All Forum Posts by: Trent B Paul

Hey Katlynn,

I've worked with a ton of wholesalers in the market and my old team also had a successful wholesale department. 

The key to success with them was narrowing down their efforts and time the most effective and efficient lead sources.

1st step is to utilize tools such as Mojo Neighborhood Search/Skip Tracer or similar features through other programs to narrow down contact info to exactly what is in your buy box and also only look at those properties owned 5-10+years, not owner occupied or out of state owners, lower LTVs and cold call/send direct mail monthly to these addresses to maximize the top of your lead funnel.

You could also Drive for Dollars and look in high value neighborhoods for unkept or obviously vacant properties that are not getting the TLC they need and also call and mail the contact info you find for the owners monthly as well.

Let me know if you have any questions around logistics or other tips for attracting more higher quality leads!

Hi Reeve! Welcome back to the Atlanta Metro. Not sure if you've been back much since leaving for school but the city has definitely changed a good bit in the last 4 years and is currently widely-recognized as one of the best real estate markets for the following decade. You definitely picked a great market and a great time to jump in. 

Let's connect! I'd love to hear more about your future plans and strategies you want to implement in this growing market.

Congrats @Scot Evans on having the courage to start building generational wealth through real estate! If you are looking for experienced investors to begin networking with and bouncing ideas off. I would recommend joining the local Atlanta REIA, subscribing to event notifications and showing up to as many as possible.

Also, reach out to the most active investors posting on the Atlanta forum, invite the for lunch or coffee and find a way to provide value to their business to incentivize them to bring you in and go over their strategies and the lessons they've learned from years of actively investing. Hope this helps!! Let me know if you have any other questions about the local Atlanta real estate market!

@Michael Mackney

Great question Michael!
You should bring your GC (General Contractor) with you to the showing and have them look through and give you estimates for any disclosed or patent defects.

You can also ask the seller if they will allow an inspection prior to any offer, most will deny, especially if they’re working with a listing agent. However, if they’re off market or other wise allow it, have your GC attend as well. 

The earlier the inspection, the sooner you can get GC and any necessary subcontractors in during due diligence period to give you more precise quotes.

If the scope of work for the project is too expensive you can always back out within due diligence period.

However, I would not recommend putting in any offer not in good faith if you do not fully intend to take the project on. That is highly unethical and will give you a bad reputation in the community.

-Happy investing!

@Eric Blackwell

If you’re looking into rental property investing in Macon, I would do my research in the part sorrounding downtown area as well as Mercer University, as that will provide you the most demand for rental housing.

I would avoid any kind of speculation and stick strictly to the cashflow opportunities available through multi-families. 

The best advice I can give would be to drive down and do your own due diligence, check out the area, research market rents and connect with a reputable team that can provide you the tools, coverage and background knowledge needed to succeed

- Happy investing

@AJ Satcher

This is happening more frequently especially in this market where sellers are largely dictating the terms. Unfortunately, if this is a property you’re really interested in and there is not much inventory in your market, that may be your only option

In terms of the offer itself, there are still ways to protect yourself in the event, the property doesn’t meet certain guidelines such as financing, inspection and appaisal contingencies, due dilligence period that allows you to walk whenever for whatever reason up to a certain date and putting low EM to not make yourself susceptible to losing a large sum. But it’s super important to take note of and abide by these deadlines.

You should discuss with your agent what you can do to protect yourself based on the interest the property is getting, your ability to verify info on the listing page and any other potential offers already in hand.

Your agent should be able to acquire all of this info for you.

P.S. I would also highly recommend asking your agent about what they do to find their clients off market properties. Off market opportunities are the best way for investors and retail buyers to protect themselves from having to give up more than they’re comfortable with as there will not be as much competition bidding on the property so terms will be more favorable.

-Happy Investing

@Tasheena Cole

Both are great strategies for building and scaling your portfolio from scratch and can even be utilized simultaneously.

I’d love to hear more about what your short-term and long-term goals are that way we can come up with a manageable timeline for scaling your business together. Let’s connect!

@Alessandra Verbena

I bet you didn’t expect your thread to blow up like this hahaha. It seems like a lot has deviated from the question at hand. No, there is no need to halt your acquisitions. However, there is need, moreso than before, to pay strict attention to your guidelines and not rely on speculation. 

As Brandon says, you make your money when you buy. If your purchase a good deal that cashflows, it will cashflow in any market… Good market, bad market, war market. If you put the right systems in place, your income is guaranteed. Luckily for us, rental property investing is the one asset class sector than can always produce guaranteed profits.

Could you benefit from further discussion of the systems that the most successful investors and  landlords put in place to guarantee their income?

Michelle, 

Thats a great question and not crazy at all.
There are specific loan programs dedicated for this precise purpose. 

If you will be utilizing the home as a personal residence, you have then FHA 203(k) program. You will need 580+ credit score for the 3.5% down or 10% DP if below that threshold. These loans can take up to 60 days to close so they are mot the best option for a quick close and should only be utilized through lenders with significant experience. An inexperienced lender can set you back another 30 days.

You also have the Fannie Mae Homestyle loan available which requires at least 3-5% DP on personal residences, and 15-25% down on investments depending on the amount of units up to a 4plex.

Other options would be cash out refinances or HELOCs on properties you already own. Cash out refinance allows you to take cash out at 75-80% LTV depending on your lender or area. HELOCs work more as a revolving line of credit, like a CC.

I would recommend speaking with a local loan officer with experience with investment properties to better assess what makes the most sense for you financially. 

Recommendations are always available :)

- Happy investing

Quote from @Ivory Coats:

@Trent B Paul thanks for the feedback. I think you misunderstood the question a little bit. I know it’s important I’m wondering are investors willing to pay a fee to get this information.like as as add on. I hope that’s a little more clear. 

Ivory,

I apologize for the misunderstanding. I understand your question more clearly. I would again refer back to researching validity and reputation of the inspector you choose.

As an agent who represents investor clients, if we were presented with the option for $50-$100 at closing, as Scott suggested, I would recommend to my clients that it would make sense. Especially if you were a wholesaler I worked with in the past, were known to be ethical and had a good reputation in the community