All Forum Posts by: Canesha Edwards

@Delene Vollenweider

Depending on the asset- you may be able to borrow against the assets. I suggest speaking with local lenders to see what your options are.

I’m located in Atlanta, so feel free to reach out with any questions about the market here.

Best,

Canesha

@Marquita Ross

So, my advice is:

1. Before you start reaching out to people or even building a contact list. Learn how to evaluate a property. Too many wholesalers over state the ARV and under estimate the rehab cost. Which leads to high asking prices that don't meet most investors buying criteria.

2. Have a plan and strategy. How will you get leads consistently. Are you going to buy a list? Or will you drive for dollars or both? You must be consistent in your pursuit. Finding property owners is tedious.

3. Finding buyers requires you to network. As already mentioned join a local REI group. Make friends with agents.

Hope this helps.

Best,

Canesha

@Orlando Rodrigues

Orlando welcome. Real estate is a great investment. I purchased my first home using an FHA loan. I didn't buy a multi family ( I'm kicking myself for it now) but the down payment was low and I purchased a brand new home. This was in 2016. Rates are lower now. I used my tax return and money from my savings to cover the down payment.

You can do the same thing. If your credit isn't decent 600+, I would work on that. While FHA loans are for lower income borrowers with lower credit...times are different right now and lenders like to see the higher score. So, work on that first of you need to.

You will be able to purchase 1-4 units with a FHA loan. I would make sure you are able to cover majority of the mortgage, if not all without having to rely on the rental income. Looks less risky to lenders. Remember this isn't your forever home so it needs to make business sense. Talk to lenders to see what you may qualify for and terms. This way you can start looking for properties.

Also, have a maintenance schedule and budget. Even though you live there, you’re also a landlord.

Hope this helps. Reach out any time.

Happy Investing!

Canesha

@Gova Reddy

@Mike Smith

There are good and bad syndicators out there. Just like everyone has said....all of this information is spelled out in the PPM. You should always understand and be okay with the terms before you sign and invest.

Also, I think people forget that being a syndicator is a full time JOB. Property due diligence, investor due diligence and reporting, communication, marketing, leasing. Not to mention the capital that is spent on putting deals under contract. I’ve had a seller ask for $150k in earnest money- and this doesn’t ensure the deal will close.

The typical GP/LP split is 30%/70%. The asset management fee is typical as well. A good syndicator provides investors the ability to invest in real estate without all the nuisances that come with the being an investor.

Now, there are bad apples in every bunch. So, if you truly feel like something is not right, get your PPM and your lawyer and figure out you options. Also, as it was also mentioned- with every that’s going on....projected returns might be missed. That’s the risk of doing business.

Syndication is not for everyone. If you have a problem with the fees, it sounds like maybe you don’t see the value of this strategy. And if so, why not save your money and find a deal to invest in yourself?

Best,

Canesha

@Andres Bernal

How’s the tiny house market in your area? Not sure if you want to go through the application process again, but it’s an idea. Other than that the park idea or selling to the neighbors are your next options.

Canesha

@Dillion Burns

Take the county appraisal with a grain of salt. SFRs values are based on comparable sales data. So, if homes in the area are selling for that price....that’s where the value comes from. Lenders on single family residences typically require an appraisal before they lend money.

@Pat D.

ULI has a great book around development. It’s actually a text book. But it gives you a great working knowledge of development and the process to follow.

@Louis Lafata

If you ever decide to venture down to Atlanta, I would be interested.

But networking would be best. Look up local projects and see who the developer/owner is. Reach out. I would also see if I could catch crews at job sites and see if you can find out Information that way. Best of luck.

Canesha

@Kent Leach

I’m a smaller developer looking to solely provide affordable housing privately. I think tax credits are a pain and there has to be a better way. I’m in pre-development on a small ground-up townhome project. I was able to save on upfront cost by deferring a percentage of the land cost until after the property’s stabilized. I’ve also heard other developers getting a break on impact fees for making so many units affordable.

I’ve been looking at modular housing for a while but I’ve heard more and more there aren’t any real cost savings here and the benefit is more around time. I’m interested to hear what other developers are doing to keep cost low. Affordable housing is definitely something that we need more of.

Happy Investing!

Canesha

@Ty Jackson

There’s a lot of development going on in Atlanta and the surrounding metro areas. Business development and job growth is booming as well. Amazon, Hello Fresh, and a few other business have opened or are opening distribution centers outside the city but within the larger metro area. I live in Atlanta- so feel free to reach out if you want to further discuss.

Happy Investing!

Canesha