All Forum Posts by: Anthony Stephenson

His stuff works if you work it, which is where most people fall flat.  

I would call one of the codes department in Mboro and tell them what you are thinking about. They should be able to direct you to the proper person to answer your questions regard dividing the lot. 

You most likely would have to refi since the lot is part of the collateral.. But, the first step I'd take is talk with the city folks (codes department?) about what it would take to split the lot. Then talk with a local real estate agent to get a feel for what the empty lot would sell for if you decided to proceed. Then weigh all that against your refi costs and see if it's worthwhile.

I'd like to opportunity to meet up as well. I do flip primarily in Rutherford county but am open to the surrounding areas as well.

To list or not to list on the MLS depends on the situation. I am also a licensed agent. I typically give the folks I buy from an option to list on the MLS or sell to me as is for cash. Most prefer the cash offer when in any sort of distress situation..

Buy for cash using somebody else money. Do the rental rehab. Put a renter in there. Shop for a refi. Pay your private lender back a pre-negotiated fee for the use of their money. Repeat process:)

I operate my business knowing that one day I will stand before God and answer for my actions here on earth. This includes what I do in my personal life as well as in my business. If a particular transaction violates my conscience then I don't do it. I've never tricked or trapped anyone into selling me their house. I let them know up front that I buy, fix and flip for a modest profit. If it's a house that could go MLS and net them more than what I am willing to pay then I tell them so. I have my license so I can list it for them if they so choose. If it's a pre-foreclosure with equity (rare) and they don't have time for the MLS then at least I can save them from foreclosure. I guess what I am saying here is provide them enough options so that you are clear. Could I make a little more on a deal if I were not as open? Perhaps, but I sleep very well at night. If you still are not comfortable with that then perhaps its time to do something else for a living. Best of luck to you.

Jason, the daughter is just about to get out of optometry college. Then I get to pay for a fancy wedding.. It's been a long expensive 8 year ride.. Having a "guaranteed" income thru this time period has basically kept me at the day job. Right or wrong that's how it is. After we get past this there is a strong possibility I'll take the leap.

Jason, I've averaged half a dozen a year for the last several years. Not a rock star but I'm doing ok.. I have a full time day job in the corporate world as well, which is easy money but gets in the way sometimes. I'm trying to grow my biz so I can comfortably walk away from a 25 year career making six figues.. Don't ever tell yourself money isn't out there. It is. My first private lender came thru a chance meeting at a REIA meeting. This guy was walking around not really talking to anybody so I went up and introduced myself. The next day he called me and said he had money to invest and wanted to get in the game. I had absolutely no idea the guy was loaded. We been doing deals together ever since.

I started out doing JV flips with private lenders. We were doing a 50/50 splits which was ok for the first few. After a while 50/50 got hard to swallow considering I was bring the deal, managed the subs, dealt with whatever problems arise, etc. Now I will do a 60/40 split but really prefer a 70/30 split. After your name gets out as being successful access to money becomes less of an issue. Get a little dough saved up and take on a hard money lender too. Developing solid relationships is a must in my opinion. Makes the journey more enjoyable and opens up more opportunities as well.