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All Forum Posts by: Jordan Whitworth

Jordan Whitworth has started 12 posts and replied 43 times.

Post: 0 to 18 units in two years

Jordan WhitworthPosted
  • Rental Property Investor
  • Charlotte, NC
  • Posts 48
  • Votes 24

Killing it Bro! that's awesome.

Post: We did it! Our first BRRRR is a success! Phew...

Jordan WhitworthPosted
  • Rental Property Investor
  • Charlotte, NC
  • Posts 48
  • Votes 24

Congrats! Great success story.

Post: Advice on purchasing my 2nd property

Jordan WhitworthPosted
  • Rental Property Investor
  • Charlotte, NC
  • Posts 48
  • Votes 24

Thanks Richard. I have found several things I can do better for my next property but nothing too major I missed. My first property is $50 short from covering my whole mortgage and I replaced a few cap Ex items that I built into the contact that the seller paid for. I missed a few items but learned from those mistakes. Property will cash flow around $600 (including cap ex, vacancy, etc..).

My next steps are going to be continuing to save money and try to make some connections with lenders and wholesalers. And Just continue to read up on real estate strategies and listen to podcast.

Thanks for the feedback Richard.

Post: Advice on purchasing my 2nd property

Jordan WhitworthPosted
  • Rental Property Investor
  • Charlotte, NC
  • Posts 48
  • Votes 24

Thanks for the information everyone. I'm going to check the public records and country taxes this afternoon. Good idea to mail letter as well.

Purchased first property through conventional financing on May 1st, 2018.. had around 30k saved and was able to get a lower down payment since i'm living in one side (all you guys know this process i'm sure)

10k in savings now. I will be able to save rapidly starting in July. Promotion to outside sales at my day job and most of my expenses are covered by renting other side (Tenant moves in next week) and company paying my car etc..

I have goals to buy atleast two more properties in the next 12 months. Looking to househack again potentially and use the BRRRR. I'm thinking I need to find some private lenders and continue to save money.

That is where I am at in my investing career so all the advice above has been good stuff. Much appreciated.

Post: Advice on purchasing my 2nd property

Jordan WhitworthPosted
  • Rental Property Investor
  • Charlotte, NC
  • Posts 48
  • Votes 24
Originally posted by @Ashish Acharya:

@Jordan Whitworth , congrats on the first one. 

I myself is on the same boat. I have realized that just saving money and waiting to purchase next one takes time. If you want to scale up without having a high leverage of debt, in my opinion, BRRRR is the best way to do it.

- You get your cash back 

- you will have around 20% equity on each deal when you refi

Given that buying a distressed property and refinancing take you 6 months because of the seasoning period, It is still better than saving money each month to buy another property. 

At least that's what I plan to do. 

Also partnering up with other investors rather than waiting until you save entire amount works out better. 

Keep us updated, we would love to hear. 

That's a great idea with BRRRR method. That's what I'm leaning towards doing. I will let you know how it goes.

Post: Advice on purchasing my 2nd property

Jordan WhitworthPosted
  • Rental Property Investor
  • Charlotte, NC
  • Posts 48
  • Votes 24
Originally posted by @Matthew Nicklin:
Originally posted by @Jordan Whitworth:
Originally posted by @Matthew Nicklin:

What advice are you looking for specifically? Financing, Area, Property type, etc? 

The financing part and deals not on the MLS. Since I used most of my cash on my first property I'm going to have to wait until I save enough up for next one. But if I can find some private money I may be able to get back in the game sooner. The property i'm housing hacking looks like it may have a vacate duplex behind me. So there is some potential for a BRRRR there but I don't have the funds at the moment.

@Jordan Whitworth

Have you seen who owns the vacant property? Have you researched if there are any liens against the property? Maybe you can reach out to the owner and see if they would be open to seller financing or some deal like that. Just remember it doesn't hurt to ask. 

What is the best way to find the owner? I figured out what the address is. Is there a website or i'm guessing country records to find out?

Post: Advice on purchasing my 2nd property

Jordan WhitworthPosted
  • Rental Property Investor
  • Charlotte, NC
  • Posts 48
  • Votes 24
Originally posted by @Juan Jackson:

@Jordan Whitworth you have the FHA play on a 1-4 unit. Live in one unit for a the required time. I know of an unlisted 4 unit that may entertain offers and a 8 unit that is available. FYI I know Conyers well.

Thanks for the advice Juan. I'm currently doing a househack and will definitely going to purchase another in the next year.

Post: Advice on purchasing my 2nd property

Jordan WhitworthPosted
  • Rental Property Investor
  • Charlotte, NC
  • Posts 48
  • Votes 24
Originally posted by @Juan Jackson:

Nice! Did you pay cash, conventional, or FHA?

I went conventional. I talked through a couple options with my lender but this seems to be the best option for my first property.

thanks!

Post: Advice on purchasing my 2nd property

Jordan WhitworthPosted
  • Rental Property Investor
  • Charlotte, NC
  • Posts 48
  • Votes 24
Originally posted by @Matthew Nicklin:

What advice are you looking for specifically? Financing, Area, Property type, etc? 

The financing part and deals not on the MLS. Since I used most of my cash on my first property I'm going to have to wait until I save enough up for next one. But if I can find some private money I may be able to get back in the game sooner. The property i'm housing hacking looks like it may have a vacate duplex behind me. So there is some potential for a BRRRR there but I don't have the funds at the moment.

Post: Advice on purchasing my 2nd property

Jordan WhitworthPosted
  • Rental Property Investor
  • Charlotte, NC
  • Posts 48
  • Votes 24

I recently purchased my first duplex in Conyers, GA as a househack. It's going solid so far besides a couple hiccups. I used a good bit of my cash I had saved away on this first property. I'm able to start saving a good bit again now with my low expenses. Does anyone have any advice on purchasing my 2nd property in Atlanta? I'm new to the area and am still meeting new people. I can continue to save money and purchase my 2nd property through another househack but I'm looking to expedite the process. If any has any tips that would be great.

thanks!