All Forum Posts by: Stan Butler

Congratulations @Account Closed on a successful flip, but man those are tight margins.......

What were your numbers when you analyzed the deal originally?  Was there anything that did not go according to plan??

I actually wrote an Excel macro to pull down the HUD properties every day in my target counties, then check the bidding results . I was able to build a years worth of data so that I could analyze the acceptable net % based on list price, number of times reduced and days on market. I figured out what the minimum acceptable NET was to HUD based on these metrics. The problem is that once HUD removed the appraised value from their listings, properties started to sell for prices way beyond profitable levels. I stopped tracking HUDs when it became apparent that it was no longer a viable channel for deals in my area. I still look at them every now and then, but I havent run across anything resembling a good investment in awhile....

Welcome@Julia Brantley it looks like we are neighbors.  We are in a similar position as @Richard Balsam in that my wife has her license and we only use it for our own properties and research.  We have been investing for about 12 years now and I have yet to do a deal in Alpharetta.

Its funny that you mention that @Mike Watkins because I have often joked about marketing my own personal residence as "distressed" when it comes time to sell because there are so many idiot investors in GA that would probably pay over market value.

I have tracked several foreclosures recently in my target market and pulled up the records to find that they sold at more than 95% of market value!  Its just baffling....

@Moiez Karim I would not consider $3k monthly rent on a $450k property to be a good investment.  I would prefer to see the rent at $5k or the purchase price below $300k.

 Put me on your list if you are working anywhere in Cobb County.

Make sure to get an EIN for your LLC if the structure requires it (Partnership, etc..)

@Dan C. is correct about using a Registered Agent for another state.  That is the way to go.  You probably cannot use a PO box for registration.

For buy and hold in your LLC, you are going to want to find community banks in Alabama that do portfolio lending. You should be able to find 20-year amortization loans, with various fixed periods, and rates around 2% higher than conforming.

Thanks for the insight @Jason Bott.

In my case I would be looking for rentals and I have yet to find a program that is even remotely competitive.  I have received quotes from 2 major providers of master policies and both were 30% higher than the total of my individual policies.

Please update us on your master policy @Darrell Shepherd as I have been looking for one of those for years that is cost effective.  Every time I have priced one it has been a lot more expensive than the individual policies we have.

Welcome @Hayes Freeman

I am pretty much in the same boat as you.  Its really tough to make a go of it in the NW suburbs.  I get a few deals here and there but retail buyers and ignorant investors will pay market value and above for distressed properties, even at the court house steps.  Ive been looking for wholesalers that cover this area for 10 years and no one produces consistent results.

You have joined a great community here at BP.  You can learn a lot from the people on this site.  I am still learning all the time and I consider myself seasoned.