All Forum Posts by: Philip Bashaw

@John Thedford I will send you the information right away. 

Hello BP!

GREAT FLIP DEAL WITH 60K PROFIT POTENTIAL

Decatur, Ga 30032

I am seeking an equity partner to finance a SFH deal in Decatur GA 30032. The ARV is 215,000. Purchase is $82,500 with a $61,000 rehab. I am ready to get into this deal and it is ready to close with good comps in the area to support the ARV.

We will split the profit on the deal 50/50 with you financing 100% of the purchase, rehab and holding costs. It's a 20% return on you money in 6 months or less. Please message me privately. I am ready to go. Also, I welcome advice and comments, but do not have any of my own money to put into the deal. My money is tied up in another deal which is going on the market this week. 

Thanks and get back to me if you are interested and can fund this deal quickly!

Phil

Thanks @Jessica F. Good luck with your deal as well. The project is about 4 weeks away from completion and should turn a nice profit once sold. By the way, probate deals are a strategy of mine too and I don't mind knocking on doors either. 

@Jessica F I would like to know the answer to this situation as well. I'm currently rehabbing a property that I got directly from the dead owners son. It wasn't lived in for 5 years and was a huge mess and infested with mice, squirrels and roaches. Yours doesn't sound that bad, but be prepared for some problems they may have ignored.

Hannah,

Are you direct to the seller or co-wholesaling? Please send me what you have on the deal. Thanks!

Phil

SEEKING ADVICE AND AN EQUITY PARTNER

I am looking for an equity partner for my Lithonia condo project. I have an excellent construction team in place now that get's things done quickly. They are not cheap, but they move quickly and get it done.

I'm looking for a 50/50 equity partner to split the profits, rents and non refundable lease option fees with on this deal. I have everything in place, just need the funding...this will property will take approx 3 years to run through, as there are a lot of properties to acquire over the next several months.

I have the inside scoop from working directly with the HOA board, the property management company and their attorney to acquire up to 30 properties in this one community. Plus, I already own one in the community that could be used as an office and/or model home while we renovate the rest. There are 4 properties available right now! More on the way...

Here's the problem. Comps are crap because it's been all foreclosure sales, tax sales, quit claims, etc...so my plan is to acquire all I can at a special price and terms from the HOA that I have negotiated. Regardless of what is owed, I pay no more than 10K per unit. The average rehab cost per unit will be 25K. HOA fee with assessment is $280 per month and insurance will be $75 per month, so $350/month expenses. We will be able to collect $850/month in lease/purchase payments and $4000 non-refundable lease/purchase deposits after each unit is rehabbed. The ARV's will be 65K-95K once the community is revitalized in in 2 years and most distressed properties are acquired and rehabbed. Comps just outside of the area support these ARV's

At the 2 year mark, we will record some owner financed deals, set the comps and then sell off our whole inventory and cash in. The profits are looking really good for an equity partner getting a 50% return on their money for being patient. The profits look good for me as well and it makes me wish I had a rich uncle that would fund this deal for a nice family discount! However, I don't have such an uncle, but I do have the BP community that may be able to guide me and possibly lead me to a funding source

Thank you in advance,

Phil 

SEEKING ADVICE AND/OR EQUITY PARTNER

I am looking for an equity partner for my Lithonia condo project. I have an excellent construction team in place now that get's things done quickly. They are not cheap, but they move quickly and get it done.

I'm looking for a 50/50 equity partner to split the profits, rents and non refundable lease option fees with on this deal. I have everything in place, just need the funding...this will property will take approx 3 years to run through, as there are a lot of properties to acquire over the next several months.

I have the inside scoop from working directly with the HOA board, the property management company and their attorney to acquire up to 30 properties in this one community. Plus, I already own one in the community that could be used as an office and/or model home while we renovate the rest. There are 4 properties available right now! More on the way...

Here's the problem. Comps are crap because it's been all foreclosure sales, tax sales, quit claims, etc...so my plan is to acquire all I can at a special price and terms from the HOA that I have negotiated. Regardless of what is owed, I pay no more than 10K per unit. The average rehab cost per unit will be 25K. HOA fee with assessment is $280 per month and insurance will be $75 per month, so $350/month expenses. We will be able to collect $850/month in lease/purchase payments and $4000 non-refundable lease/purchase deposits after each unit is rehabbed. The ARV's will be 65K-95K once the community is revitalized in in 2 years and most distressed properties are acquired and rehabbed.

At the 2 year mark, we will record some owner financed deals, set the comps and then sell off our whole inventory and cash in. The profits are looking really good for an equity partner getting a 50% return on their money for being patient. The profits look good for me as well and it makes me wish I had a rich uncle that would fund this deal for a nice family discount! However, I don't have such an uncle, but I do have the BP community that may be able to guide me and possibly lead me to a funding source

Thank you in advance,

Phil 

I am seeking guidance (and funding) for a very unique opportunity in an undervalued condo community in Lithonia, GA. Normally, I wouldn't be interested in this, but I am for 3 very good reasons. The first reason is that I am working directly with the HOA so they can feed me deals via quit claim deeds or HOA foreclosures. The second reason is that the HOA is in the 2nd year of a 4 year assessment to improve the community by fixing all the exteriors of all buildings, removing dead trees, repaving walkways and working toward 100% resident compliance with HOA dues and more... The board is very engaged in improving the community. One board member owns 4 units and she is very active with the HOA. She is also retired and has a lot of free time to devote to this.

I am currently rehabbing 1 unit in the community (acquired via quit claim deed) and there are several more on the way; 3 coming next month. This is the 3rd reason. The HOA board members all like my plan to go in and rehab these properties, record 2-3 sales with owner financing to set some good comps so banks will start lending in there again. There are 1BR units, 2BR units and 3BR units that are either flats or townhouses. My goal for the 1BR's is ARV's of $55,000. The 2BR's to have ARV's of $70,000 and the 3BR's to have ARV's of $90,000+. This community is nestled into a nice wooded setting and feels very comfortable and there are lots of restaurants, retail stores, Walmart and a Lowe's a very short drive away. It is also a short commute to downtown Atlanta and the Atlanta airport.

This first one I am doing is a 2BR/2BA with 1200SF. My plan is to do a really, really nice rehab on it and then get it appraised. After that, I plan on owner financing it to set my first comp.

My question is this: What is the best way to attract lenders that will give me favorable terms so I can do several of these at once? Remember, the HOA is giving me the first crack at anything that comes up. There will probably be 15 properties this year alone. Oh yeah...the HOA is also giving me very favorable terms on paying back all the dues in arrears for the quit claim deeds and any of their internal foreclosures. The most I will be on the hook for is 10K per property with 18 months to pay it back interest free. They are forgiving all the penalties and interest and I have negotiated paying no more than $10,000 for each property, regardless of what the HOA is owed. My costs will be roughly 50% of the ARV’s or better with 10-25K rehab budgets.

@Matthew Ware, I would also sell it and pocket the cash. Essentially, it's free money even though you may have to pay capital gains. However, I would consult with a tax attorney and  a CFP, you might be able to sock most of it away in a tax deferred investment account you can borrow against. Your account would be liquid and stable without liabilities. Think about it...

I am seeking guidance (and funding) for a very unique opportunity in an undervalued condo community in Lithonia, GA. Normally, I wouldn't be interested in this, but I am for 3 very good reasons. The first reason is that I am working directly with the HOA so they can feed me deals via quit claim deeds or HOA foreclosures. The second reason is that the HOA is in the 2nd year of a 4 year assessment to improve the community by fixing all the exteriors of all buildings, removing dead trees, repaving walkways and working toward 100% resident compliance with HOA dues and more... The board is very engaged in improving the community. One board member owns 4 units and she is very active with the HOA. She is also retired and has a lot of free time to devote to this.

I am currently rehabbing 1 unit in the community (acquired via quit claim deed) and there are several more on the way; 3 coming next month. This is the 3rd reason. The HOA board members all like my plan to go in and rehab these properties, record 2-3 sales with owner financing to set some good comps so banks will start lending in there again. There are 1BR units, 2BR units and 3BR units that are either flats or townhouses. My goal for the 1BR's is ARV's of $55,000. The 2BR's to have ARV's of $70,000 and the 3BR's to have ARV's of $90,000+. This community is nestled into a nice wooded setting and feels very comfortable and there are lots of restaurants, retail stores, Walmart and a Lowe's a very short drive away. It is also a short commute to downtown Atlanta and the Atlanta airport.

This first one I am doing is a 2BR/2BA with 1200SF. My plan is to do a really, really nice rehab on it and then get it appraised. After that, I plan on owner financing it to set my first comp.

My question is this: What is the best way to attract lenders that will give me favorable terms so I can do several of these at once? Remember, the HOA is giving me the first crack at anything that comes up. There will probably be 15 properties this year alone. Oh yeah...the HOA is also giving me very favorable terms on paying back all the dues in arrears for the quit claim deeds and any of their internal foreclosures. The most I will be on the hook for is 10K per property with 18 months to pay it back interest free. They are forgiving all the penalties and interest and I have negotiated paying no more than $10,000 for each property, regardless of what the HOA is owed. My costs will be roughly 50% of the ARV's or better with 10-25K rehab budgets.