All Forum Posts by: Susan Knight

Ok I work nights and off Wed and Thursday, since Thursday is a bad day I can do Wednesday, which I get home around 8:30am and will sleep until about 2, I can definitely meet up on Wed. let me know.

Susan

Welcome Vernon, tell us about yourself. How did you get started, to be going full time you must have some properties under your belt. Good luck on your Full Time adjustment, this site is awesome.

@Douglas B. sent my PM

I have teetered on this subject for some time myself. I am currently working on my BSN in Nursing and have always wanted to be a Real Estate investor. I make good money as an RN and have been nursing for 17 years. A friend of mine left nursing to be a Real Estate Agent, got her license and she is starving. working under a Broker for a couple of years, blah blah blah, I don't want to leave my career and starve. I want to make legal deals as a wholesaler. After reading peoples comments about wholesalers and being scam artists, I don't want that image, therefore the teeter thinking, get the license don't get it...ugh. I feel I can learn to do a wholesale transaction, just as good as I can nurse a patient in the ER, with skill and knowledge. like the others here have said and it's soothing to my eyes, lots of great feedback. I am not gonna waste any more money in education. Do a deal and do it right and that is all that matters, even if you hit a few road blocks, learn from them and move on. Good luck!

@James Silva Brown, cleaning up your credit can be a lengthy and time assuming venture. I have done this in the past and it pays off to do it. Many people ruin their credit when they are young and get that first credit card and other credit lines, and don't think of the future when they struggle paying for their champaign tastes and beer pocket book debt. There are lots of forums, like this one, about cleaning up your credit yourself. They offer lots of advice and forms to use to negotiate your debt. Many come from the Fair Credit Act site and Consumer credit sites, related to repair your credit. You can definitely negotiate a lower payoff and delete them from your credit profile. If you are new to cleaning up your credit, send me a pm and I will suggest a few avenues you can take as I have done to get that credit score up. Also pick your lowest debt, pay it off, one by one until you have made way to clean it up. this will show a lender you are working to fix your bad debt. Don't use a credit repair company, you can do it all yourself. Just my opinion, but you can do it if you are persistent, you can clean it up in a reasonable amount of time. 

I am about 75 miles away from Charleston, would love to meet up too. If I have at least a week notice in advance, due to working full time nights.

Sent my picture of the receipt, can't wait to read it, and ordered another BP book along with it. Thanks for the special offer.

Mike Lynch Hello from Conway, SC right down the road from you. Would like to connect and have lunch sometime. My fiancé and I are just getting started and plan to buy something soon. Looking for a deal is tough here near the beach. Would like to add you to our list of contractors for plumbing needs too. Would like to hear about your two properties and the process you have had to get them done. Do you use a local realtor there in Shallotte? I have a friend in Calabash Joan Twigg Elder that's a realtor. Good luck to you and hope to meet ya soon.

Victorina Evelyn Castillo any updates?

Hello Everyone,

I recently ran into a house in my area that was damaged from Hurricane Mathew. The house is a 3/2 with a unattached 2 car garage, which sits a little lower than the house. The house has roof damage which is protected for now but needs a new roof. the garage has visible 2.5 foot water marks on the walls from flooding. Its now considered a flood zone. The house is very appealing, has a large yard, nice room storage shed and is priced about 30,000 less than the comps. It it will need about 20,000 in rehab IMO. and may be less, since it looks like the house it's self wasn't involved in the flooding, but I am sure it was pretty close to the bottom floor, if not def flooding the crawl space. I have not done my due diligence since I am unsure if I should bother, but it looks like it can be a good investment, but I worry that it will happen again. and yet it might not happen again for years. I live in SC, and Mathew shocked many of us with flooding, in areas it never flooded before. What are your ideas? As I write, I know it's probably not a good idea, but its very tempting. Thanks in advance.

Susan

Cost: $100,000

Rehab: $20,000 maybe less

AVR $139,000

COC ROI 8.06%

Purchase Cap Rate 7.64% not as high as I would like it to be

Pro-Forma Cap Rate 5.49%

Estimated rental $850.00/month

monthly cash flow 50% rule only $65.75

Total cash flow: $277.18