All Forum Posts by: Shardae Robinson

Super helpful @Kevin Moules! Thanks for being so willing to share your experience and insights. It's greatly appreciated!

Beautiful! @Jay Ragland 

Congratulations @Kevin Moules!!! This is really inspiring/useful information. I am considering a rehab fix/flip in a C neighborhood where homes are older and property valuation hasn't been done since 2016 (town is on a 5 year assessment cycle). The property can be GREAT, but I am very concerned about "overbuilding the neighborhood" and being able to sell. What did you do to feel confident you could sell at the final price given the type of neighborhood? Any input/thoughts you could provide would be greatly appreciated. Congrats Again! - Shardae

Thanks @Travontaz Lowry! 

Other details I failed to mention below and photos attached :)

Remaining Principle on existing loan = $128K

Property Value: $155K to $160K

Investment Info:

Single-family residence buy & hold investment in Clarksville.

Purchase price: $20,900
Cash invested: $20,900

This was an off-market, pre-foreclosure deal; quit claim deed. This lead was sent to me through my father, a contractor, who knew we were open to good buy and hold opportunities. Cash invested is 20,900. House will rent for $1375 to $1400 with us taking over mortgage payments of $815/month. Not bad ROI for our first deal. Closing today!

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

Very interested in Buy & Hold properties.

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

Actually was focused on Multi-Family, but my father (a contractor), had a lead on this off market, pre-foreclosure and I reached out to the agent/wholesaler. Negotiation was limited; there was a basic cost of entry (past due mortgage payments, fees, and finders fee for agent). My husband and I could not pass up this opportunity.

How did you finance this deal?

Cash from HELOC on personal home.

How did you add value to the deal?

This is really a turnkey property and will only require a little cosmetic work to the tune of $1K to get it into excellent condition to justify and bring in the rent we are expecting/asking

What was the outcome?

Closing Today 8/7! Quit Claim Deed Purchase
SFR - 3bd/2bath; 2 car garage; fenced in backyard; deck
Cash Paid = $20,900
Monthly Mortgage P&I = $815
Rent =$1400

Lessons learned? Challenges?

This wholesale deal is really new and it is a risk, but we were diligent in researching and feel justified in taking the leap to do this deal. The biggest challenge with this deal was due diligence in uncovering an potential unknowns (liens on property, etc.) AND just being brave enough to go for it. We did find one unpaid utility improvement in the amount of $2K that had to be cleared up, so just little things like that have to be addressed.

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

Yes, worked with an agent that had the wholesale deal that was recommended to me by my father. My mom (realtor) and dad (contractor) went and did the walk-thru of property while I worked my 9 to 5! (shout out to the supportive parentals :) I will share agent details later.

Hey @Kevin Brenner! Congrats on this great deal! I was under the impression that the VA loans were only valid if property was your primary residence. My husband is a veteran and we used the VA loan for our home, but sounds like the VA Entitlement is something different?? Could you send a link or resource with more details, please? I've googled and there seems to be some overlap in the results, so I haven't gotten a clear answer to my question. Thanks in advance!

Great idea! I would definitely attend! 

I'm not yet investing, but as I dream of being financially free and unbound from a typical 9 to 5 job - $100K in net income from property investments seems very reasonable. This number is generous when imagining living in a debt-free personal residence in Tennessee and additional income from my husband, who will likely continue to work his full-time job for several more years. Just thinking about it gets me pumped up!!!! #onmyway

Love this post! I love to ideate, so dreaming and planning is my thing! I hope to accomplish a few things in 2019: 

1. Pay off my student loan from grad school (April 2019)!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

2. Increase personal savings

3. Spend more time with my family and be proactive about reaching out to old friends 

4. Pursue real entrepreneurship as part of my 5 year plan to exit corporate America

5. Purchase my first investment property

@Anthony White - Congratulations! This is super inspiring and I am a new investor in the Tennessee area. Memphis is THE most affordable metropolitan area in the state right now, while Nashville is a sellers market (not viable for a new investor). I would like to get your feedback on the experience of owning/investing from afar? How difficult is it to oversee the properties long distance? Did any of your investments require rehab or improvements? If so, how did you have confidence/oversight in contractor's and property management's work? Again, Congrats!