All Forum Posts by: Sean Tagge

there are dozens of great masterminds out there in business and real estate related. Let me know if you are interested I could blast out a few for you to check out. 

We host a meet up every thursday morning my suggestion is to be consistent in your meeting same time same place re-occurring. Keep it open and add value to the needs and questions of your members.  also post it to meetup.com. also after each meeting take a picture to show who attended. keep a guest sign in get their emails and remind them to come to the following meetings and to invite their friends. 

here is my meetup see the pictures every week kida fun to see it grow. 

https://www.biggerpockets.com/forums/521/topics/667155-am-mastermind-every-thursday-morning

Best place to find deals is by gathering data/lists of homeowners who likely have some sort of motivation that will get them to need to sell their property for a discount and quickly. Divorce, probate, foreclosure, moving, have owned for x number of years, have equity, etc. and marketing to them your solution to solving their problem (buying their house cash fast, no repairs needed, etc) Thats where all the off market deals are found. searching BP for a few hours you can find how to do all of this pretty easily. 

Where I am at and on all our turnkey properties we renovate we put in a central HVAC system. Window units do not attract the best tenants. HVAC system is better for the long run its costs a lot more to put it but long term works out the best. Thinking down the road when you go to sell the buyer you will try to sell to will consider this same thing. You might have to put in a HVAC system to get it sold. 

Drive by the higher end sold houses exterior renovation usually equals what the interior renovation looks like, check the MLS or even zillow sometimes will have what the condition looks like. Use a realtor if you cant. but my assumption would be if they sell for higher they probably are in a better condition. You eventually should get to the point from driving so many comps in the neighborhoods you are farming that you know what they will look like based on price they sold at.

Caution in the ARV range the appraisers will likely use 1-2 of the higher sold prices and 1-2 of the lower sold prices so you will likely get an ARV somewhere in the middle of $25k-$60k.

I am about keeping what I have if I can especially if it will still cashflow in a great area. 

personally (according to my investor ID) I would do the HELOC use that to buy a live in flip deal/BRRRR to cover purchase and repairs. Then once the property is fixed up refinance that into a mortgage and clear out my HELOC and keep repeating that for BRRRR's using my HELOC then getting a loan to clear the line out once stabilized. While you are doing all of this you still own a property N. Charleston, SC that is appreciating, mortgage is getting paid down and cash-flowing and now you can take tax write offs on it since your an investor now (1/27.5 depreciation expenses write offs etc.)

If you can pull it off i'd do that. If not though never hurts to sell the whole thing and have $146k to work with- BRRRR with.

I would do it and in 3-5 years refinance it into a 30 year fixed where it would cashflow and hopefully you might be able to pull some equity out of it. I would see how I could raise rents immediately and in 1-3 years. 

Also make sure I have some reserves to cover for vacancy, maintenance etc. Would of course do all my DD. Sounds like you have.  

Of course take the advice of everything said above find out your skills, risk tolerance, where you are at, etc. 

Me personally with $2M in equity to work with I would leverage that to buy a $3-5M value add apartment building roughly $1M for the purchase and another $1M for value add repairs on the property, closing costs, reserves etc. Add value, raise the rents over 1-2 years and refinance out your $2M (or as much of it as you can) in 2-3 years. Get it set in a 30 year fixed rate and cashflow. Then with the original $2M back in your hands, go repeat or pay off the house in HI its up to you. 

I'd buy it somewhere in a cash-flowing mid-south market.

Great turn out today. Thanks for joining us Jaleesa Monroe, Nikkie Leggett, Bernard Green, Regina Lovue, Quantel Carter, Denterius Leverson, Orlando Hubbard Jr, Aaron King & Mark Phipps. Topics covered today How to analyzed two deals live, How an investor in who owns 300+ multifamily unit in Memphis, How the best areas in memphis to wholesale properties in and also we discuss how to purchase your first buy and hold deal, How to negotiate, How to estimate rehab costs. How to get started in real estate. Join us next week as we discuss topics that will improve our market knowledge. What subjects would you want to mastermind? Sound off on the comments section! Visit our website https://www.webuyhousesmemphistn.com/

Great turn out today. Thanks for joining us Jaleesa Monroe, Nikkie Leggett, Bernard Green, Regina Lovue, Quantel Carter, Denterius Leverson, Orlando Hubbard Jr, Aaron King & Mark Phipps. Topics covered today How to analyzed two deals live, How an investor in who owns 300+ multifamily unit in Memphis, How the best areas in memphis to wholesale properties in and also we discuss how to purchase your first buy and hold deal, How to negotiate, How to estimate rehab costs. How to get started in real estate. Join us next week as we discuss topics that will improve our market knowledge. What subjects would you want to mastermind? Sound off on the comments section! Visit our website https://www.webuyhousesmemphistn.com/