All Forum Posts by: Brandon Purdeu

If you sold it where would you invest the money left over from the rental? The Raeford market is doing really well this year. Would be a good time to sell before interest rates start to climb up. Would you acquire better cash flowing rental properties with the proceeds from the sale? 

Anyone flipping in Fayetteville, NC area? Need a recommendation for granite people. Need 1 kitchen and depending on price maybe a 2nd. Budget is $30-$40/sq ft 

Looking for a little help. 

I’m making the leap from flips into multi family complexes. Found 12 units in a C class neighborhood for 180,000 that we’re severely damaged from Hurricane Matthew and are being sold short as the owner can not repair. All units are vacant and need to be remodeled to be rent ready. 

Here's the basic numbers: 
Purchase price: 180,000
Rehab: 200,000
Retail Value: 475,000

Here is pro forma created by myself: 

I have a couple of questions. 
1. Are my numbers reasonable on expenses and occupancy rates? 
2. I have a total of around $100,000 to put into the deal but need $400,000. I am meeting with a local bank to discuss options but any other ideas on where to come up with capital and how to fund this deal? 
3. If I fund this deal with friends and family what does the compensation model look like for them? I've seen the model of a 6% preferred rate of return but then how do you rate the return is it on total cash flow or on their investment? Also how to you slice them into the exit strategy? 

Preferred exit strategy is the remodel, season and refinance my cash out of the deal to rinse and repeat. 

@David Wurzel I agree, I have a note system in place for her to annotate who she calls and what the result is. Additionally I add numbers of friends and family and build a fake profile for her to call about once a week. I ask that person for feedback on how she did. 

@James Kendall completely agree. When I started my search on upwork I looked at resumes that had experience in real estate and good reviews to support that experience. Then interviewed to judge English skills. I provide scripts and parameters, for example I've instructed her to only call fsbo's listed over $100000. I'm also very accessible to her to answer questions quickly.

@Will F. It's been going ok. We've been up and running for 3 weeks now. I hired a VA to call FSBO's and expired leads generated from The Rex X. She handles the calls and the follow up and set appointments for me. Usually about 4-5 a week. Most of them are previews for FSBO's. I walk in tell them I have a lot of buyers and would like to preview. Drop off the 20 page book on selling your home on your own and a couple comps. They show me around and I build little rapport then I'm on my way. I've taken one listings off of it so far and a couple expireds I'm flirting with getting on board.

But what does it cost? 
I pay the VA $13/hour for 2 hours a day so about $130/ week. The Red X subscription was $350/quarter so all in it costs about $500/month to keep it going. 

Come one come all! Moore County REIA meet up tonight! Joseph and Liz welcomed their little girl to the world yesterday and won't be in attendance for obvious reasons.

But everyone else will be there! Hickory Tavern in Pinehurst at 6:30 in the room right off the hostess station. 

Bring your questions, deals and knowledge to the table. 

Keywords: Southern Pines, Whispering Pines, Pinehurst, Carthage, Aberdeen, Vass, Moore County  

has anyone used a VA from upwork or another website to make cold calls to FSBO's? At $8-10/hour I would like to pass the initial call/appointment setting off to a VA to free up some of my time. Any tips for using this system? Anyone tried and failed?

Matt did you ever find an agent? I am licensed and invest in the area and would love to show you around the area.