All Forum Posts by: Mike Jakobczak

How fast are the properties selling at 130-150 k? Also much work is needed to get them to this price?

A low ball offer might not even peak the banks interest. But you can make your offer look nicer by giving clean terms.

Another option is to partner with someone who can get a mortgage.

very entertaining thread...haha

If you really really really want a Lambo, I'd find a way to make 90 k. Then once I did, I'd reward myself with the Lambo. When people ask why would you waste your very first 90k in profit on a car?!? I'm simply reply:

"...because I can"

=)

I'm an out-of-state investor.

It's a lot of leg work to set yourself up to be successful buying in a different area. You need to have your price points down. Cost of materials/labor and also properties(purchase+resell values) This is done over time of trial and error and also networking with local investors. On top of that you need to have a great team together. A good buying agent to view properties and send pictures. The hard part is finding someone to put in the extra work and take you serious

I wouldn't suggest to ever just jump into a area without going and really get an idea of the market. This will also allow you to network and meet some of the people you will be working with. Gives you some credibility also, since they know you are serious, since you came to visit.

All tho I can operate from where I am, I still try to get down as much as possible to look for properties/monitor rehabs/network/etc.

Another good idea is too partner up with local investors on a deal or two to learn about the market, and get yourself more familiar with the area.

I invest in Cobb/Gwinnett for flips and Dekalb for rental...

James Park I know a few investors who deal in those price ranges/areas. You can find some steals in the 150 k range and update them and turn them over for a nice profit. Some of these properties are built in the early 1900's. So they tend to need lots of work. But the areas are gorgeous, lots of character.

I second J Scott's comment

Gwinnett is also a popular county for flipping. Lots of competition tho

Opportunities are always out there, way to capitalize on it!

Most Business credit banks will want o see minimum 2 years of business plus good credit. So anytime you can set up an account with different vendors in your business name, it's a good idea. Example: home depot This will help build a credit history for your company.

Ward Conville Hey who's your private money lender? Those terms are very nice. Are they looking to tie up any other funds with those terms?