All Forum Posts by: Zachary Phelan

@Jeffrey McKee

I have a buyer for you. Give me a call. 205-994-0399

Their housing prices are sky rocketing. Also they have social security they cant touch until 65, but can start investing it at age 25-30 i believe..... We just toured an investor around and homes in the 65k-100k price range here in Birmingham are costing 300k in Australia. 

We are looking for Australian investors who want to invest in quality turkey properties in the Birmingham Alabama and surrounding cities areas. Our company has a great track record and would be happy to answer any questions you have. Visit our site at www.alliancewealthbuilders.com

PM me with any questions. 

Thanks!

I am looking for investors who are looking to purchase properties specifically with tenants in place. Section 8 tenants as well as standard leases. Rent rates are between $650-$900, that takes care of locations. I have 4 properties right now with section 8 tenants paying $725 a mo for 28k a piece, All 3 beds 1 or 2 baths. This is just an example, I come across multiple deals like this every week. Last week I sold a 3/1 renting for $700 and a 2/1 renting for $520, both at very deep discounts. They closed in a week.

With the amount of marketing I am doing, I have plenty of wholesale deals, to fit fix and flip projects, turnkey, or buy and holds. If you would like to talk please give me a call or text.

Zach

205-994-0399

@Mitch Messer I got the mortgage statement back from them and it all checks out. Total payment is 838.79 including interest and escrow. Outstanding principle balance is 118k. 

Now how would you find a $ partner for this deal? I need someone to put up the 45k and I will do all the required work. We can either keep it as a rental or sell it and cash out. Refi would be another option, and keep holding. Lastly I could take an assignment fee for the contract and let the buyer do as he wishes. 

Hey @Josh Martin Welcome to BP!

Turnkey properties is the play here in the BHM market. Educate yourself on what they consist of. I wholesale properties to all the different turnkey companies that are local here. I have been finding a ton of guys just like you who seem to want to do the work them selves and hold on to the property as a rental. 

You actually responded to one of my CL adds, saying "Interested in the house. The ad was fairly vague. Can you email me some more details?" Just give me a call Josh!! 

@Mitch Messer 

@Bill Jacobsen 

@Roy N. 

Thank you all for your input!

Mitch, they tried to refi and didnt even have the cash to do that... I thought about the line of credit as well. I will dig in when we have our next conversation. I would get this over to title ASAP and find out all info. 

Bill that is why I am reaching out to the community! Make sure this is a good deal!

Roy, I am waiting for their mortgage statement still, but I believe the $837 is including taxes and insurance. The tenants are covering all utilities. 

@Mitch Messer 

The seller bought it for 199k and did some upgrades to the home. Fix up everything he could find wrong with it. I walked the house and everything looked very clean. Thats where he says he put 30k into it. 

He has confirmed to me that he did pay down the loan to 120k. It was supposed to part of their retirement until health issues came up. I have asked for the statement from his lender to verify all and will have it shortly. He has been quick to respond with pics, appraisal, and lease so far. 

First good creative finance deal in negotiation! Seller needs some equity to pay medical bills. I don't have all the capital and now have to find a $ partner. 

Comps and lender appraisal puts property at 218k(1 month ago) Alabama market doesn't shift, slow and steady. 

Seller put 30k into it when he bought it in 2013 for 199k. Still in great condition with tenants in place. 

Mortgage fixed at 3.375% and they payed the not down to 120k. 

Seller will keep financing in place for 45k cash. 

Tenant in place paying 1250 a month, they cover utilities. Mortgage payment is 837 a month. Lease ends in October and tenant will be moving out. 

50k in equity on the table and cash flowing at $400 a month. 

Downsides:

house built in 1900 and on 2 acres in the "country". Just on the outskirts of town. Plenty of homes around, but everything gets a bit spread out. Right off the old highway. 5 bed/3 bath, 3 fireplaces, big parking lot. storage shed. 

My first plan is to find a money partner and have him put up the funds. Split cashflow and resale 50/50. I have my license so It can be listed in the MLS and only pay the 3% plus closing. I am a buy and hold investor, so I would prefer to sit on it. Not sure on the vacancy factor due to its location.

Another Idea would be to take a hard money loan for the 45k. I have a lender that will do 12% and 4 points, problem is I don't have a track record to bring him. The tenants could possible move out early, I know where they want to move to and are committed to moving. 

Any other Thoughts and Ideas?? What Else am I missing? Thanks all!!