All Forum Posts by: John Poling

@Shane Lafleur hello shane. I am looking to start wholesaling in the myrtle beach, north myrtle area. Let me know what type of property you are looking for and I'll see what I can find you. Thanks

@Jason Shackleton i do... I didn't realize that was an option. I'll have to check that out..

Looking for an easier tenant verification site. The one that I have been using is too complex for my applicants. I'm using tenant verification. Com

I pay the fee and send it to the applicants email. They fill out the application and then it gives them too hard of a time to submit and asks a bunch of questions about me as the landlord that they can't answer. So they give up. Ive lost some good potential tenants due to this. There has to be a better way. Please let me know.

@Bradley Sriro putting in another $30k I should be able to have an arv of 500k. Refinancing and pull it out or sell and make some money. Id have options. Worse case i can pull most of my money out and leave some in... which I'm ok with.

@Bradley Sriro I paid a little over appraised value. They appraised at $385,000 I'm in them for $405,000. The rents are $8250/month and my costs are around $5,800. So i was willing to pay a little more than i wanted knowing it needed some upgrades cuz it did cash flow from day 1.

@AJ H. Agreed. My plan was to keep these and let them cashflow. But i need to get my money out of these asap as i want to do other projects in another market that is way better and has a ton of opportunities. So i wouldn't be upset if i brrr them. I can then test the market once done and if i can get more money than expected out of them all the while losing the headaches of a C class tenant base then its a win win.

@AJ H.

Rehab is limitless... not sure how much i should actually do... some of the units have been done and dont need much. I figure another $30k will do quite a bit. I live in a very depressed area so im not sure how much i can actually raise the rents as these tenants are already scraping to get by. I am considering rehabbing the major issues and selling to gain my money back and possibly pocket $30-50k as I feel i bought them right and they would sell quick.

This year I jumped feet first into my first deal. I purchased a portfolio from a local investor. They are 5 buildings that have 15 doors. They were turnkey and already fully occupied. They cash flow, but I put all of my equity into the deal to purchase them and have nothing left to rehab them and want to pull my money back out. I took out a heloc for my 20% down payment and closing costs. I bought them for roughly $405,000 and have $110,000 of my money in it. Since the purchase I have taken my profits and put on 1 new roof, 1 new hot water tank, and 2 new stoves. I have 1 more roof to do for about $8,000 and then some more renovations to do.

My question is do i keep using my profits to slowly fix and remodel or find money somewhere to get everything rehabbed then refinance?

@Jaysen Medhurst thats about what i figured. Like you said virtually zero cash invested on near a half mil and cash flow seems like a deal to jump on. Thanks for all the insite.

@Jaysen Medhurst property 1)has expenses of $4,200/ year + $630 in taxes

#2) $4,018 + $1,093 in taxes

#3) $5616 + 1863 in taxes

#4) 5,204 + 718 in taxes

#5) 5554 + 973 in taxes

Revenue is

#1) $19,200

2) 14,100

3) 20,400

4) 21,300

5) 24,000

Per year