All Forum Posts by: Richard A.

Looks great Tim. Any plans on posting the BRRRR calculator results? Would love to see the numbers on this.

This is super exciting. Congrats. 

Based on a recent meetup, I do know the triangle market is pretty hot and has been that way for years. A good amount of investors are starting to push into the Fayetteville area. Small multi-family inventory is relatively low in Fayetteville and they get picked up pretty quick. Fayetteville is great for SFR and larger multi-family deals, IMHO.

Mind blown!! I've been trying to wrap my head around the delayed financing rules. Was working with a lender that wasn't providing the answers I needed. Especially how the rehab had to be structured into the HUD.

@Andrew Postell 's technique is a game-changer. I was a little iffey on the "Non-Arm's Length Transactions" language in the Fannie Mae Seller Guide. But, this totally makes sense now. I'll be doing a little more research, specific to NC.

Greetings Caleb,

For lead generation, I like using ReiPro or Propstream. It's WAY cheaper than Listsource and more user-friendly. And, both have a trial period to check it out. I subscribed to Propstream for a year and its still way cheaper than pulling just one list from Listsource. Plus, Propstream gives you the mortgage and any liens pending information.  

Direct Mail is ok. I personally don't find much success in it, especially in a hot market where sellers are getting 4-5 a week. Plus the cost associated with direct mail isn't worth it. I've found better success in building a highly targeted list, mapping that list out, and taping a letter to the door. I learned this trick from Wholesalers Toolbox. Here's the link.
https://www.thewholesalerstoolbox.com/driving-for-dollars.html

The business LOC can be used to show proof of funds (if needed). Most wholesale deals won't require it. But, almost all agents require a proof of funds when submitting a cash offer.

@Tim Spollen I do. I'll send you over a message in a few.

@Justin Tahilramani I own the title on a seller finance. In this particular case, the seller still has a mortgage. We run the risk of current lender invoking "due on sale" clause. But, I have NEVER, EVER seen that happen. Worst case, I have another lender lined up to full-out purchase the property upfront, to include rehab monies. Numbers will change at that point. But, I can still make it happen.

Acquired through seller-finance.

Property still has $33k mortgage. I'll make the $400 monthly mortgage payments until cash out refi. At which point, the seller's $33k mortgage will be paid off. Initial $6k and ~$18k of rehab will also be recovered. 

View report

*This link comes directly from our calculators, based on information input by the member who posted.

Great stuff. Love hearing success stories like this. Might need to get some info on the contractors you're using. 

What type of loan did you get with Lumbee? Would you use them again?