All Forum Posts by: Tiago Alencar

Originally posted by @Michael Kinsella:

Congrats on the profitable deal, @Tiago Alencar!

 Thank you!

Originally posted by @Dmitriy Fomichenko:

Congratulations!

 Thank you!

I know how you feel @Russell Howes I used zillow alot to get an idea before I called a seller so I wouldnt have to bug an agent. now i'm not sure what to do. I dont want to call an agent every time I look up a property. I wonder if there is a way to set up alerts of sold properties within a zip code? Right now I've been looking at the assessor website, but I'm not 100% confident in it. 

Investment Info:

Single-family residence wholesale investment.

Purchase price: $132,592
Sale price: $162,917

Pre-foreclosure. Contract signed in December 2018 and closed and resold in April 2019.

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

The ARV at the time was 250k and the property was underwater over 170k.

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

Making cold calls to people in pre-foreclosure. Was able to negotiate with the lean holders to settle for a lot less than what the homeowners owed.

How did you finance this deal?

Got a referral from another wholesaler for a local hard money lender.

How did you add value to the deal?

I helped the homeowners not have to foreclose on the house. And got it at enough of a discount that another investor could fix it up and still make a good profit.

What was the outcome?

I made 25k in profit from this deal.

Lessons learned? Challenges?

If you find the deal, you will find the money. Hard money was a lot easier than I thought it was going to be.

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

Worked with Matt Atkinson with Intercap Lending.

@Raul Velazquez Jr I agree with  @Jon Reed , but I also think that you could send the tenant a message today stating that the eviction will be filed the following day. I guess my response is a day late and a dollar short :D How did it go? Did you file the eviction?

Hi, 

What  are some common issues that I might run into while rehabing a manufactured home, or a mobile home?

@Alana Favre-Rice I believe the co-host if the biggerpockets podcast ( @Davidgreen) is a broker in the same area. Perhaps if you brought him some value he would would be willing to help you. Just make sure you follow up with him or anyone that is a mentor to you of the action steps you’ve take from the advice they gave.

@Alana Favre-Rice @Skylar Simpson Couldn’t have said it better. One of the ways you can differentiate yourself is finding what you network needs and help them solve it, doesn’t have to be you to solve it but maybe referring someone from your network.

@Kelvin Silva Hey Kevin, I would make sure what tenants are paying. Just because rents are supposed to be at a certain price doesn’t mean it is, especially if “some renovation” might be needed. Even if you don’t live in it a duplex can be a great investment. Compared to a single family house, if the tenant moves out of the sfh, you loose all of your income plus you have to spend the money to get the house ready for the next tenant. A duplex gives you more protection, since there are two tenants, if one moves out than you have the other to help offset the vacancy. As far as why they would be selling, it could be a lot of different things. Maybe they are out of state owners that don’t want to do it out of state anymore, maybe they just want to down size, maybe they have to sell for a divorce... those are all great questions, and although we could all give you our opinions or possible outcomes I think the best thing to do is to call yhe owner or agent and ask them those questions yourself, won’t cost anything to ask. Don’t buy something just because you feel you should. Remember as real estate investors we should look for motivated sellers and not be motivated buyers.

@Fredrick Hock I don’t know if this is reflecting the right cash on cash return. it doesn’t have the repair cost with the mortgage cost. It’s calculating the cash on cash return of the “down payment”($13K of $68k purchacr INSTEAD oF ThE $92K PURCHASE PLuS REPAIRS). I would put in the purchase price as the purchase price plus repair costs and than the report would comeback more realistic.