All Forum Posts by: Zachary Betters

Congratulations @Angel Rodriguez  First one is the toughest. Wholesalers are everywhere, the key is finding a good one. Know your numbers and don't waver just based on what a wholesaler gives you for detail, you MUST do your own background work. If the numbers don't work for you, then move on to the next!

What kind of work has the seller put into this property. If no work has been done then he hasn't built any equity into house and his sell price should come way down, consider adding what would be a similar wholesale fee into the deal for him Creative financing options are nice but are more of a convenience for you than the seller and may cost more for you What's wrong with just doing the loc and refi if needed after. Typically our locs have great interest rates that can't be beat by hard or even private money CAUTION if you are rehab newbie the idea of estimating rehab costs. Can wind up way over. If one pipe burst... Why not all? Especially getting in without inspection. Is it possible that this guy got in took a wall down and said ooooo crap this is more then I thought? Good luck!

Definitely keep looking for some of the small home town banks as they are typically more investor friendly, especially if they keep their loans "in house". as you probably know, most banks sell your mortgage off and therefore are more confined to the obligations of the ultimate purchaser of the loan.

Many banks (I am not familiar with the banks in Rock Hill) don't go to commercial until after 4 loans or like you said, 4plex plus.

I have also struggled with many banks loan officers that grossly misrepresent what the underwriter will actually approve up until moments before closing. Tough lessons to learn but the price we pay I suppose.

I haven't been yet, but hear there is a good rock hill REI subgroup, can find them on Meet up.

good luck!

Zach

welcome Jessica,

You have found a great source here. I would definitely recommend that you check out the deal analyzer under the tools section to make sure you are running your numbers right on your first deal. There are many expenses to a rental that beginning investors forget to calculate in their analysis which leaves them struggling to move on to deal number two!

Life is a journey, enjoy the ride!

Congrats on taking the first steps towards achieving your goals!

Zach

Have you considered starting smaller, such as single family homes or duplexes.

A five-plex can be a lot to manage and frankly difficult to even analyze the deal right from the get go.

Also there are many REI groups out there you can search for.

For many reasons I wouldn't get caught up in trying to find 100% financing. Also don't set a deal that only works based on appreciation. (counting on appreciation is a set up for failure, no matter what market you are in). Wait to find deals that give you a much better margin and thus multiple exit strategies. This may require you to be more patient looking for a deal, or perhaps getting more aggressive finding deals. Many beginner books and podcasts focus on how to find good deals; from bandit signs, to flyers, to driving for dollars just to name a few.

depending on your debt to income ratio ect, you may still qualify for a conventional loan for investment purposes. We are currently working a deal now with New Dominion for 15% down and very attractive interest rate.

Under BP tools, there is a rental investment calculator. This tool may revolutionize the way you are thinking about the numbers on a flip deal. thinking ahead for property management fees, cap ex, repairs, vacancies ect can make a huge influence on whether a deal is 'good' or not.

Be patient, keep looking for REI groups and utilize the bp podcast, forums and webinars to continue to grow. Good luck

@Alex Franks  thank you for all your enthusiasm in teaching us all.  I love talking with you and picking your brain and look forward to working with you more!

We officially have two deals under contract... It wasn't originally intended to do two deals at the same time but we got a call back on an old offer. They are currently planned as a flip in Fort Mill, SC and the other as a rental in Charlotte, NC. So far so good doing both of them through a 30-year conventional loan financing. We are using New Dominion Bank and they were able to do it with 15% down on each property at 4.8%APR. Figured that was worth sharing!

Our personal money is leveraged to the T with both deals going on at the same time but here were are pressing that 10X button...

congrats @Alex Franks  glad to hear things are going well for you.  Been a while since we've met up, my schedule has changed a bit here. Will have to catch up some day!

welcome to bigger pockets.  I am also from Charlotte.  There are a lot of great connections here and so much useful info. Good luck