All Forum Posts by: Drake Johnson

@Padric Lynch I'll be back for a wedding in March! Please remind me what day of the month it is?

Investment Info:

Single-family residence other investment in Concord.

Purchase price: $125,000
Cash invested: $1,000

My most recent purchase:
SFH - 3bd 2ba - 1150sqft
Purchase price: $125k (VA loan)
Seller paid $5k in closing costs
Current Value: $145k

Here’s how it went down.

I am currently debating whether to get a roommate and turn this property into a house hack.

I solved a small problem for a $20k discount on a fully remodeled house. If you are in the Charlotte, Concord, or Kannapolis areas, let’s get connected!

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

While I was doing a live-in flip in Jacksonville, NC, I decided to move to Concord, NC. I needed a place to live and was not about to do another DIY live-in-flip.

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

I started looking for deals using Propstream. I called the owner and he did not answer. A random South Dakota number calling on a Saturday afternoon probably looked a bit suspicious. I texted him, told him who I was looking for, and what I was inquiring about. He texted me back immediately. We set up a meeting to discuss the property and I found out it was remodeled in 2018 from the floor joists up. A new roof, new HVAC, fresh paint job… a seemingly great flip!

How did you finance this deal?

VA Loan

How did you add value to the deal?

Now, time for the problem. The previous owner built an addition onto the house. Due to the addition, the new HVAC and a corner of the house crossed the lot line by less than one foot.
I asked the owner why he did not contact the lot owners. He was told they lived out of the country. They did not respond when his previous realtor sent them a letter…a letter. LOL. Imagine that! I pulled up the deed and immediately found the owners, four siblings.

What was the outcome?

After skip tracing, I got hold of one of their spouses whose husband signed the easement for the house and cleared everything up. Honestly, I need to send them a gift card for a nice date night. They are amazing people!

Lessons learned? Challenges?

Opportunities can be hiding in plain sight. Don't be so quick to give up.
"Professional" is a loose term these days. Get someone who is OBSESSED with being the best at their job.

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

This was another big reason I got my RE license. Ladies and Gentlemen, not all realtors are created equally.

Investment Info:

Single-family residence other investment in Concord.

Purchase price: $125,000
Cash invested: $1,000

My most recent purchase:
SFH - 3bd 2ba - 1150sqft
Purchase price: $125k (VA loan)
Seller paid $5k in closing costs
Current Value: $145k
PITI: $570

While I was doing a live-in flip in Jacksonville, NC, I decided to move to Concord, NC. I started looking for deals and found my current residence using Propstream. It was a failed listing from 2019. Here’s how it went down.

I called the owner and he did not answer. A random South Dakota number calling on a Saturday afternoon probably looked a bit suspicious. I texted him, told him who I was looking for, and what I was inquiring about. He texted me back immediately. We set up a meeting to discuss the property and I found out it was remodeled in 2018 from the floor joists up. A new roof, new HVAC, fresh paint job… a seemingly great flip!

Now, time for the problem. The owner built an addition onto the house. Due to the addition, the new HVAC and a corner of the house crossed the lot line by less than one foot.

I asked the owner why he did not contact the lot owners. He was told they lived in Israel. They did not respond when his previous realtor sent them a letter…a letter. LOL. Imagine that. I pulled up the deed and immediately found the owners, four siblings. After skip tracing, I got hold of one of their spouses whose husband signed the easement for the house and cleared everything up. Honestly, I need to send them a gift card for a nice date night to thank them for simplifying the process tremendously!

I am currently debating whether to get a roommate and turn this property into a house hack.

I solved a small problem for a $20k discount on a fully remodeled house. If you are in the Charlotte, Concord, or Kannapolis areas, let’s get connected!

How did you finance this deal?

VA Loan

How did you add value to the deal?

I got an easement from the serviant estate owners.

 @Indro Dhar

I don't know exactly. Judging by what everyone else has said, not just in this forum, it is still going to show up on your credit history regardless of the situation. The two people who commented on this post <https://www.biggerpockets.com/forums/311/topics/824776-repercussions-from-forbearance> have a lot more experience and knowledge than myself. They will be able to give you more info. But, bottom line, a forbearance isn't going to look good on your credit history.

@Brian G. @Kenny Manchester

Glad to help out! He sends out updates/videos pretty regularly now. If you're stuck at home like me and want to get a pulse on the lending industry, check out his site & enter your info to subscribe to his newsletter.  http://www.aaronbchapman.com/

If you have time, check out this video. Aaron Chapman has been in the industry for 20+ years and puts out some good content

https://marketingsnmc.wistia.com/medias/yqe9ybveyt

Aaron Chapman is a top 20 ranked loan originator. He pushes out some very good content. Watch this if you haven't made your decision already.

https://marketingsnmc.wistia.com/medias/yqe9ybveyt

 6 pages of comments... I should've known! I don't have any experience with it. I just read about it in the HouseHacking book and have heard about it in the podcasts. I decided to look it up because I'm planning on househacking. It looks very simple, efficient, and cheap. They advertise it as free but seems a little too good to be true. Tenants link their bank accounts and it transfers the money automatically every month. It also has a part where tenants can log on and submit maintenance requests through the website. Might be worth checking out.

Have you looked into using Cozy.co versus Venmo?

Thanks Remington. I was considering this too.