All Forum Posts by: Jordan Coates

My wife and I are new investors in Smithfield, NC and are looking for a property to flip.  We currently have a rental property and would like to use the money from a flip as a down payment on another one.  

I would love to get in contact with a couple of wholesalers in my area (to help me find an under-priced property) but don't really know how to go about finding one.  Anybody have any tips for finding a wholesaler?

Thanks for the help!

Great story man.  Don't let this big chunk of money slow you down....keep buying and selling!

Greg,

Nothing the seller has done makes me think that they are trying to hide anything.  Each of the fixes may be minor and if they are done, I'm in.  I just want to make sure that everything that I was told was working (when I offered the price I did) is working when I get the keys.  I understand your point when you say that you assume that things in your house are working unless you're told otherwise. 

I'm just trying to do this first one right b/c I don't know that I have the stomach to try again if I lose thousands on my first property haha.

Thanks for the help John and Steven.  It was not occupied at the time of sale so it's certainly possible that they just did not know about all of these issues.  Even though it's my first property I'm not so gung-ho that I'm going to buy it even if these things aren't fixed.  I'm willing to walk away.  

My wife and I have had an offer accepted on a small house that we're looking to turn into our first investment property. It's a 3BR/1.5B SFR. There are several issues with the house that are not huge deals (individually) but they were not disclosed in the property state disclosure form. Not only were these things not disclosed (items listed below), but each of them was marked as a "No Problems Exist" or "functioning normally" on the disclosure form. The issues are as follows:

-Power outlets in front 2 BR don't work (about 1/3 or total SF)

-A/C unit does not blow cold air

-There are polybutylene pipes in some of the bathrooms

-1 toilet is non-functional, both toilets are not secured to the ground (per inspection report)

-Bathroom fittings have leaks

-Kitchen sink has leak

Again, these issues were not just left off the disclosure list they were indicated to be in perfect working order in the seller's property disclosure form that was included with the contract.  I'm not looking for advice on how to fix these issues (I can fix them myself), I'm looking for advice on how to handle the seller?  

If they wouldn't be up front about these issues are there other things that I'm not being told about?  Is it normal for a seller to indicate that there are no problems and then the inspection finds that there are multiple issues?  

Thanks for the help!

My wife and I are just starting out with REI. We're getting close to putting in an offer on a small property that we plan to keep as a rental. I have a pre-approval through Quicken loans since they just re-financed my primary residence and still had my info on file.

If we plan to buy multiple properties in the future, what's the best lender/organization to build a relationship with?  Is it a small local bank?  Maybe a mid-size regional lender?  Is creating a relationship with a mortgage broker a good place to start?  

This first property will be very easy to get the financing for.  I'm just trying to lay the groundwork for what (we hope) follows.  So if I need to get recommendations from some local investors on a broker or something I can do that.

Thanks for the help!

Hey everybody. I'm new to BP and REI. My wife and I are close to making an offer on our investment property and I'm working on the pre-approval process. We would love to expand our portfolio in the future and own multiple properties. My question is this: Is it better to do each mortgage in just one of our names? If traditional lenders are going to cut us off at 4 (or so) a piece, doesn't it make sense to finance them individually so that we can get to 8 before having to find alternate forms of financing? Or am I thinking of this in the wrong way?

For sake of argument assume a couple of things: credit scores are good, our individual incomes will support multiple mortgage payments and we will live happily ever after (not worrying about splitting assets due to divorce or something).  

Thanks for helping a new investor!

Jordan Coates, Smithfield NC

Hey Everybody. My name is Jordan Coates and I'm a new investor from Smithfield, NC 27577.  We are about 30 minutes east of Raleigh.  I've been trying to get into real estate investing for more than 2 years and am finally in a financial spot to be able to pull the trigger.  I got married 2 weeks ago and (luckily) my wife is almost as excited as I am about this venture.

We've looked at a couple of single family properties in our area and are close to putting in an offer on one of them.  I'm hoping that I'll be able to add to discussions on BP and learn a lot from the combined experience of all of its members.  If you're an active investor in my area I'd love to hear from you and pick your brain.  

Has anyone ever run the numbers for actually building a small multi-family property instead of buying one?  I've never looked into building a house myself, but it seems like it would be comparable to what it would cost to purchase one that was already built.  

For example: if you could design a duplex to be built in an economical manner on a piece of property that is priced reasonably, could you turn around and rent it out and still have $200-$500 cash flow on the property?

Thanks for the help!