All Forum Posts by: Clayton Silva

Investment Info:

Single-family residence buy & hold investment in Fayetteville.

Purchase price: $150,000

Interesting Purchase Opportunity. I was lucky enough to have a family member sponsor this purchase. They gave me $150,000 cash to buy the property and allowed me to borrow that money for 18 months with no interest or payments!! This gives me 18 months of collecting rent to save for a down payment. Then I'll do a cash out refinance after 18 months and give back the $150,000. Also, I am now a licensed loan officer and can do the refinance myself making the house basically free!

Investment Info:

Single-family residence buy & hold investment in Fayetteville.

Purchase price: $150,000

Interesting Purchase Opportunity. I was lucky enough to have a family member sponsor this purchase essentially. They gave me $150,000 cash to buy the property and allowed me to borrow that money for 18 months with no interest or payments!! This gives me 18 months of collecting rent to save for a down payment once I do a cash out refinance at the end of the term and give back the $150,000. This is essentially going to be a free house and, on top of that, I am now a licensed loan officer and can do the refinance myself to collect a commission on the back end of the refinance making it essentially a free house!

Investment Info:

Single-family residence buy & hold investment in Fayetteville.

Purchase price: $120,000
Cash invested: $1

3 bed 2 bath with about .5 acre lot. Beautiful backyard that backs into a government owned forest. Trails and forest behind the house, brand new gutters, 2 year old water heater, 3 year old A/C. 2 car garage with large, built in work bench. Recently remodeled floors and beautiful stainless steel appliances.

UPDATE: Refinanced in February 2021 and now instead of 4.1% interest, it has a 2.25% rate! I added an extra $175/month in cash flow with very little cost (I think it was like $2,200 for the refi). Going to have to put a new roof here soon :(

UPDATE: New Roof Hurt --> got a quote in 2019 for a roof at about $7,500 and just had this one installed in 2021 for around $14,000 due to shortages! Lesson: don't wait people! Especially in a place like NC where hurricanes and lots of rain can do a lot of damage to a roof in one year. I was lucky the old roof didn't break down!

UPDATE: New Roof Hurt --> got a quote in 2019 for a roof at about $7,500 and just had this one installed in 2021 for around $14,000 due to shortages! Lesson: don't wait people! Especially in a place like NC where hurricanes and lots of rain can do a lot of damage to a roof in one year. I was lucky the old roof didn't break down!

 Yeah, I have asked the agent to let me know when his future listings are coming on the market and I will be setting aside some capital in the meantime to be able to do another transaction with him in the future!

Investment Info:

Single-family residence buy & hold investment in Fayetteville.

Purchase price: $110,000
Cash invested: $22,000

3 bed 2 bath home with about 1,000 sq ft of livable space and a one car garage. It was sold to me by another investor in the area who is offloading his properties to fund retirement and no longer wants to manage the properties. It had minimal repairs needed because he basically remodeled it and I spent a total of about $5,000 for repairs, and to buy a new water heater, garage door and lift because it was a manual lift and I wanted a functioning garage for my tenants.

What made you interested in investing in this type of deal?

I lived in Fayetteville, know the area, and how BAH works.

How did you find this deal and how did you negotiate it?

I found this deal off market through the listing agent who is my agent in the area.

How did you finance this deal?

The old fashioned way 20% down conventional. Nothing exciting.

How did you add value to the deal?

I didn't haggle the seller, uploaded everything for my lender quickly so the loan closed in less than 3 weeks. I try to make the process seamless by answering my phone/emails and being upfront with what I'm looking for.

What was the outcome?

A great cash flowing property in a safe, quiet neighborhood that didn't break the bank.

Lessons learned? Challenges?

I think I put in an offer before really running the numbers because I know the area, what they will generally rent for and what my criteria are. OH!! DON'T TAKE RENT ESTIMATES AT FACE VALUE!! Property managers look for quick listings with no vacancy and will often undersell the house! I purchased the house with a $950-$1,000/month rent in mind. The property manager said $850, I said no, $1,000 and had a tenant in less than 24 hours because I knew my numbers. (Honestly should be $1,100)

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Agent: Uta Belletete is amazing to work with!
Mortgage Broker: Brian Cannady is great to work with and does great work!
Property Management: Soni Rider RE/MAX Choice Rentals is doing great so far!

Investment Info:

Single-family residence buy & hold investment in Fayetteville.

Purchase price: $110,000
Cash invested: $22,000

3 bed 2 bath home with about 1,000 sq ft of livable space and a one car garage. It was sold to me by another investor in the area who is offloading his properties to fund retirement and no longer wants to manage the properties. It had minimal repairs needed because he basically remodeled it and I spent a total of about $5,000 for repairs, and to buy a new water heater, garage door and lift because it was a manual lift and I wanted a functioning garage for my tenants. The tenants are a married couple with a few kids. He is a soldier in the Army and I look forward to having them there for the next 36 months hopefully (that is usually how long soldiers stay in one place before moving to another installation).

What made you interested in investing in this type of deal?

I lived in Fayetteville, know the area, and how BAH works.

How did you find this deal and how did you negotiate it?

I found this deal off market through the listing agent who is my agent in the area.

How did you finance this deal?

The old fashioned way 20% down conventional. Nothing exciting.

How did you add value to the deal?

I didn't haggle the seller, uploaded everything for my lender quickly so the loan closed in less than 3 weeks. I try to make the process seamless by answering my phone/emails and being upfront with what I'm looking for.

What was the outcome?

A great cash flowing property in a safe, quiet neighborhood that didn't break the bank.

Lessons learned? Challenges?

I think I put in an offer before really running the numbers because I know the area, what they will generally rent for and what my criteria are. OH!! DON'T TAKE RENT ESTIMATES AT FACE VALUE!! Property managers look for quick listings with no vacancy and will often undersell the house! I purchased the house with a $950-$1,000/month rent in mind. The property manager said $850, I said no, $1,000 and had a tenant in less than 24 hours because I knew my numbers. (Honestly should be $1,100)

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Agent: Uta Belletete is amazing to work with!
Mortgage Broker: Brian Cannady is great to work with and does great work!
Property Management: Soni Rider RE/MAX Choice Rentals is doing great so far!

@Anthony Ybarra when is the next one? I would like to attend but am not in town this weekend.

@Antionette Carradine thanks just finishing up my pre-approval and should be able to make an offer in a few days

@Antionette Carradine my first one was a SFH and I didn't have a lot of money to repair so I bought one with virtually no repairs necessary and then once I moved out and put a tenant in, it barely cashflowed. (was a 0 down VA loan) so I refinanced at a lower rate and now it makes about $170/month. I'm working on a bigger deal now and I'll update you on whether it needs lots of repairs.

I'm an investor in the Fayetteville area but I no longer live there. I'm actively working on a deal right now and utilize a property manager in Fayetteville. There are incredible cash following deals if you don't care much for appreciation.