All Forum Posts by: Jaime Carpenter

Quote from @Nellie Nedeoglo:

Hey guys, I have a question. I am a brand new agent, I want to get into Wholesaling. so far I've been watching Youtube videos. I've heard of some mentorship programs, but as of right now I cant afford to pay 10K for mentorship. Any tips on where and how I can start? 

Hey guys, I have a question. I am a brand new agent, I want to get into Wholesaling. so far I've been watching Youtube videos. I've heard of some mentorship programs, but as of right now I cant afford to pay 10K for mentorship. Any tips on where and how I can start? 

@Nellie Nedeoglo

1. Pull free list on propwire.com

2. Free skiptrace using truepeoplesearch.com

3. Get free google voice number

4. Cold call those numbers

5. Use zillow for comping

6. Use this free wholesale contract @

https://pacejmorby.com/wholesale

7. If you need help with EMD there are people that will lend it for a slice of your assignment fee

All these steps are $0

ok thank-you Bob, I will look more into local meetings.

@Terron Winn I own 30 units in Muncie.  Bought a few with quitclaim, bought a few through the title route.  If its your first time I recommend going through a title company.  

Muncie is probably a little too far away to be considered a commuter city. The zip code you mention is the southern part of the city which has its good and bad areas. I have had 30% ROI in Muncie with some of my properties, but thats on the higher end of returns. Returns in the high teens/low 20s are more common. Thats still awesome by the way.

Quitclaims are great for buy and hold, especially if the seller gets them at tax sales.  They make for a huge pain in the *** when you try to sell it though.  Standard operating procedure for my Muncie houses is to buy low, throw in vinyl plank where you can and make the upkeep as little as possible.  Occasionally I will update the windows or replace a roof.  I have a guy, Dan Norton who is my PM/Agent/contractor so it makes it easy.  Been in the city doing deals since 2012.

Rumor has it though that Fedex is building a giant commercial airport just outside of town near a city called Anderson.  I have properties in both cities, but should a commercial airport go through, it would raise rents and property values significantly.

Quote from @Jaime Carpenter:

Quote from @Mark Jones:

@John Jacobs may be able to help with the financing

Once you get the rehab done, if you are looking for more of a permanent type of loan, you will definitely want to separate the parcel to help to get the best financing available.  

Good to know. I connected with a company who's going to give me a quote on parcel splitting. Will spiltting the parcel help increase the ARV/Rent income? How long does a parcel split normally take to finish? I plan on doing a cash out refinancing once both are rehabbed. Any details with using the BRRRR on these strategies will be greatly appreciated!!

I don't think it takes too long to split them, but I can get you a contact that knows more about the specifics than me to tell you for sure.  I don't think you will necessarily get more rent with them split, but I do think they will be more if you would ever go to sell the separately.  You should be able to do a cash out refi on both once they are split and the rehab is done.  There are some specific things you will need to do to be ready for the cash out refi as well.  I have a couple of contact that can give you specifics on this as well.  Feel free to PM me if you need those connections!

@John Jacobs may be able to help with the financing

Once you get the rehab done, if you are looking for more of a permanent type of loan, you will definitely want to separate the parcel to help to get the best financing available.  

Hi @Jaime Carpenter

If you are paying cash, just make sure when you are refinancing you are meeting minimum loan amounts. Ideally, you will request at least $75k to have the vast majority of loan options available to you, as that is the minimum for most lenders. Keep in mind this will be comped as a tri-plex too, not as a SFR and a duplex. If they are all on one parcel, the appraiser will comp as a tri-plex. I did 3 detached SFRs on one parcel in Indy, so I've done this recently.

Following what others have said, below are some ways to curate a list of HMLs...

1) BiggerPockets --> Build Your Team --> Hard Money Lenders --> Filter by state (IN)

This is a reasonable starting point.

2) Local REIA/other investor meetups.

You'll be able to get referrals from other investors, and also sometimes meet local HML reps.

3) Googling 'Indianapolis hard money lenders'

A reasonable way to add to your list of lenders. You'll get both paid and organic results.

Quote from @Jaime Carpenter:

Quote from @Jaron Walling:

Probably need HM or private to get the rehabs completed. 

What's the scope of work on the properties? Love estimating rehabs. 

Yep. That's what I keep hearing. Thanks Jaron. I don't have the SOW but I have a contractor going out tomorrow so I'll get one from him and timeframe. I've been studying the BRRRR method for the last 2 months so thats my niche. My goal is to acquire my first rental by April then another one by August and my last one by December. 3 per year for the next 2 years.

 Jamie, are you partnering with said contractor? 

If not I'd build a SOW (in your head/better yet on paper) and show it to him in person. Get a quote and see if it's the right fit. I just spoke with a contractor over the phone 2hrs ago. They know EXACTLY what we want, a few details, and understand the job before they visit our property. It's a clear understanding. Nobody is wasting anyone's time. 

If you bought these units well below market you'll find $$$. Lots of $$$ flying around. Not enough opportunities for it.