All Forum Posts by: Tom J.

"Is There Anybody Out There" Of course! I have been rehabbing homes in York County , SC since 2006. I have another full time job so I usually only do 2 properties a year. Plus I am very picking on what I buy. This year I also picked up 2 rental properties that are giving me a return capitalization rate of 24% on my invested money. Cant get that in a savings account. I am also about 3 weeks from being finished with my current rehab for this year.

I finally actually got my SC real estate license last week which I belive will only continue to help my hobby grow to be more profitable. So if there is anyone out there in the York SC or South Charlotte are looking for a buyers agent who understands what an investor is looking for hit me up. I will refund 1% of the buyers agent commision to the investor on the HUD at closing.

I am using wordpress and it seems ok.

I second what Andy J. says. I also buy the Best Buy sets when they go on sell. The last set I bought was even cheeper than their most recent sell. I paid around $1575.00 with taxes and delivery. I personal think it is worth a few hundered dollars more to go with stainless and black sets.

I personal just walk away when they say the have multiple offers and 95% of the time I get a call back from the realtor advising the other offer (never existed in my opinion) fell through. Also Joel is right. I have bought several properties after they went in and out of contract several times. The last time being patient saved me almost $20,000 off the asking price because the bank was tired of dealing with the property.

@Bryan,

Do you know of any lenders that will fiance investment properties with less than 25% to 20 % down? I know you can do homepath properties at 10% down, but I would like to find a lender that will do 10% down on properties that are not homepath. I have 780 FICO and strong income.

Thanks

I normally offer a $1000 to $2000 dollar buyers agent bonus if contracted in first 30 days. I also always give the buying agent a gift card at closing. You want to develop a good relationship with realtors, so when they know you have a property available they always show to their client. This strategy has also helped me during the repairs request phase. No matter how good you do a property home inspectors find something and it helps when the buying agent is in your corner also, so buyer doesnt ask for silly things to be repaired which can sloe a deal and cost extra money. I also collect realtor's business cards and as soon as my house is listed in the MLS I send out a Bulk email to all my contacts to let them know I have another property ready to go and remind them about the buying agent bonus.

Chris,

It was actually someone whom I work with. After seeing my first 3 deals he wanted to make a better return on his money. That same $30,000.00 in a bank at 4% would make him less than $700.00 in interest. $5000.00 return is around 33%. After I showed him the numbers he invested. We actually singed a unsecured promissory note that we created online. What I was trying to show if you can sell yourself, you can get funding from friends, family, and even coworkers.

I have done 3 deals with unsecured line of credits I have. I have a good job and 780 FICO so it was not to difficult for me to secure over $100,000.00 in unsecured lines of credit.. $40,000 at credit union, $27, 500 on BOA CC, $15,000 at another credit union, $20,000 penfed CC,

I am currently doing a deal with private invester with a simple promise agreement down loaded from web for less than$15.00. $30,000.00 for 6 months cost me $5000.00 lump sum. No payments. All my deals have rehabbed and closed in 3 to 4 months. I know 5000.00 may sound steep, but I had that much in interest holding costs on my last deal plus I had to worry about making monthly payments and tying up my personal lines of credit which can negatively effect scores if lines are maxed.