All Forum Posts by: Tyler Watts

What if they are already moved in and then bring this to the table? Would this override the lease agreement signed by them stating no pets allowed? This will be the angle tenants take once they see a landlord is educated. 

Shoot me a time and date and I should be able to make it happen. 

I'm going to agree with @Ruben Guerrero on this one. Gastonia has long been known for slumlords and the dirty city in the past. Once the mills closed the economy went down. However I've been investing there since 2011 and I've seen rents jumps $100/door since then. 15 min drive to Charlotte seems to attract a lot of people who don't want to pay $1000/mnth for a 1/1. Gastonia is on the rise and it will be a Belmont in the next 5-8 years. The city is pumping money into infrastructure along with a $15M baseball stadium coming to downtown Gastonia along with Loray Mills renovation that has boosted rents. Yes there are still some low end areas, but you'll see them turnaround in the next 5 years. Appreciation is taking effect already in downtown. 

@Ruben Guerrero if your in the area give me a shout. Would love to sit down and chat!

I would suggest asking around about the local banks near your deal. You may stand a chance at getting a better LTV as they will know the market better than most.

What type properties are you looking for and I may know some agents that can help

Every bank is different and every loan is different. Shop around to local banks and tell them your story and they'll tell you what they can do. Dress up, walk in and start selling your deal to the bank!

Don't forget your taking on the most risk by guaranteeing the loan since you have better credit they'll come after you first! Bank dependent they may want your partner to sign as well which with no/bad credit may kill the deal as the bank will look at it as high risk. Talk to banks and be honest about the situation and it will get you a long way, even if they don't loan, they'll know the next deal you bring will be honest. Banks want/need to lend money so being honest they may be able to get creative as they want your business!

I have done a similar deal and it's 50/50. I'm the financial  backer and I'm active in dealing with mang. of re-hab as well.  Most may say I'm doing too much, but it's my money. ( No one works harder for your money than you!). My partner brings plenty of weight as well  and will bring 50% cash once he is in position ( he's building a house) and this was a year of getting to know each other before we made our first deal. Again it falls back on the person and you guys have to be up front about everything and have the same goals in mind. From my end, we wanted volume with flips and we both know the long term goal was to take the cash and put into buy & hold assets to build a sustainable model of passive income. We are on flip #2 and doing the same thing. Once his house it done, we plan to transition our focus to buy & hold assets and take that path.

We've both made mistakes and we both brought bad contractors to the deal, we dealt with it and learned and move on. Can't be a blame game otherwise it won't work. Put pride to the side and anything can happen.

We had many beers and conversations before and during our first flip to make sure we were both on the same page with the same goals.

Ask around and I bet you'll find someone that knows a mid size bank that will fit your criteria. Your in Durham and I'm sure they are there. If you don't have any leads just walk in and ask to speak to a loan officer. I did this to 3 different banks last week and all 3 said bring me your deals! Look professional and act professional and be honest with them. As soon as you walk in the game is on and they are "feeling" you out. When you leave, be sure to follow up with a phone call or email. It's all about relationship. I've got loans with the big banks and yes they will loan and yes you have to go thru all these layers to get the loan. I was eventually told I maxed out so the game is back on! Now I have 3-5 local to mid size banks that will look at anything I bring them. Sounds like your getting started so I my focus would be  Network with banks/investors/CPA's. All of them will guide your correctly and be worth their weight in gold. Yes you'll have some that are crappy but you learn who they are and know not to deal with them. 

Build the relationships with all 3!

Investor Group that focuses on Student rentals in NC/SC/GA. Looking to connect with  commercial brokers that focuses on Clemson & Appalachian State regarding student rentals. I will be visiting them the next couple week and looking to review properties. We are actively looking and I will be glad to discuss our investing strategy. We are looking to purchase in 2017!

By the bed. 

Closer the better but <5 miles within college

Student population of 5,000>

It falls more back to the deal rather than the criteria. If the numbers are there then money is the same no matter the college. 

thanks for looking!