All Forum Posts by: Jimmond Thomas
Jimmond Thomas has started 4 posts and replied 7 times.
Post: Working with a Wholesaler as a new investor
- Realtor
- Charlotte, NC
- Posts 7
- Votes 2
Originally posted by @Frankie Woods:
I wish I would have started using wholesalers :(
Why is that? What experiences did you start with?
Post: Working with a Wholesaler as a new investor
- Realtor
- Charlotte, NC
- Posts 7
- Votes 2
Not sure how innovative this strategy may be but... as a new investor, would working with wholesalers be a good idea? Of course I understand the importance of doing your own due diligence but I would imagine that, by nature, wholesale properties are some what of a good deal. The wholesaler had to do a good bit of research and negotiating to get the property under contract.
So taking wholesale deals, running your own numbers off of what's presented and moving forward would seem like a good way to at least have a funnel of potentials coming your way. The wholesaler has done some of the "hard" work already, you would just be double checking and making sure it makes sense to you.
I do understand that this may be a naïve way of thinking but I'm curious to know why or why not this would be a good idea for a beginner.
Post: Turnkey or cashflow producing property with HML
- Realtor
- Charlotte, NC
- Posts 7
- Votes 2
Originally posted by @Chris Clothier:
Originally posted by @Jimmond Thomas:
I'm looking to start investing in real estate using creative financing. Read a couple books on the topic and have been trying to think of various ways to get going.
Is it possible to get a hard money loan to purchase a turnkey or any current cashflow producing property? Especially a multifamily where I can live in one unit and rent the other(s).
I'm currently looking to purchase a multifamily home in the DFW area where I can live in one unit and rent the rest.
Thank you all in advance.
Jimmond,
Welcome to the site. I think the most appropriate way for you to get started is to promote to duplex and triplex owners in the DFW metroplex, either through direct mailing the property owners or through bandit signs placed in the areas where those properties are located. When you get response to your advertising, you are looking for someone who is willing to owner-finance or allow you to take a property subject to its existing financing.
You definitely don't want to go through traditional forms of borrowing (FHA, non-conforming loan or a hard money loan). Those kinds of loans exist in the marketplace for a reason and none of them really helps you get where you are trying to go. It may take a while and you will have to exercise patience, but I would look to get the word out to as many landlords as possible that own the properties you are looking to start with and find one that is willing to hold the loan for you. It will not be easy, but purchasing property subject-to an existing loan or getting an owner to finance a deal happens every single day. You can do it ~
Best of luck.
Great information, that's a lot for the idea!
Post: Turnkey or cashflow producing property with HML
- Realtor
- Charlotte, NC
- Posts 7
- Votes 2
@Sam Grooms, thanks for the feedback. My rationale was that if I didn't have the credit/capital for a conventional loan, I could purchase a property that's income producing and would be able to pay back the HML then refinance later. I will consider the BRRR strategy. Thanks again.
Post: Turnkey or cashflow producing property with HML
- Realtor
- Charlotte, NC
- Posts 7
- Votes 2
I'm looking to start investing in real estate using creative financing. Read a couple books on the topic and have been trying to think of various ways to get going.
Is it possible to get a hard money loan to purchase a turnkey or any current cashflow producing property? Especially a multifamily where I can live in one unit and rent the other(s).
I'm currently looking to purchase a multifamily home in the DFW area where I can live in one unit and rent the rest.
Thank you all in advance.
Post: Turnkey or cashflow producing property with HML
- Realtor
- Charlotte, NC
- Posts 7
- Votes 2
I'm looking to start investing in real estate using creative financing. Read a couple books on the topic and have been trying to think of various ways to get going.
Is it possible to get a hard money loan to purchase a turnkey or any current cashflow producing property? Especially a multifamily where I can live in one unit and rent the other(s).
I'm currently looking to purchase a multifamily home in the DFW area where I can live in one unit and rent the rest.
Thank you all in advance.
Post: New Wholesale Investor in Charlotte, NC
- Realtor
- Charlotte, NC
- Posts 7
- Votes 2
My name is Jimmond and I currently live in Charlotte, NC. I was born and raised in New Orleans, LA but moved to CLT in 2012.
I am interested in getting started in Wholesaling here in Charlotte and even New Orleans. I currently work full time in aircraft maintenance but would love to work part time in real estate until I have the skill set to go full time. I am brand new to the industry but have spent almost 6 months doing research. Now it is time to put some actions in motion.
I look forward to being active in this virtual community and hopefully connecting with some offline.