I am on the hunt for property for an investor. This investor needs to purchase up to $50,000,000 in properties before the end of the year. They close quickly, and with all cash. Please see the acquisition criteria below. If you have or know of a property that fits this criteria, please contact me with as much information on the property as possible. Feel free to preempt any information with a Non-disclosure/confidentiality agreement. All referral fees and commissions are negotiable.
If you can hit 7 out of 10 requirements, please let me know as the requirements are guidelines not rules.
States of interest:
Alabama, Arkansas, Arizona, California, Colorado, Florida, Georgia, Idaho, Kansas, Louisiana, Nevada, New Mexico, North Carolina, Oklahoma, Oregon, South Carolina, Tennessee, Texas, Utah, Virginia, Washington.
Acquisition Criteria
Industrial Properties:
Size: 100,000 s.f. to 500,000 s.f.
Type: Class A, B, and distribution
Location: Industrial park, easy access
Vacancy: 50% vacant or more
Price: $25.00 p.s.f or lower. Prefer $10.00 to $20.00 p.s.f
Market: Improving fundamentals with a maximum of 20% vacancy
Construction: Block, brick or tilt-up (prefer no metal buildings)
Ceiling: 20' minimum
Site: Adequate dock doors & truck apron
Seller: Motivated to distressed
Office:
Size: 50,000 s.f. and larger
Type: Class A or B
Location: C.B.D. (central business district), Suburban, office park.
Vacancy: 50% Vacant or more
Price: $100.00 p.s.f. max, Prefer $40.00 to $80.00 p.s.f.
Market: Improving fundamentals with maximum 20% vacancy
Design: Brick, glass, attractive
Parking: Covered garage or adequate surface spaces
Access: Visible, easy access from artery
Seller: Motivated to distressed
Retail:
Size: 50,000 s.f. and larger
Type: Big Box, neighborhood center or community center
Location: Artery road, corner, signal
Vacancy: 50% vacancy or more
Price: $100.00 p.s.f. Max. Prefer High cap rate.
Market: Retail area, vibrant, growing
Demographics: 50,000 population, 30,000 vehicles per day, $50,000 average household income.
Design: One Story, good parking, easy loading
Site: Level,multiple entrances, pylon sign
Seller: Motivated to distressed
Thank you for your time, Blaine Wimberly ERA Kennedy Group Realtors(r)
One major reason why Multi Family rental units are better than single family rental units for investors.
There are many reasons why it is better to invest in multi family rentals than it is to invest in single family rentals, but the one that sticks out most in my mind is occupancy. Say you have a single family rental property, and you lose your tenant. You lose 100% of your cash flow. If you have a duplex (a 2 unit rental property) and you lose one of your tenants, you only lose half of your cash flow.
Now if you think about it, the more units you have, the less impact each tenant has on your cash flow.
Right now, there are thousands of people out there telling you how bad the market is, how bad this is, how bad that is... I am here to tell you how GOOD it is!
No one wants to benefit from anothers misfortune, but in this case you will also be providing a helping hand to those that need it. In a time when more people are facing or have faced foreclosure than any other time in history, there is a greater demand for quality rental housing than ever before. These people will not see the chance to qualify for another home loan for quite a long time, but they are going to need a place to live.
As we all know, it is demand that drives price. So, we are going to see a spike in rental rates around the country. Although the areas hit hardest by foreclosure will see the greatest increase in rental rates, the effect will be felt across the nation.
This means NOW IS THE TIME! Now is the time to step up to the plate and invest in multi family properties. Single Family homes converted to rentals are ok, however multi family homes provide a greater return on investment.
Worried that you are not able to care for a property correctly due to inexperience? Well, there are solutions for that. Most Multi Family properties have professional management teams in place and budgeted into the day to day financials. So, no need to ever worry about that.
For more information on Multi Family investments give me a call or shoot me an email. I have connections world wide and will be able to assist you in finding that perfect Multi Family property to invest in.
I am on the hunt for a seasoned investor that has a focus on Multi Family properties that is willing to act as a mentor. I have focused on Single Family residential properties until several months ago. I had an investor that introduced me to the Multi Family industry, and I have since been addicted. Unfortunately, I have doubts about this investor's sincerity, and get the hint that he may be very new to the industry himself.
Due to the fact that I have found a major interest in this market, the hunt and numbers that you have to crunch in the field fascinate me. The difference in the approach is refreshing.
Although the last few ventures I have had that involved multi family seem to have stalled during the offer stages. I feel that I have picked up a vast amount of knowledge in the process of the multi family transaction. However, I have much more to learn.
I would like to submerse myself in this niche of real estate. I feel that with the market in the turmoil it is in, it is a beautiful time to invest in the multi family game. With so many homes going into foreclosure, there are a lot of people out there in need of quality rental housing. And with the financial markets being turned upside down, what better venture to dump your investment dollars into other than rental properties.
I don't know about any of you, but I don't see this new bill as a quick fix in the slightest. I see it as a band aid on a gapping wound that will take time to heal. No matter what the bill has for the credit industry, they will not likely loosen their noose on the credit restrictions anytime soon. So, that is going to leave a lot of people out there that will not qualify for a loan for quite a few years until they get their credit scores back in order.
And we haven't even begun to speak about those that took a huge loss in the Sept 29th 777 point drop in the stock market.
So, what better time for me to make the switch from conventional single family home sales to the Multi Family niche.
If you are a seasoned investor that has a major focus on Multi Family properties and would be willing to take on a realtor that is ready to be molded to fit your needs, let me know.
I am currently licensed in the state of South Carolina. However, I have access to buyers, sellers, and properties world wide, through both public and private sources. So, I will be able to find you anything you need. Just teach me what it is you look for in an investment, and what types of properties you are looking for and let me find them and put the deals together for you.
Credit scores range between 200 and 800. Scores above 620 are considered desirable for obtaining a mortgage. These factors will affect your score.
Your payment history. Whether you paid credit card obligations on time.
How much you owe. Owing a great deal of money on numerous accounts can indicate that you are overextended.
The length of your credit history. In general, the longer the better.
How much new credit you have. New credit, either installment payments or new credit cards, are considered more risky, even if you pay promptly.
The types of credit you use. Generally, it's desirable to have more than one type of credit-installment loans, credit cards, and a mortgage, for example.
For more on evaluating and understanding your credit score, go to http://www.myfico.com/.
For more information on this and other home buying tips, please contact me.
By the way, I am never too busy for your referrals. If you know of someone who may be intersted in buying or selling property in the Anderson or surrounding areas, let me know. I would be honored to help them out.
Credit scores, along with your overall income and debt, are a big factor in determining if you'll qualify for a loan and what loan terms you'll be able to qualify for.
1. Check for and correct errors in your credit report. Mistakes happen, and you could be paying for someone else's poor financial management.
2. Pay down credit card bills. If possible, pay off the entire balance every month. However, transferring credit card debt from one card to another could lower your score.
3. Don't charge your credit cards to the maximum limit.
4. Wait 12 months after credit difficulties to apply for a mortgage. You're penalized less for problems after a year.
5. Don't purchase big-ticket items for your new home on credit cards until after the loan is approved. The amounts will add to your debt.
6. Don't open new credit card accounts before applying for a mortgage. Having too much available credit can lower your score.
7. Shop for mortgage rates all at once. Too many credit applications can lower your score, but multiple inquiries from the same type of lender are counted as one inquiry if submitted over a short period of time.
8. Avoid finance companies. Even if you pay the loan on time, the interest is high and it will probably be considered a sign of poor credit management.
This information is copyrighted by the Fannie Mae Foundation and is used with permission of the Fannie Mae Foundation. To obtain a complete copy of the publication, "Knowing and Understanding Your Credit," visit http://www.homebuyingguide.org/.
For more information on this and other home buying tips, please contact me.
By the way, I am never too busy for your referrals. If you know of someone who may be interested in buying or selling property in the Anderson or surrounding areas, please let me know. I would be honored to help them out.
The first step in getting yourself in financial shape to buy a home is to know what you make and what you spend now. List your income and expenses below.
Income
Take-Home Pay/All Family Members
Child Support/Alimony
Pension/Social Security
Disability/Other Insurance
Interest/Dividends
Other
Total Income
Expenses
Rent/Mortgage
Life Insurance
Health/Disability Insurance
Vehicle Insurance
Homeowners or Other Insurance
Car Payments
Other Loan Payments
Savings/Pension Contribution
Utilities
Credit Card Payments
Car Upkeep
Clothing
Personal Care Products
Groceries
Food Prepared Outside the Home
Medical/Dental/Prescriptions
Household Goods
Recreation/Entertainment
Child Care
Education
Charitable Donations
Miscellaneous
Total Expenses=
Remaining Income After Expenses=
For more information on this and other home buying tips, please contact me.
By the way, I am never too busy for your referrals. If you know of anyone who may be interested in buying or selling a home in the Anderson or surrounding areas, just let me know. I would be honored to help them out.
Develop a family budget. Instead of budgeting what you'd like to spend, use receipts to create a budget for what you actually spent over the last six months. One advantage of this approach is that it factors in unexpected expenses, such as car repairs, illnesses, etc., as well as predictable costs such as rent.
Reduce your debt. Generally speaking, lenders look for a total debt load of no more than 36 percent of income. Since this figure includes your mortgage, which typically ranges between 25 percent and 28 percent of income, you need to get the rest of installment debt-car loans, student loans, revolving balances on credit cards-down to between 8 percent and 10 percent of your total income.
Get a handle on expenses. You probably know how much you spend on rent and utilities, but little expenses add up. Try writing down everything you spend for one month. You'll probably see some great ways to save.
Increase your income. It may be necessary to take on a second, part-time job to get your income at a high-enough level to qualify for the home you want.
Save for a downpayment. Although it's possible to get a mortgage with only 5 percent down-or even less in some cases-you can usually get a better rate and a lower overall cost if you put down more. Shoot for saving a 20 percent downpayment.
Create a house fund. Don't just plan on saving whatever's left toward a downpayment. Instead decide on a certain amount a month you want to save, then put it away as you pay your monthly bills.
Keep your job. While you don't need to be in the same job forever to qualify, having a job for less than two years may mean you have to pay a higher interest rate.
Establish a good credit history. Get a credit card and make payments by the due date. Do the same for all your other bills. Pay off the entire balance promptly.
For more information on this, and other home buying tips, please contact me.
Now I know you are thinking, "This guys is crazy!" After reading an article I found on the internet, I have been convinced that it is true, let me tell you why.
First of all, we all know that in December, home prices are at a 12 month low. That in itself makes December the best month to buy a home. There are on the other hand many other reasons to buy on Christmas day. How many people do you really think are going to be out looking for a home on Christmas day? This is like giving you your own private day in the grocery store, with no one to fight with over the last box of Bonbon's. So you are going to be one of the very few people putting offers in on any home nation wide. What better reason to buy on Christmas day? Well, I do have more reasons.
Think about this, most people are in very good moods on Christmas day, giving them all the more reason to feel generous. "It's Christmas, why not." And this, why are they trying to sell their home over the Holidays? It is more likely the seller has good reason to sell (more motivated).
If you are looking to get a good deal, you may take these things into consideration. I know that the heavy hitters in real estate do. When thinking about this approach, you might also think about what type of Realtor you are going to need in a situation like this (yes you need a Realtor in this situation, even the pro's do). Yu are going to need a Realtor that first of all works on Christmas day, and secondly has what it takes to worm their way into a sellers home on the most celebrated day in history. There are Realtors out there like that! As a matter of fact if you are interested in buying in the Anderson SC area, or surrounding areas, that is the extent I will go to for my clients.
I am available to you 24 hours a day, 7 days a week, 365 days a year. Try me, and test my claim!
Anderson the 12th fastest growing county in South Carolina as of 2003 (if the information were to be published again today, I am sure we have moved up a spot or two). Being 12th means we have the growth, yet we are not in danger of over population any time in the near future.
From Anderson, you can see the beautiful mountains to the north heading into North Carolina. With Lake Hartwell right here, and Lake Keowee and Jocassee with in minutes, there are plenty of places to scratch your fishing, hunting, boating itch.
Whether you are interested in a home on the lake, a home with a beautiful view of the mountains, or both we can accommodate you. With right now being a “Buyer’s Market”, you have plenty of property to chose from, and the prices are not what you might expect. The Fact is, the prices here are a fraction of what you would spend in much of the country for the same quality of home.
Home’s you would expect to pay in the millions for in other parts of the country, you can purchase here for hundreds of thousands. Not to mention the area is not over populated, and our taxes are much lower.
If you are looking to get away from the cold of the north, or the heat of the south, Anderson South Carolina has an average yearly temperature of 63’F according to WeatherBase.com. They also indicate that the Average high temperature is about 73’F and average low is 51’F. Most winters here require no more than a light jacket, and the summers do not regularly exceed 100’F.
If you would like more information about Anderson South Carolina, and what it has to offer those thinking of moving here, just let me know. I would be honored to send you any information you may find useful, at no charge.
Thanks for your time, Blaine Wimberly Prudential C. Dan Joyner Co, Realtors 2124 Greenville Street Anderson SC 29626
By the way, if you know of anyone that may be interested in purchasing a home or other real estate in the Upstate South Carolina Area, just let me know. I would be happy to help them out.
Welcome to the blog lovingly referred to as "The Newbie Chronicles". Follow along with my journey, as I begin my real estate career. I always tell it truthfully, no sugar coating, no puffing, just what truly happens. Good days and bad days alike. I will tell it all to you. Amazing things will happen, so will amazing screw-ups. So join in on this epic adventure now, and get an idea of what it might be like entering into the world of real estate.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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