All Forum Posts by: Gary Alford

welcome guy,  

I'm a wholesaler located in Norfolk, VA but also work NOVA, and the rest of the dc metro area. I'm more than happy to help you in anyway that i can do feel free to reach out to me if you like.

Gary

welcome to bp Ben,

I'm a wholesaler in Virginia and would be more than glad to connect or help you out in any way i can. I'm working a deal in Darby, Pennsylvania now that i will be wholesaling and a mobile home here in Norfolk, VA you might be interested in. So feel free to inbox me if you want to talk VA or anything else. I always need more people around me with super powers like yours. So maybe we will get a chance to make some things happen in the future. Don't forget to let me know what parts of VA interest you.

Hey BP fam, 

I came across a mobile home lead that is in a park here in Norfolk,  Virginia and trying to figure out how to work it.  I am a wholesaler but of course would love to get some cashflow going. My first thought was to wholesale it but lost on how to do that since it's a title not a deed and do not think i would use a normal contract.  

I know the norm for these are to buy fix up and sell on owner financing or rent it out.  Which would be great to do but i do not have the money to do so. I'm also lost on how to even figure out a arv for a mobile home in a park. 

 Please help me figure out my true options... should i refer it to someone else and collect a referral fee or maybe search for someone to get the money from to buy and fix.  Any information,  guidance,  interest or help would be greatly appreciated.  

Gary

What's up bp,

I have a deal I'm working in Philadelphia or more specifically Darby, Pennsylvania and i want to set it up to be as sweet as possible for my end buyer but need some help on how to do this.  

Now i can always just lock it up in a regular contract and assign it but the owner already owns it in a trust and is willing to just transfer her beneficiary rights. Which would save my end buyer a good amount of money on taxes and closing cost. 

Can anyone tell me how would i be able to do this and wholesale it.  Do i just need to do a contract to transfer her rights in the trust and assign that? Will that really protect myself from getting the deal stole from under me? 

Gary 

Hey guys,

I am looking at this 6 unit apartment building here in Norfolk, VA and just want to see what you guys think of these numbers. I wouldn't say she is super motivated but it still seems like this could be a pretty good deal. If I can not find a way to buy it I want to be able to wholesale it or just get a birddogg fee. Either way I still want to get the numbers right so this is what I got:

6 1/1 units @ $600/m each so  $3600/m altogether and $43,200/yr gross

Cost

5% vacancy= $180 building sits on a busy road and close to a busy intersection. 

6%repairs= $216

4% Capex= $144

Taxes= $263.35/m $901.98/q $3,160/yr

management @ 10%= $360/m

water= $450/m

Insurance= $60/m

total expenses= $1,313.35/m $1,5760.20/yr

NOI= $2,286.65/m $27,439.80/yr

Price= 245k

Which would put me at a 11% cap rate.

The market in that area for 1/1s is between 580-715/m with most being around $650 so it's sitting close to the bottom. 

The landlord pays water but if you separate meters and make the tenants pay water then there is a chance to increase income by $400-500/m. 

There is also a laundry room in the back that the owner says tenants used but she closed it and used it for storage because she needed somewhere to store supplies. So there is another opportunity to add extra income if you add coin wash machines. I honestly though I would split meters make them pay water and then offer free washing in the back just to entice people.

Now I haven't seen the inside of the units yet which I know I  must do but this seems good to me. Is there anything you guys can see that I'm missing or screwing up. Especially you guys that know the Hampton Roads area. Please let me know if I'm crazy with some of these percentages or something.

Thanks 

Welcome to the site man. I'm sure I will probably run across you at a reia meeting as well. Good luck out here man!

Whats up BP,

I have been go at it hard driving for dollars in the hampton roads area the last couple of weeks and as everyone knows that have done it, It can really drain some gas. We all also know that you should only do something yourself for so long before you just past the task on to someone else. 

So posted a ad to Craigslist looking to build myself a team of birddoggs. Have anyone had any experience doing this and if so how did you structure it? and how did it work out for you?

The way I am structuring my team is as follows: 

Everyone will be a 1099 contractor

All leads wil be submitted through a online form specific to each birddogg that will feed into there own section in podio.

I will pay minimum of $500/ house I buy they send me or just might make it 10% of whatever I make from a deal with $500 being the minimum. If I decide on the later they will not know the percentage I am paying them just the minimum per deal. 

Those who are good, stick around and are interested will eventually move up to being salesman in my company strictly commission at 25% per deal. And we will find another birddogg to replace them. 

All my training will really be simple. I am going to put together a document or powerpoint showing exactly what I am looking for and what not to send me. It will have pics of common signs to look for and things that are definite property dis-qualifiers. 

So please let me know what do you think so far! Also let me know if I am missing anything you think would be a great idea or vital to this working thanks.

Oh, and I have started doing Facebook Marketing as well! If you know of any good tips or places to find good education on doing it would be greatly appreciated. 

Thank you everyone for the great responses! It is a lot of good info being put out in this thread. This owner has had this property as a rental and haven't lived in it for over 20 yrs. She is interested in doing seller financing but want to wait to really talk it out because she has to get a shoulder replacement this week. She is 86 yrs old and still managing rentals but said she is tired of doing so.

It is crazy to think of being 86 yrs old and still managing tenants! I don't even plan on managing them now let alone being 86 yrs old.

Thanks again everyone!

Welcome to the biz and site Don,

This place is great! It is full of people who are more than willing to help, a ridiculous amount of information and the podcast are both informative and entertaining. Spend a good amount of time here learning but make sure to remember to take action on what you read. we are in the same area so feel free to reach out to me if I could ever help with anything. Good luck to you!

Gary

Whats up BP fam,

I just got off the phone with a owner of a house I found while driving for dollars. She says she wants to sell but she is afraid of paying capital gains taxes because she was killed by them when selling a different property. So this is the reason she has just held on to this one after owning it for 40 yrs. She paid $2500 for it back then. 

Is there away around that or is she just stuck paying those no matter what. I know people do 1031 exchanges to avoid paying the taxes but that won't work for me as far as trying to wholesale it. Even if not for this deal but for future knowledge, how is it possible to avoid paying them?

Gary