All Forum Posts by: Derek Robinson

I would definitely try credit unions.  I financed three properties through one that would take a signed lease as proof of rental income on properties I've owned less than a year.  Another small credit union by me has a small local board that makes decisions to finance loans and the loan officer went above and beyond to push my refi through.  My only income is through buy and hold and my tax returns show negative income!

Following!  I'm in Asheville, NC and prices have gotten way out of reach for me so I've been investing in Spartanburg.  The city has put a lot of money in to revitalize the downtown and a lot of corporate offices have moved their headquarters downtown.  Crime rates are still extremely high but they are much lower than 5 years ago before revitalization efforts.

I'm BRRRRing properties right now (but most don't need much rehab).  You can find great deals, great tenants, and still cashflow positive after pulling your initial investment out.  For me, cashflow is the short term strategy and appreciation will just be a plus (I can't image why it wouldn't appreciate!)

Yes, security deposits transfer.  Your closing attorney should be handling the funds.

If you have the cash, I'd say purchase all cash, then refi later. Why pay private money interest rates if you already have the cash? Especially if you BRRRR correctly, you'll be getting all that cash back anyway.

Just be aware that a lot of banks require a 'seasoning' period of 6 to 12 months of ownership before they'll finance a deal.  I've got a bank that will refi in 30 days, but their rates are slightly higher than a conventional bank.

I'm in West Asheville if you ever want to get together to talk investing!  I'm no expert, but real estate investing provides me with 100% of my income currently.

Hello all!

I'm looking at a property, a four unit apartment building.  It is built on a concrete slab, has concrete block walls, and a flat concrete roof.  There is mold growing on the ceilings and walls in the bathroom and kitchen.  It is heated by electric plug in heaters and cooled with window units.  There is no ventilation (other than windows and doors), so the moisture simply has no where to go!  My thought is by adding a HVAC system and providing air circulation that this would remedy the problem.

Has anyone had experience with moisture issues in an all concrete structure?  Any advise? Thanks!

Can anyone recommend a closing attorney in Spartanburg, SC?

Spartanburg has recently caught my eye.  The city has put a lot of time and resources into revitalizing the downtown area and developers are coming in to build/rehab office buildings and hotels.  BMW has a manufacturing plant in the process of adding a 1 billion dollar facility to their current one, GE has a large plant, and several national chains have their headquarters there.  Real estate is really cheap (40k for a 3/1) and rents are between $600-$800.  Crime rates are high, but have come down steadily in the past few years.  It seems like just a matter of time before the real estate market catches up with the development around.

Anyone on BP investing in this area or have any thoughts?

Hello, 

I have a contract on a 3 unit mobile home park.  The property is about 4 hours away.  The tenants own their own trailers, cut their own grass, and have city water, sewer, and electric billed to them separately.  There are no common areas to maintain.  While I have a trailer on land and 5 other residential properties, this will be my first 'park'.  I'm just interested in any advice anyone could give.  A few questions would be:

Do I set up new leases with the tenants?  The current owner has only owned it a few years and he has no leases, everyone's been there for over 10 years.

Anything in due diligence period I need to think about?  I've already called the city to confirm land use, getting a title search with a closing attorney, verified rent roll.

Any other advise anyone wants to give!  This will be my first to get my feet wet.  If all goes well I hope to buy a larger park by the end of the year.

Thanks!