All Forum Posts by: Charity Woods

@Chris T. I should say so. lol

@Chris T. That was almost EXACLTYwhat I was going to say. LOL

Hello @Account Closed. Welcome to BP and to the investing community!!! We are glad to have you.

I certainly hope so, at least that is the goal when I (and most of my colleagues) enter a transitional neighborhood and start flipping. This is a huge asset for the community. It is investors who turn around dilapidated and "rough" neighborhoods. This does wonderful things for the community. The people who are already living there get to enjoy the added value of their own home but also the added security of a community of with quality homes and owner occupants.

The lower percentage of vacant and abandoned homes drives down crime as there are less places for those with ill intentions to congregate unseen by law enforcement. This was actually a topic that was presented and backed by a police chief in a community here in VA where a group of investors wanted to facilitate a deal with the city to acquire abandoned city-owned properties. I had the opportunity to be privy to and a part of that project.

Also, I do want to point out that many REO's have a period where they only allow offers from end users (the person to live there).

Ultimately, better housing options raises the values for the homeowners, provides jobs, increases general safety,  increases tax revenue to the municipality hence making the quality of life better for all persons in the community. 

I hope that was helpful.

Charity

@John McElravy . I hear you saying that you want to get into holding property but the ability to get multiple loans is a hindrance. Is that pretty accurate?

If so my recommendation would be to look into creative financing options (owner financing, subject to, lease purchases). You can do this with little or no money down and no negative impact on your credit or DTI.

I have done tons of deals using those methods.

Please feel free to inbox me if you want a push in the right direction.

Charity

Hello @Peyton Pena,

I am a coach and mentor. Message me and I might be able to at least point you in the right direction.

Charity

Hey @Roc P. , 

What type of deals are you doing? Flips, wholesaling, creative financing?

I always use realtors to bring buyers to my flips once I am done. I used to use a flat fee listing for a realtor to be able to show my owner financed deals but I found that most realtors are not familiar enough for it to be worth the listing fee.

Have a great week.

Charity

@Sarlah B. and @Chris Orme.

Welcome to BP and to REI!! I have been investing in all niches for 17 years and am a Real Estate Investing Coach and Mentor. Feel free to inbox me if you have any questions.

Hi @London Robinson .

Congratulations on making your career goals happen!! If you are professional and work hard you should not have a problem. I started as an investor at 21. I was sure to dress in suits and no trendy hair or piercings. I did not offer my age and it is really none of their business if they ask. I am now 39 and I train and coach new investors.  My youngest student is 18 and I think she will do awesome!!!

Feel free to inbox me if you have any questions. 

Charity

Kaitlyn,

If I am understanding this correctly, you are taking out a private mortgage for $550,000 and will have $40,000 for closing and renovation. You are planning to put another $10,000 or so into the rehab. If that is correct you are in a little over $550,000 after closing cost and such. The ARV in the area is roughly $600,000.

What interest rate are you paying back the $550,000? Is it simple interest? Are you paying IO?

Assuming that you pay down zero on the loan, list as a FSBO or a flat fee listing, and do not put more in than anticipated; this is how your numbers would work.

$600,000 Sales price

-$1,000 FSBO or flat fee listing price

-$18,000 buyers agent fee

-$5500 minimum closing cost

-$7500 average concessions to the buyer on a house that price range

-$560,000 your acquisition and rehab cost

Leaving you with a profit of about $8,000

Personally, that is not enough profit to make it a good deal. One unexpected repair and you could be in the negative.  However, if you are more interested in keeping it to live in and using the sale as an exit strategy you might want to consider it then.

Feel free to inbox me if you have any questions.

Good luck.

Charity