All Forum Posts by: Caleb Sundell

@tom S. I have a few passive investors I know who I was going to take the deal to and work out a financing option that buys everyone out after a refinance. I do have a local bank that will do 20% down loans on them but they need to be finished and rented for atleast 6 months, so that was how i was going to structure the deal with the investors for one year financing with a 6 month option in case construction takes longer. I was going to give points + interest but i wasn't sure if I would be giving away too much of my profit afterwards. But to me, I am still getting cash flowing properties so I cannot complain.

So in my years of being in the Classic Car game I have rubbed elbows with a lot of elderly gentlemen. Recently, I have been buying up one gentleman's cars and parts as he is retiring, in doing so he mentioned some lots and properties. I went and saw them today, the lots are split into 2 pairs and the commercial property is a 2 garage and office space building (2200 sft). They are located in the Greenville-Anderson, SC area, I don't mind sharing because these are off market deals and I already have a contract.

My question pertains to the lots. I've done some research and a 3/2 in each area go for $150k and $155k. They rent for $1100 and $1025 according to rentometer for new builds. My cost on all 4 lots is $60k but it are at 0% owner financing. My estimations for building is between $60-85k/ea (1300sqft/ea) depending on how much I put into them and two of the lots have $10k worth of forestry on them to be cleared and sold. This is if I build to the standard of other houses in the area. My question is does it make sense to pursue building these and renting them or build them and sell them and take profits and put it into a small apartment complex, of which there are several near me?

Gut check says build them, rent them out, and then refinance and purchase additional properties with the difference.

I will say this is only the second guy I met with this week, I am meeting another one tomorrow to also take over his portfolio and cars too. And is this something I let amortize over time or while I'm young and the market is hot, stretch as much as I can to buy more property? And has anyone else had experience in taking over owner financed portfolios? Anything to watch out for?

Thank you for the responses. I will look into Cozy and contact the applicants. Thank you for your help.

You would have to live in one of the units until you have enough equity (78% according to most FHA) to refinance or have PMI removed.

I have posted a rental on zillow and have gotten quite a few phone calls through it. I am attempting to use the zillow manager as it seems to answer a lot of the questions I had. 6 have submitted applications but they do not show up in the zillow manager. I talked to all of them to confirm and even attempted it myself and still nothing. Does anybody know if it is in beta testing or something of the like? or is it that backed up? Either way I am renting this out this friday and it puts me in a difficult and frustrating position if I can't even find half of the applicants applications. I have called, left messages, sent emails, inquired through their internal system and I haven't gotten any response.

For context, this is my first deal so I apologize if this is a bad question. I have already interviewed all applicants in person and have a candidate if Zillow doesn't get back to me but if I do that it doesn't seem fair to those who applied through Zillow. In retrospect, I should have made everyone fill out a paper application.

Is this still available?

Is this still available?

Awesome, I will be there next Wednesday, thank you for your replies.

Hey Guys, My name is Caleb Sundell, I am a young sports performance coach and I’m looking to start getting into real estate investing for the long term. I am looking at SFHs and some small multi-family’s in the Spartanburg area. I am completely new, I read Rich Dad, Poor Dad about 3 weeks ago and it got me really excited about real estate investing but I haven’t found many people in the area who could really show me the ropes. So far I am trying to find someone I can learn from and also finding out if there are any investor friendly real estate agents in the area. I would really appreciate any help. Thank you, Caleb