All Forum Posts by: William Manning
William Manning has started 4 posts and replied 27 times.
Post: Rental Property in Augusta, Georgia
- Investor
- North Augusta SC
- Posts 30
- Votes 18
Auben Realty and @Phillip Vera may be able to help
Post: Section 8 properties
- Investor
- North Augusta SC
- Posts 30
- Votes 18
Quote from @Calvin Penn:
Thanks .. Do you know where I can find more information
https://www.google.com/search?...
Post: How To: Cash out 1-4 unit Property
- Investor
- North Augusta SC
- Posts 30
- Votes 18
2. Rehab amount listed on HUD and kept in escrow (but held back)? Can you further explain why this is necessary? - Oh, let me clarify here just in case - there is an ALTERNATIVE strategy that lists the repairs on the HUD....that strategy is inferior to filing the lien. So you pay with cash and list your repairs on the HUD. That's not what we want to do here. I don't want to confuse that strategy with this. Now, sometimes with filing the lien the title company will say something like "Hey, you are purchasing this for $100k...but we are filing a lien for $150k...we need to balance this figure so where is the rest of the money?" And in that case, you tell the title company, "The lender is holding the repairs back in their account and will issue the funds upon draws (or held in the lenders OWN escrow account)" . This is EXACTLY how a hard money lender does it. They give you a higher loan than your purchase price (usually) and hold the repairs back in escrow. I hope that makes sense how I am describing it.
Wow, just wondered about this myself.
Thank you again for all you and your team have done to help me through the process for the first time doing this strategy. Y'all don't know how much that really meant to me. I'll be sending the next refi your way as well.
I simply can't thank you enough Andrew.
Post: Buy property with Heloc then cashout refi
- Investor
- North Augusta SC
- Posts 30
- Votes 18
Good advice from @Greg Scott
"So you just came across one of the biggest problems with Plexes. If there aren't that many, the comps can be hard to find, and therefore the valuation can be volatile. I know plenty of people, that went to refi a few months after purchase and their property appraised for lower, even though houses in the area were appreciating. Again, talking to an appraiser may be money well spent."
Check out “How to: Cash out 1–4-unit Property” by Andrew Postell, along with all the reply's to his post, for a faster return.
Post: My first forums post was 3 months ago
- Investor
- North Augusta SC
- Posts 30
- Votes 18
Post: My first forums post was 3 months ago
- Investor
- North Augusta SC
- Posts 30
- Votes 18
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $80,000
3/2 with tenant in place, cash purchase, in the PM handover process with a refi in the near future.
What made you interested in investing in this type of deal?
It was at the max end of my budget, but it was tenant occupied. The rent appeared low for the area.
How did you find this deal and how did you negotiate it?
With a local real estate agent @kennethmooney
How did you finance this deal?
with a HELOC on my primary, I was able to purchase with cash. I will be doing a refi in the near future to recoup the majority of the purchase price so I can try this again.
How did you add value to the deal?
It needs some minor cosmetic work.
What was the outcome?
that is in progress and I will update this in the future
Lessons learned? Challenges?
don't forget the keys at closing. Always keep in touch with the property manager.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
yes. @kennethmooney
Post: New Investors: Ask Me Anything
- Investor
- North Augusta SC
- Posts 30
- Votes 18
Quote from @Chad McMahan:
Quote from @Jonathan Greene:
If you are just getting into real estate investing and have a question that you need an honest answer to, ask me anything here. But don't ask a question if you are hoping to get a certain answer, and don't ask a question that you can find an answer to in the forums 100 times because that won't help you.
My areas of expertise are off-market acquisition, flipping, short-term rentals, fix and live, landlording, on-market real estate and real estate teams, mindset, and how to build relationships in the business, among others. I was a guest on episode 584 of the BiggerPockets podcast so fire away.
What is the airspeed of an unladen swallow?
What do you mean? An African swallow or European swallow?
Post: Need Creative Financing for Scaling Up
- Investor
- North Augusta SC
- Posts 30
- Votes 18
Read this post: How To: Cash out 1-4 unit Property by @Andrew Postell
It seems like what you may be looking for.
Post: Things we simply don't expect (video)
- Investor
- North Augusta SC
- Posts 30
- Votes 18
Post: Closed on my first rental property!
- Investor
- North Augusta SC
- Posts 30
- Votes 18
