All Forum Posts by: Kyle Wenger

Can anyone recommend a realtor in the Cario, GA area with experience in mobile home parks? My partner and I have some lots we are looking to sell in a mobile home park. We are from Pennsylvania and looking to connect with a few realtors to help get these sold. 

@Gordon Forbes Your story is awesome! Your timing is actually pretty good as well, I have a deal on the table much like yours was and now you have my wheels turning as to how I can make a very similar offer. It is worth a shot! 

I am looking to learn creative ways to fund deals. I have a few questions: - What has been your most creative use of financing to fund a deal? How did you do it, why did you do it that way, and what was the end result? - If you have used private money lending to fund deals, how did you find them? When you did find them, how are you structuring it with them?

Awesome job and so inspiring! Are you using HML to fund the rehab costs?

@Jonathan Estes Thank you for your honest and supportive feedback, I greatly appreciate it! As a new investor, I admit to not knowing it all and so that's why I joined BP - to find out the answers and to learn from experienced investors who at one point were in my shoes. I have developed a relationship with an agent and he has already ran the comps for me and I will be using him as I move forward. My next step is to get contractors to walk thru the property with me and provide an estimate on rehab costs. 

My main question was whether people get it under contract first and then use that 7-10 day period to get the rehab quote and home inspection done, then come back to the seller and say after receiving the quotes I am no longer interested and be able to back out or try renegotiating with why they would like to buy it for less. Or is it best practice to do all of that stuff before making an offer and taking the chance that someone else comes along and gets it under contract before I make an offer. Does that make sense? I guess these are questions I should be asking my agent too..just trying to learn how others do it that's all.

Tom Mole Tom, first off thanks for your feedback and posing some questions that i should be thinking about. I appreciate your insight and knowledge! A little back story about the property. It is a 3/1 about 800 sq. ft. The property has been vacant for a couple years, has been foreclosed on, and a local broker purchased it on bank auction. I have gotten to know this broker through our local REI meetups. The house needs lots of work, asking price is 39k and after having a realtor pull the comps, the ARV is $105k. I don't have an estimate from a contractor yet to figure in rehab costs. This property would be projected to rent for $750-800/month. This house is also a few houses down from my current residence and I would be managing it. My strategy for this property would be to BRRRR it. Buy it in cash, use a HML loan for the rehab, have it refinanced and be able to pull the money out to pay off my hard money lender. Rent. Use the money for another property. I am waiting on a rehab estimate before making my offer, but that is what my strategy is for this property. What are your thoughts? What other things should I be considering? What hurdles do you see? Do you have experience with HML? What should be my next steps be?

So what's next for you? What is your long term strategy? I always enjoy connecting with other investors similar in age to get their perspectives, hear their goals, and learn how they are structuring deals, financing them etc. I look forward to connecting with you soon and hearing about your next project.

This looks great, nice work! I love the finishes you chose and the staging is perfect. Curious, how did you pay for the rehab costs? PML or HML? If so, what was the interest rate?

@Bill Gulley I appreciate your response! That's the advice I was looking for. By no means am I trying to follow the gurus on TV as I know that isn't all how it works in the real world. I would be putting in 20% of my money and the OPM would be secured. I have met people that have gotten properties under contract because it was such a good deal, and in their contract have written that there is a time period that 

@Alex Deacon I like your advice about finding another investor to help walk me through the process. The current owner had bought this on foreclosure and is now selling it himself. He has a lot of experience and owns multiple other properties in the area. He is a quality guy that I'm sure would be very helpful with any questions I have. 

@Sam Shueh I do have the funds in my bank with statements. It will be an all cash offer so I won't have a mortgage with the bank. How am I getting ahead of myself? 

@Alex Deacon I guess I worded that a little wrong, I have the funds personally if need be for the cash purchase but would be trying to use other peoples money and none of my own. I'd like to get it under contract and then have time to find a PML to provide the cash for purchase and rehab. This is a great property for the BRRRR strategy. It basically needs a full gut and if I were to add an actual home inspection to the offer they would just laugh at me. Can it be worded differently for a contractor to walk thru the property to estimate rehab so I know my numbers still work at the end of the day? How do other people handle this? Do they have the estimate before making an offer or get the estimate once it is under contract? I feel like it should be under contract before getting a contractor to come give a quote, otherwise you could both be wasting your time.