All Forum Posts by: Richard Pennington

My name is Richard Pennington I am in the Raleigh North Carolina area seeking any advice on using an FHA loan or conventional loan for my first investment property. My best rule of thumb is to have 20k for every 100,000 on the property I am soon to acquire. I would want to keep extra for reserves along with contingencies, plus if anyone in the area has stored away the 10,000 for a cost segregation details on that would be helpful too.

2 Votes

Raleigh, North Carolina

Quote from @David Ramirez:

Hey @Richard Pennington,

Raleigh is a huge market for fix & flip and wholesaling. My best connections and referrals here in Florida have come from in-person networking events. I highly recommend attending some in your area to get the best referrals from investors doing deals there.

Best of luck!

Will do ! Thank you

0 Votes

Raleigh, North Carolina

Quote from @Kyle Spearin:

@Richard Pennington I'm speaking to a closing attorney in the RDU area next week about this and will report back.

be sure to update me, thank you

0 Votes

Raleigh, North Carolina

I am in search of a closing attorney, closing agency, and inspectors in the RDU triangle area. To truly improve my comps & ARV so that my deal is precise with nothing be slightly off, any one of the three i listed would be of great assistance to me in completing my first wholesale.

2 Votes

Raleigh, North Carolina

Quote from @Gustavo Munoz Castro:

I run a Real Estate call center. My preferred script for pre-forclosures is "hey Mr Seller, would you consider an all cash offer on your property? 14 day close and as-is condition?", that's just the hook to get the conversation started, ask them about the property, condition, motivation, etc. I wouldn't touch on the potential foreclosure part on the first call, you first need to see if they're motivated.

Perfect advice, thank you

0 Votes

Raleigh, North Carolina

Quote from @David Ramirez:

Hey Richard,

I would recommend partnering up with someone in the area, especially if you are just starting out. When dealing with pre-foreclosure, you don't want to leave the seller in a tough spot.

Feel free to reach out!

I will be sure to, thank you !

0 Votes

Raleigh, North Carolina

Quote from @Jonathan Greene:

Cold calling foreclosures and preforeclosures is not for new people for one specific reason. Most of the things you will see on YouTube will tell you to make a cash offer to get them out of their predicament so most of the dialogues start with telling them you know they are in foreclosure. That is so dumb. You call someone to tell them that they financially can not take care of their own life?

If you want to do this, you need to prep your intro and be a guide for them. You should always start the call with something like this (not verbatim).

"Hi, this is Richard. I buy houses in your area. I recently ran a few searches on the city site, which I know is always wrong, and got a list of potential foreclosure properties. I call these to see if I can help in some way. I know these are wrong a lot, but your address came up. Are you open to having a discussion about your home?"

Questions:

What money do you have to do marketing and to lock up deals?

Who are you going to sell these wholesale deals to if you do get one under?

What are you going to do if you promise them a cash deal and can't find a buyer?

Thank you for the much needed advice I found one property off of zillow and a direct agent has me meeting up to meet the owner to go over some things. Today will be last day to run the numbers on the deal to ensure everything is prepped to be vetted by an investor

1 Vote

Raleigh, North Carolina

I am in the raleigh north carolina area and was curious to know if there are any highly reputable attorneys and/or agents familiar with short sales. Been doing my due diligence to find some homes in the Raleigh area that are pre-foreclosured on as well as foreclosed. I have templates of contracts to set up but a direct contact to go over some things would be perfect. Any possible assistance plus advice on trying to make my first wholesale would make a big difference. Most of my knowledge is off of youtube for the most part. I will begin my cold calling after gathering enough leads to seek out to.

Thank you in advance

1 Vote

Raleigh, North Carolina

So me and my future wife have seen hours of videos on the BRRR method, ADUs, cash on cash returns, and utilizing the way of adding equity into a home. We plan on using a money marketing account to save with until we buy our property to live in rather than it be a rental property after the next 6 years. During those 6 years I was curious to know is there any methodology to getting into a Townhome ( yes the HOA) and to come into it with an investors mindset. We want to use six years of a money marketing account with saving monthly but also be conscious of how to come into the Townhome on how to build equity within that. Any wide frame suggestions or is a townhome a bad plan due to the HOA ? Thank you in advance

1 Vote

Raleigh, North Carolina

Quote from @Russell Brazil:

Quote from @Richard Pennington:

Young 24 year old getting into a federal job within a year and I wanted some clarity before I moved way ahead of time on using an FHA loan for a Mutli family home, duplex, or even a 4plex. I understand the market in DC,VA, & even Maryland may be rough but working there I may as well invest to obtain an asset to fully control. Im planning on using the 3.5% then adding on extra money with my down payment to cover for contingencies, closing costs, an ADU, plus extra to upgrade any aspect of the home to move forward to gain a percentage of some cash flow. If anyone has any insight on the DC housing market please connect with me. Im even willing to do a HELOC, jumbo payment, or an cash on cash refinance to make something work.

3-4 unit properties will have issue with FHA because of the self sufficientcy test. Youll want to use a conventional loan at 5% down on 3-4 unit properties.

Conventional would be best in the VA & Maryland area as well ?

0 Votes

Washington, DC

All Forum Posts by: Richard Pennington

Richard Pennington has started 9 posts and replied 22 times.

Post: Seeking more extensive advice on securing my first investment property

Post: Strategy for Wholesaling

Post: Strategy for Wholesaling

Post: Strategy for Wholesaling

Post: New to Wholesaling

Post: New to Wholesaling

Post: New to Wholesaling

Post: New to Wholesaling

Post: Purchasing a townhome

Post: Multi family investing with an FHA in DC