All Forum Posts by: Canesha Edwards

@David Peskind

Have you tried Home Depot? I would hang out at Home Depot around the time they open to see which contractors are there. I’ve found that the reliable workers are early risers.

I would also check HomeAdvisor. I’ve been lucky to get connected with a great contractor through this website as well.

Hope it helps.

Best,

Canesha

@Ayden Walton

Hey Ayden-

This is a pretty loaded question. The here are multiple ways to do this but I’ll give you my approach.

First- skip tracing is tedious. I’ve paid for systems and actually performed the skip tracing personally. I was not fond of this....it was taking too much of my time and I still had to call owners. Now, my approach is to create a list and I hire a freelancer from Upwork to conduct the actual skip tracing and all I do is call owners.

Now- Cold calling. Some people have fear of calling random people but there’s nothing really to be scared of.... the worst you could hear is no, that’s if you actually get someone on the phone. So no need to be scared.

When I actually get someone on the phone- my first task is to build rapport. I ask how their day is going, the weather, anything outside of real estate initially to make them comfortable with me.

Once they are comfortable...I ask about their property. If they are actually the owner, etc. sometimes you will end up calling tenants. Next you will mention their property. Keep it simple. “I recently drove by your property and I’m interested in buying it from you, are you interested in selling at this time? “

The conversation will take off from there. They will either say “No”, they haven’t thought about it, or “yes”. If they seem a little interested...keep them talking, figure out why they may be interested in selling, any damage that maybe wrong with the house, and what price they would be willing to sell. Set up an appointment to view the property or to follow-up with the owner at a later date.

The key to cold calling is confidence,consistency, and follow-up. You might speak with 100 people before you actually get a deal that closes. And always follow-up with anyone you speak with. I typically a 3 month follow-up schedule so I’m touching sellers 4 times in a year at least by phone. I also send direct mail letters as follow-up as well and part of my marketing scheme.

There is more than one way to cold call. This is just the way I do it. Hope this helps.

Best,

Canesha

@Geoffrey Gelorme

Some do and some don’t. Since you’re fairly young... house hacking would be a great way for you to get into real estate.

House hacking using an FHA loan would allow you to put down 3.5-5% on a property 1-4 units. You live in one unit....the tenants pay the mortgage and hopefully there is extra money left over for you to put in your pocket. After a year...you move out and you have a solid investment property.

With interest rates being so low....it’s a good time to look at buying.

@Geoffrey Gelorme

Anything is negotiable. Just depends on whether the seller accepts.

@Geoffrey Gelorme

I took a look at the property. One it’s too high and it needs a lot of work cosmetically. The pool is a concern. It looks to be in pretty bad shape, that’s extra cost.

As an investment, this house is more of a fix and flip than a rental. This is an SFR and not a duplex although, I guess the basement area could be an considered another unit. But in my opinion...this would make a great family home. The property is close to Woodward academy....award winning private school in East Point/College Park.

I can’t really give you details about the renovation without seeing the property in person, but a big ticket item to consider would be the roof. I can really tell it’s condition from the picture. Flooring looks to be in good shape from the pictures though.

When purchasing investment properties you want to buy the property at 70% discount ( based on ARV) - rehab cost- profit margin.

Example: Let’s say a property is worth $100k completely renovated. 70% of that is $70k - $30k rehab-$20k profit.

You would want to pay $20k for the property.

Let me know how else I can help. I would love to be your agent and help you find your first investment property.

Best,

Canesha

@Geoffrey Gelorme

No worries about the questions. That’s the best way to learn.

That’s the zip code for College Park. If actors/actresses is your target tenant base.... I would say that would that’s a good area for that. Tyler Perry Studios is close by. The airport resides in college park and its close enough to the city.

Also, there is tons of new development coming to the area. Here a news article about the new development

https://www.ajc.com/news/atlanta-news/college-park-breaks-ground-on-15b-mixed-use-project-six-west/VX5NGN4ORVCXZAPXCR234TOHKI/

@Dexter Norwood

Hey Dexter-

I believe you’re referring to off market properties. It’s good that you’re already driving for dollars. Most people buy property list from companies but this isn’t the only option.

Delinquent tax properties make good off-market deals

Absentee owners- I use qpublic for this.

Pre- Foreclosure listings on Zillow.

Once you have a list...you have to skip trace the properties to try and find the owners. The biggest success factors to wholesaling is consistency and high volume. Find owners is no easy task and it’s takes a lot of volume to secure a deal that will actually close.

Secondly- if you want to be a successful wholesaler....get very good at estimating rehab cost. If you can accurately estimate rehab cost, you will never put a property under contract at the wrong price.

Hope this helps. Feel free to reach out any time with questions.

Best,

Canesha

@Geoffrey Gelorme

Hey Geoffrey-

Welcome to Atlanta. As a long time resident and agent...here’s my 2 cents.

If you’re looking for something outside the city in that price range... College Park would be a good place to start. This is where I currently reside.

I would also consider East Point. You’re close enough to the city but not in the city. These areas are more so on the South side which is still affordable in price compared to other areas of the city. The funny thing about college park is that it’s split between two counties- Clayton & Fulton. Clayton county school systems have a long way to go in terms of educational quality. So, keep that in mind as well. I will say that my home in college park has seen nice appreciation since I bought it in 2016 regardless of the bad school system.

You should also look into Marietta, Austell, Decatur- these areas have higher prices than the ones mentioned above but these areas have better school systems and more attractions and command higher rents.

I hope this helps. Feel free to reach out anytime. I’m happy to help.

Best,

Canesha

@Matthew Ferguson

Hey Matthew-

Congrats on the deal. If you’re doing owner financing....I wouldn’t bother with getting an agent.

Also, with this type of deal, I would say you could draft the contract yourself. You find a template online and edit it to your liking.

Things to include in the contract besides the typical property, buyer, seller information:

1. Due diligence period.

2. Contingency- example... you only close on the property contingent on a clear title.

3. Terms of financing- Down pmt to owner. Financing terms ( years, rate, any pre payment penalty, etc)

If your not comfortable doing this....find a RE lawyer in your area. They should be able to draft the contract for you as well as guide you through the closing process.

Hiring an agent once you’ve already found the deal would be a waste of money and I’m a licensed agent.

I hope this helps. Feel free to reach out if you have any additional questions.

Best,

Canesha

@Shawn Long

Your attorney will have the best advice, but from my experience with this type of situation.....

If no one took possession of the property after the owner died without a will, here in GA interest is passed to the spouse and then children if the spouse is also dead. If there is only one child, it maybe be as simple as getting her to agree to sell you the property.

If there are multiple children and no will. All children will have to agree to the sell of the property before it can be sold. This is something that has to be worked out within the seller’s family before you can take ownership.

Again- I’m not an attorney. I’m just speaking from my personal experience.

Best of luck.

Canesha