All Forum Posts by: Ryan Norman

@Laura Yates I'd be interested in any potential deals you're seeing in Gastonia, or West Charlotte. DM me please.

Looking for a VA specialist in Suwanee, Georgia area.

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Charlotte.

Purchase price: $220,000
Cash invested: $15,000

FSBO Single-family converted to duplex. 4/3 ranch, with finished basement.

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

The opportunity to house hack

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

Zillow search...FSBO.

How did you finance this deal?

FHA 30-yr fixed @ 4.125%. 401k Loan for closing costs + repairs

How did you add value to the deal?

Completed: Paint, carpet, private entrance with walk-way
In-progress: kitchen cabinet resurfacing, master bathroom renovation, adding second bedroom and kitchenette to finished basement.

What was the outcome?

Using BP's tenant screening resources, I was able to find 2 qualified roommates. I pay for utilities, and the roommates cover debt-service and maintenance. I self-manage using the Cozy.co

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

William Tisdale, PRMI
Desiree Pugh, Keller Williams

Investment Info:

Single-family residence buy & hold investment in Charlotte.

Purchase price: $75,000

Cash invested: $7,000

Bought my first investment property using the Fannie Mae Homepath program. Single-family 3/2 ranch home.

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

The Homepath program's low upfront cost

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

Fannie Mae Homepath

How did you finance this deal?

Traditional 30 year fixed @ 4.375. Loan from 401k for closing costs and repairs. 

How did you add value to the deal?

Paint, carpet, landscaping

What was the outcome?

Listed with a local property manager. Same tenant for 4 years. Net cashflow $250/month

Lessons learned? Challenges?

Get started faster...use relationships to fill the void of uncertainty and fear.

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

milena.kwrealty.com
T.R. Lawing, LLC

Jerry, 

Are there any options for seller-financing on this property? I'm for a unit in Charlotte to live in short-term (6mos-1 year), or BRRR strategy.

Hello,

We recently purchase a rental property in the Charlotte metro area, and will be purchasing 2-3 more properties by the end of the year. We are looking for a GC, or contractor, who has experience working with investors, "drawn" system of payment, and due diligence estimates. Being, or having a licensed/bonded electrician on your team would be preferred. 

We're ready to get our most recent deal, rent-ready, so please contact us as soon as possible.

Thank you,

Ryan
[email protected]

Thanks Troy! You can count me in!

Thanks Wayne and Lucas! Yes, the loan is 30 yr, fixed, so just crossing fingers that offer is submitted!

Happy New Year everyone!

I'm on my way to locking up my first investment property in Charlotte, NC. I have 3 properties I'm looking at on the Homepath resource, and have submitted an offer for 1 already. I will purchase as owner-occupant, and transition it to a rental after the 1st year window of ownership has passed. While discussing my financing options with my loan officer, he informed me that the Homepath FHA financing option was discontinued in October of last year (2014).

I've been approved for conventional, lender paid mortgage insurance (LPMI) financing, which will eliminate my monthly mortgage insurance (~$40/mo) and increase my interest rate from 4.18% to 4.3% (extra ~$5/mo in mortgage payment). Even at a 5% down payment, this option looks far more attractive than the Homepath FHA 3.5% down payment product, but I just found it odd that Homepath is still listing properties and not continuing Homepath financing for them.

Does anyone have any insight/feedback on this topic? Thanks in advance!

@Sharon Vornholt do you send your letters when there's still a spouse surviving? What about when there are attorneys representing the administrator/executor/executrix? Is it ok to mailto the offices of the law firm?