All Forum Posts by: JaMarcus Joseph

To those who see unanswered ads such as this, don't get overly discouraged. Sometimes people reply privately. I'm working with a private lender and a partner to secure this property to keep instead of wholesaling. One replied privately and I reached out to the other. Keep ya head up!

Hello BP

Since getting a 5plex under contract, I grew to like multifamily properties. I'm planning for my niche to be small multifamily 5-20 units. However, while getting quotes for the 5plex a contractor informed me of a property that may be on the market soon because the current managers are giving up. I remember thenew management sign going up about 2-4 years ago. I'm assuming they have the same type of commercial loan my partner and I are looking into for the 5 plex with 20 amort and a balloon in 3 years. Anyways, after researching I discovered the owning company filed for Ch 11 bankruptcy recently. It's a drug infested complex in a prime location. I want this property. How should I proceed? Thanks. 

I know this is old, but did you ever find a good attorney to use?

I got my only 2 contracts from Craigslist. 1 fell through and 1 worked. I do a lot of driving for dollars to collect addresses and watch the neighborhoods. I've yet to design my postcard and mail it. I recently watched a video on probates. Apparently they're listed right in the newspaper and on the website, just like the foreclosure announcements. Does Texas have a county data site like Arkansas does? We have arcountydata.com for purchase, tax, county appraisal, etc.

Hello BP world!

I have a 5-plex under contract at 

Judsonia, AR. It neighbors a nursing home in a B neighborhood. It has 2/1(2) and 3/1(3) all situated under a 2 year old roof that cost the seller $20k. All units have washer/dryer connections and includes all appliances. 3 of the 5 units are rented out. 2 tenants have been there for over 7 years. I requested the seller not fill the units in order that I may do minor updating and seek higher rents. The seller hasn't raised the rents in 5 years because of wood paneling and what appears to be original vinyl on the concrete slab floor. The seller updated one 2/1 unit with tile flooring throughout that cost him $1100 total. 

2 - 2/1 * 350 = 700

3 - 3/1 * 350 = 1050

Taxes 1680 annual (taxes likely to go up with new appraisal)

Insurance 1300 annual

County appraisal - $199k from 2011

New metal roof 2 yrs ago for 20k

Washer and dryer connections

Cash flows as is but 3-5k per unit in updating can bring $75-150+ per unit

My original intent was to wholesale this property. However, with due diligence, I'm wanting to keep these properties. Unfortunately, I won't qualify for a commercial loan for at least another 6-12 months. I'm working with a credit repair and business credit specialist. So, I am looking for interest only private financing for buy and hold with a cash out refi as the main exit strategy. Can anyone help me out? If not, I'm open to wholesale 

Message me for a video of the vacant 2/1 and pictures of the vacant properties. 

Tammy and Rod, thanks for the quick response. Sorry, it took me forever to reply. I wrote this on my phone while at work. I did take your advice and went back to the beginning. I have a tendency to try to have too many fires going at once. I was chasing new knowledge at every step of the way rather than having a focus. That analysis paralysis lit a spark in my mind. It was exactly what I needed to hear. I took the advice from that day. I visited a few properties and actually made a few offers. It was successful!  I got a turnkey 5 unit apartment building under contract. It feels good to be making progress. 50 units in 5 yrs is the goal. 

Welcome to BP Paul

This place is a gold mine is used correctly. I've been a member for a few months. But I've been working a lot of overtime lately and rarely active. Things are finally slowing down and I have some room to breath. I'm still new to the game and am currently looking to wholesale much as most other newbies. I stopped by to introduce myself and inform you of the Central Arkansas Real Estate Investor's Association.They meet at 7 pm the first Thursday of every month at 12814 Cantrell Rd, Little Rock, AR. Tonight's topic will be "Back to the Basics" Here's an exert from the email:

"Join us Thursday night to either learn or refresh your memory on some of the basic building blocks of real estate investing. What is a good deal? How do I price my wholesale deal? What should I make on a flip? What is a short sale? How do I get started in commercial real estate?"

There is an investor's meeting tonight. Hope to see you there.

JaMarcus

Hello BP world

So, I've been studying the subject for nearly a year now, including nearly 3 months of pro membership. I was so gunho about leaping into real estate investing. I've studied some of the gurus via guerrilla tactics. I've analyzed deal after deal with the worse case scenarios still proving to be profitable. And my goodness has this month been good to me. I met a couple people from here. I even connected with a private lender who appointed me a local mentor for a mentorship for my first 10 deals. On top of my personal studies, I completed the real estate salesagent course this month for faster access and improve my personal marketability. I killed the general portion with REI knowledge, but my law is lacking. The class taught me a new respect for real estate law. The wrong words in an advertisement could potentially lead a wholesaler to a felony charge. Anyways, since that class and acquiring a mentor, guess how many offers I've made! A big fat ZERO. For some reason, I got everything set up to go and I froze. My current excuses are I don't have the fees to get the license, even though a broker could cover that with proper negotiation, which leaves me without an investor friendly agent. And I'm not sure which design to go with for my postcard for this list of properties from driving for dollars (a form of quality time together) with the wife. Anyways, I'm not sure if I"m still afraid because I lost a thousand dollars in the past due to a lack of education or if I'm afraid of my goals actually being attainable. This post went a different direction than I expected when I started it. Anyways, thanks for reading and the encouragement in advanced.

JaMarcus Joseph

No big changes under way to Searcy area other than Harding's new buildings and new apartment complexes near the highway. They ran the natural gas companies out of the area. I've talked to a few agents here in Searcy but I've yet to find an investor or flipper friendly agent. There are some good properties here. What are you looking for? How close do you want it to Harding? Do you want it move in ready or do you wanna fix it up? 

Can aanyone critique this post to help get responses?