All Forum Posts by: Michael Mudrey

Hey all. I'm looking at closing deal 3,4, 5, 6 (one at a time). They are in a decent area that are certainly on the lower end in terms of price. Each of these single family homes will be purchased for somewhere between $23,000 and $40,000. I don't want to tie up cash and delay the process and would like to get longer-term funding in place for them right from the get go. These will be buy and hold.

I'm looking for recommendations on the best way, bank, financial institutions, etc... to go to for traditional financing on each of these? Thanks in advance!

Appreciate the response and thoughts, @Chris K.

Related question. If he were to hold the property, clean it up and rent it out - do you think that would be considered an available resource too?

I don't know all of the specifics but my assumption is that they intend to rely on medicaid for nursing home costs. They haven't said that but I'm not sure why else they'd be concerned with the impact of ownership of the home if he heads to nursing care. They specifically said something about whether or not the property could be "taken or counted on" to pay for nursing care.

Thanks for the help so far, guys. Anyone know specifically if the contract/note he would hold would be considered an asset when he goes into a senior home? Or would it simply be ongoing income? I want this deal to be a total win-win and I believe one of the benefits of seller financing vs straight-up selling the house is that he wouldn't have $100k extra in assets that would be taken to pay for care. Instead he'd have a monthly income ongoing of $500 (or whatever number we finalize). Is that correct? Or does it not matter which option he chooses when thinking ahead to senior care?

Hey y'all. New(er)bie here with a question. I'm on the verge of closing my second deal, which I've stumbled upon. We have an older family friend who no longer lives in his house (vacant for a year or so). He's looking to get rid of it, the maintenance, taxes and general hassle/burden as he's no longer able to care for it or deal with it.

There is strong potential he would need to enter a nursing home at some point in the future, so we're all not sure what the best asset protection strategy is.

I'm thinking that seller financing might be the best way to go for both of us. Anybody have recommendations for the best approach? My assumption is seller financing will give him and dependents long-term monthly income, but not the large influx of capital (and taxes) that would also impact nursing home costs.

Obviously we'll need to get a real estate lawyer / tax expert involved but at this point looking for any suggestions or things to consider as we finalize terms.

Laverne Anthony Actually only GA right now. Just saw your previous comment about ATL

Laverne Anthony - we're interested in connecting with more ATL wholesalers. Let me know what you've got to offer!

Love it - thanks for sharing. Yet to get off the snide for me...

Hey All,

Another Atlanta-based newbie here!

I’m in my mid-thirties, married with four kids, based in North Fulton (Johns Creek), Georgia. I have a lifelong passion for real estate but have never taken serious action… Inspired by BP and others, I’m now ready to start making some deals. I’ve owned four properties as my primary residences and often refer to them as my “slow flips”… as in, I’ve purchased homes in need of work, made updates and improvements (added sweat equity) as we lived in them for a couple of years, then sold the properties for a nice profit to move on to bigger and better opportunities.

As an investor - I’m interested in both fix and flips and long-term rentals. I will probably start with a few flip opportunities first, unless I come across a cash flow opportunity that I can’t pass up.

I’m looking to connect with other Atlanta area investors and would like to get hooked up with a few wholesalers to help find my first deal. Not looking for any big winner on the first deal, just a solid opportunity to get me going and make a little profit that I can reinvest into the next deal.

Thanks and look forward to meeting some of you!

Mike