All Forum Posts by: Jack Saunders
Jack Saunders has started 9 posts and replied 37 times.
Post: Looking to get started!
- Rental Property Investor
- Greensboro NC
- Posts 38
- Votes 21
Quote from @Jason Wray:
Kevin,
Great time to get into the REI world as rates are starting to come back down and prices are still on idle. North Carolina is another Hot spot my team just left a huge convention where majority of the vendors were talking about the net wave of REI with Tiny Homes and Modulars.
In many areas inventory is low and one way to circumvent that is to start buying land lots and creating new homes. Great thing about a Modular, Manufactured and Tiny Homes is No building required in regard to breaking ground. Units are affordable less than ground up builds but rents are almost identical in most cases.
The timeframe to have a company come out and install a TH, Modular or MH is usually 60-90 days. You avoid 8-12 months of pain having to deal with builder delays, ground breaking due to winter/hard ground, costs of materials or shortage of inventories, etc.
If that's not your cup of tea you still have Charlotte, Duram and Fayetteville all offer some great sale prices on SFR's and 2-4 units for STR/LTR.
Owning a home is a plus to get started if there is equity to use and you want to stay cash fluid just pull out some cash through a refinance or Heloc to cover the DP on the new REI.
Post: ** Need a loan for rental investment **
- Rental Property Investor
- Greensboro NC
- Posts 38
- Votes 21
Quote from @Jack Matthias:
Hey Jack,
What state is this property in?
Thanks
Hey Jack and All,
I am all set with lenders now. I did not realize how many responses I would receive. I have to say I have already spent hours on BP soaking in all of the great advice. The one area i really lack in knowledge are the different loan options. I appreciate those lenders who are willing to explain the options.
Post: ** Need a loan for rental investment **
- Rental Property Investor
- Greensboro NC
- Posts 38
- Votes 21
Quote from @Nick Conley:
Quote from @Jack Saunders:
Single family home being sold as is due to out of state owners from inheritance.
Loan amount range 110 - 175k
I have the down payment in my bank account.
To be used as long term rental.
Termite and General inspection will be done.
Lenders please DM me for additional details so we can make this deal happen!
Hi Jack,
You will find a lot of lenders who will want to help you, but it would help them and you save some time if you can narrow a few things down.
What state is the property in? What is the purchase price?
Are you qualifying on your full income or looking for a loan type with easier qualification standards such as a DSCR loan?
They will also need your FICO when looking at rates just as a heads up.
I am looking for conventional 30yrs for rental property. My credit score is excellent and 25% down payment which are in my personal savings account.
Post: ** Need a loan for rental investment **
- Rental Property Investor
- Greensboro NC
- Posts 38
- Votes 21
Single family home being sold as is due to out of state owners from inheritance.
Loan amount range 110 - 175k
I have the down payment in my bank account.
To be used as long term rental.
Termite and General inspection will be done.
Lenders please DM me for additional details so we can make this deal happen!
Post: Our 1st Single Family Flip
- Rental Property Investor
- Greensboro NC
- Posts 38
- Votes 21
Investment Info:
Single-family residence fix & flip investment.
Purchase price: $80,000
This was our first flip and it happened to need a full re-remodel due to previous owner performing a full demo (sheetrock removed, electrical, plumbing and all left was studs. However allowing us to change the layout and learn a ton in the process.
You can keep up with the progress with my photos - https://drive.google.com/drive/folders/1rL4DHU4VBWyoHDP46aFQlmaVSfQUsFgq?usp=drive_link
What made you interested in investing in this type of deal?
Great location, demo was done.
How did you find this deal and how did you negotiate it?
Redfin, we knew the seller.
How did you finance this deal?
Cash on hand
What was the outcome?
Still in progress......More to come!
Post: Looking for contractor with popcorn ceiling experience
- Rental Property Investor
- Greensboro NC
- Posts 38
- Votes 21
Quote from @Sean T.:
Hey, I am reaching out to someone. They normally only cover Charlotte but I don't know if they have expanded since we last talked.
Yes Please let me know. Thanks!
Post: 36 Units apartment in Greensboro
- Rental Property Investor
- Greensboro NC
- Posts 38
- Votes 21
Connection request sent. What neighborhood is this in? Feel free to DM me the details.
Post: Investor special Cash Only sale 3 bed 2.5 bath, quick closing
- Rental Property Investor
- Greensboro NC
- Posts 38
- Votes 21
I need property address to research and determine if there is interest. Thanks
Post: 2 bed 1 bath investment property available for $89,500
- Rental Property Investor
- Greensboro NC
- Posts 38
- Votes 21
Why not provide the property address? Send this info to me so I can run my numbers. Thanks
Post: Leads, Breaking out of what you know
- Rental Property Investor
- Greensboro NC
- Posts 38
- Votes 21
Quote from @Andrew Freed:
@Jack Saunders - @Randy Rodenhouse Touched on some really good methods for off market acquistions. Another good strategy is reaching out to brokers/agents to find a "pocket listing" which essentially is a listing that is off market and they are shopping it around among their vetted buyers. If you make it a habit to call 5 brokers a day and let them know what you are looking for, eventually you will find an off market flip before it hits the MLS. Usually pocket listings have reasons on why they are not on the MLS. It may be as simple as they are preparing to list it or as complex as a divorce is happening and the seller wants to keep the sale hidden. It ranges on the reason but "pocket listings" are a fantastic way to get off market properties. Nonetheless it all starts with developing strong and long lasting relationships with high volume brokers/agents in your area.