All Forum Posts by: Denny Faircloth

@Nick Hundertmark - Welcome and congratulations on your early success. Sounds like you're off to a good start. I'm personal friends with a very high volume wholesaler in Philly if you want the referral. He's a great guy, down to earth, straight shooter and has access to tons of deals. In addition to the FHA 203K, you may want to look into a Fannie Mae Homestyle for larger renovation projects. Similar product but you can do as little as 5% down for your primary residence or 15% down for investment properties, up to 50% of the mortgage mount can be for renovations, so you can do major projects that require structural changes or additions. We actually just helped a client of ours house hack a duplex in town. $60K acquisition, $40K rehab, 2 units, 2 beds 1 bath each, all in at $100K. He bought 2 of these side by side. Lives in 1 unit and rents the other 3 units for $895, so he's generating $2,685 in revenue, expenses are $1,200 so he's living for FREE and netting $1,485.

@Josue Rivera - thanks for the warm welcome. Congrats on taking the plunge and doing your first flip. How far along in the process are you? Have you acquired a property? If I can be of assistance in anyway, let me know.

@Bryan Cork - Thank you sir!

@Phillip Mosley - There are definitely advantages to getting started here in Atlanta. You can take advantage loan terms only available for primary residence with lower rates and down payment requirements. Then use a property management company to handle everything else. I can give you a great referral if needed. In order to really maximize the strategy, you may consider buying a multifamily (duplex, triplex or quad). You can still get same loan terms and generate a lot more revenue. If you're willing to invest in certain areas (aka in town not Sandy Springs) you can even get down payment assistance in the form of a grant. Not a loan that needs to be repaid, but FREE MONEY to cover the down payment. For example, we helped one of our first time investor clients purchase 2 duplexes in 30310. Each one was 2 units, 2 beds, 1 bath each. We bought both from 1 owner. Paid $60K each, rehab was $40K each, so $100K each duplex. Total of 4 units for $200K. Our client qualified for down payment assistance for one of the properties through the Invest Atlanta program because he is going to live in one of the units and got $15K to put down. Each unit is rented for $895 a month. so he's getting $2,685 in rent from 3 units. His expenses including property management, maintenance and the like is only $1,200. So he is living for FREE and netting $1,485 a month. He's moving to LA in a few months and renting out the 4th unit. so his rental income will go up to $3,580 and he will net around $2,380 a month from his 2 duplexes in Atlanta while he's pursuing his acting career in LA. He's only 24 at the moment and not looking at the appreciation at the moment, but the duplexes are right on the path for the future beltline expansion so he will surely see some significant appreciation over the next 15 to 30 years. My advice is GO FOR IT. If you need anything, let me know. Best of luck.

Do you know which broker / office you will be working with? Many of them have licensing classes. You can also use an online study course. I know Keller Williams has a class that rotates among there different offices from month to month. What area are you in?

@James Park - As an investor, new resident to Alpharetta and new member on BP, I found this thread to be very informative and useful. Thank you!

Love the beltline. We stumbled onto an amazing deal a few months ago. Picked up 2 duplexes with 2 beds and 1 bath for $60K each. Put $40K into each so we're all in at $100K a piece. We're done with one and both units are rented out for $895 each side. Finishing up the other duplex shortly and renting those at $895 as well. Would kill to find a few more of those!

Not sure where to start except to say that there is a lot that I know and even more that I know I don't know. After hundreds of flips, my partners and I have the whole flipping thing down. Having said that, I'd love to expand my knowledge of wholesaling, larger developments and multifamily. Looking forward to connecting with other positive like minded people. If there is anything I can do to be of service, don't hesitate to ask. Chop chop people, we've got a job to do!

Welcome to BP Daniel. I'm up in Alpharetta, but my partner lives in Sandy Springs and I'm in that area frequently. Feel free to reach out if you want to connect or grab a coffee sometime. Happy Investing!

Beast mode! Nothing inspires and motivates me more than seeing a fellow investor take massive action. In the same 7 months, countless others are sitting around thinking about their first investment and there you go knocking it out of the park. Well done sir! Congratulations!!! Looking forward to your 2018 update.