All Forum Posts by: Anil Samuel

@Michael Kissi @Solomon Morris  Thanks here to more deals in 2020!  Im looking to pick up a few in the Baltimore county area.

@Stephen Predmore  9% interest, No points 10% down (which I got a loan from a friend), 12 months 

I had to make some minors, replace the fridge, added window units, repair concrete outside, exterminate, some minor paint and caulk, add a handrail

Investment Info:

Single-family residence buy & hold investment in Govans.

Purchase price: $70,000

Purchase a turnkey rental from a well known large real estate investor in the Baltimore metro area

What made you interested in investing in this type of deal?

Seller financing and used other financing for 100% financing.

How did you find this deal and how did you negotiate it?

A friend told me about it then I talked directly to the seller

How did you finance this deal?

Seller Financing

How did you add value to the deal?

I had to make a few updates for it to pass section 8 inspection.

What was the outcome?

It is currently rented out to a section 8 tenant.

Lessons learned? Challenges?

It can take ALOT longer to pass a section 8 inspection that you realize. I closed and it took me, 5 and half months to get my first section 8 rent payment. That was with have to spend at least $1-2k in repairs.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Lender, title company.

@Keith C.  Yes I would agree.

@Adrian Smude  Send me what you have.  I am looking for my next deal

@Eric H. I had no idea you lived in that area. This was one was really nice, semi detached on a home owner block, one of the better areas I've seen in a while. I did see one off of Mary Ave in 21214. Not sure if it went under contract already or not. It was on the MLS.

@Allen Nida  For this one I did a lot of follow up from a cold calling campaign.  He was very grumpy on the phone!

If the finished product you end up with is very similar in square foot, bed/bath count, fit and finish, and you get an appraised value of at least $100k, you should be able to get $70k, I have a few banks that could lend to you if your personal credit is good too.  They always want some business and personal tax returns for some reason.

@Joseph Brown  I plan to do a refinance to pay back my lender, not sure I will take out as much as possible.  Dont want the monthly payments too high to impact with my cash flow.  Also on commercial loans, they dont escrow taxes and insurance, so you need to have capital reserve for those.  Insurance is easy to pay monthly along with Principal and Interest.  But taxes you have to save on your own and pay the bill when it comes.  Also, I want to make sure I have funds in case their are any maintenance items that pop up or a turnover in the future.  

What do you think your property will appraise for?  

How did you get the funds for purchase and rehab?  

Perhaps you will have to leave some money in the deal?  

Not the best situation to be in, but not the most horrible either.

@Reginald Truss. What are the terms of your loan?

What do you have in Tampa?