All Forum Posts by: David Begley

I left a suggestion earlier, and it was evidently mistaken as an offer and either deleted or moved to Marketplace. I won't spend the time to rehash the particulars again, but my solution was a wraparound mortgage, if you can find a real estate attorney that can craft the docs and handle the closing. If I was the HML, I'd suggest/require something like a $150,000 wrap at 6.5% on a one year note with a 30 year amortization and would also negotiate an equity split of the net profits if you sold or minimum fees/points if you decided to refinance and take the HML out. Also, if you rent at the rate you stated, you'd still cash flow $250+/month. Good luck to you!

Mike, you may want to first see if Fannie requires the Buyer to occupy the house for a year before turning it into rental property. Admittedly I haven't spent a lot of time on the homepath site, however I do know a real estate agent is required to go forward with bids and due diligence and I didn't run across many (or any?) properties that didn't require the owner to occupy the house for a period of time. Good luck!

I believe METRO Atlanta and METRO Chattanooga now share the same "Welcome to .... " sign! lol

@Michael Dorovich I also sent an email requesting details - address, copy of appraisal referenced and more information on how the repair estimate was derived.

Thanks!

David

Is anyone aware of a site or source that one can review to see the results of those investors engaged in wholesale activities? In the short time I've engaged in trying to obtain properties from Wholesalers, it has become painfully apparent that many, if not most, inflate ARVs, deflate rehab costs, and present very unrealistic deals to investors. Are there places these folks can show "see, I offered it at these terms and this investor purchased and the results are this --". Am I too naive to hope for such disclosure?

Is anyone aware of a site or source that one can review to see the results of those investors engaged in wholesale activities? In the short time I've engaged in trying to obtain properties from Wholesalers, it has become painfully apparent that many, if not most, inflate ARVs, deflate rehab costs, and present very unrealistic deals to investors. Are there places these folks can show "see, I offered it at these terms and this investor purchased and the results are this --". Am I too naive to hope for such disclosure?

I too sent an email requesting information.

[email protected]

Thanks!

I subscribed to several wholesalers websites (myhousedeals.com, etc), newsletters, FMLS, several brokers/agents and contacts on BP. I've yet to become active in a local REI association, and will be doing that soon. I've been driving through these areas, scouring FSBO listings, etc.

I've been trying for several weeks to uncover sources for potential properties to rehab and flip in the Atlanta area - specifically the east end, Old Fourth Ward, Morningside, Inman & Grant park areas. It seems like all that is offered is west end or east end properties that are pretty much in war zones and those all seem to be offered by newbie wholesalers with inflated ARVs and low ball repair estimates. Does anyone have suggestions regarding the most efficient and effective means to generate deal leads?

Thank you Rick, I will contact Mr. McGinnis. The 2-3 properties I have in mind fit fairly close to the general budget numbers you outlined.

David