling them from 1st to 2nd and allowing the bank to take over 1st position if the seller were willing to be 2nd. And this all depends on the bank as most of the smaller portfolio lenders can have terms that vary from one bank to the next. You just have to call around.

Does this property need rehab?  If not, then no cash input is required and my preference would be to find a bank wiling to do the 75 or 80% and allow the seller to fund the 20-25% down payment with a seller 2nd.  These banks exist, you just have to call around.  You need to buy low enough to still cashflow under 100% financing, assuming this is intended to be a rental.  

Good luck with it, let us know how it goes!

When I revert back from self managing to using a PM, I intend to use @Amy Verges of Sage Property Management.  She is an investor herself.  Have fun with the rentals!