All Forum Posts by: Ion M. Cerga

Awesome, go go go, my man!

Hi everybody investor nation. 

Just a quick introduction. My name is Ion Cerga, I am alien resident in Fayetteville, NC next to Fort Bragg military base, the biggest in nation and in the world. I am originally from Republic of Moldova, I am a real estate agent with Keller Williams Realty and my wife, Roxanne, registered nurse is from Philippines, we moved in here in December 2018, due the fact that my spouse got a job  at Cape Fear Medical Health Center Job, one of the greatest medical facility in Cumberland and Hoke County, North Carolina. 

In the last two year we acquired two properties, we rented one home, we are doing house hacking right now and we are getting ready to get our third investment property, second for 2021, and three more to come this year as per our target. The market as all over the country is going crazy, as a investors most of the time if you don't buy the of market deals you are forced to pay retail price for potential rentals. 

In order to   make it work in this environment beside the knowledge of the local market is capital important to had the business model in place, short term, long term, flipping. 

We got the third home under contract, got the GC getting us an estimate and just because we got the tenant ready to move in right away after the rehab is done we decided to go all in, despite the fact that: one: we paid retail price for the home, two: negotiations to get the repairs or price down failed, three: with the housing market on fire we decided to give it a leap of faith of succeeding. 

More updates as we close and start our rehab work. 

Let's connect and please share what your major hurdles investing in this crazy market!

awesome, you told something about this deal last time we meet can you talk to us about more in detail next 
Sunday at REI meeting what was the porcess of gathering the data to make this deal work. cheers . ion

hey dmitry lets talk

Gennaro my dear friend , Italian by chance? I had few very good friends from Italy while working in Abu Dhabi at Etihad Airways. I can take care of your rentals in a bit. Spoat, Jackson and Brownie are the PM that are working With Alex Felice From Bigger Pockets, they take care of more then 400 plus door, and they are working with plenty of out of state investors. This Sunday we have scheduled another meet up so lets connect, phone nr and email address and let's see how we can work together i'm looking ot move slowly closer to Charlotte and Raleigh area due the fact that my wife is a nurse and investing oportunities as well real estate.

Cheers.

Thank you so much for your vast reply and here I would like to outline few ideas that I got:

1 competitive market same as everywhere it is true and with the idea building more relationships through realtors, I am one as well, vendors and wholesalers something will come to fruition. Got the strategy, got the funding, know whom to ask to get homes rehabed just looking for a deal that will work for me and my family. 

2 most money printed in the history, agree. Even though I'm not watching TV I'm aware of it and feat currency slowly but steady is getting close to a collapse. 

3 shortening the dollar idea was great, here it comes in mind the kyosaki ideas about money and assets so getting debt for assets makes complete sense if this assets cash flow and appreciate,  investors who over bid had in-house construction and great financing arrangements that make sense to over bid and narrow the profit margin. 

I'm looking to buy 5 rentals till.the end of the year, some of them brrrr some turn keys so looking forward to get it completed. 

whoever needs a person boots on the ground around Fort Bragg, let's connect and I'm looking to help and share with u may knowledge about local market, residential and multi family. 

Cheers.

Since the turn of the year, nothing changed overnight. Corona Virus still affecting major part of the world and real estate has it's own reaction to this epidemy. As the interest rates sunken the market went on even crazier grip and day after day the inventory reduced drastically.  Home sold after a bid war of 25 plus buyers become a new reality of day to day real estate transaction that get the stress of buying a home a totally exhausting business, almost un attainable, however here we go. 

Located next to one of the biggest military base in station, soon after the movement of the troops restarted the market got even hotter here in Fayetteville and Fort Bragg Area North Carolina. 

In this market that is very competitive for regular buyers and sellers it is even crazier on the investor's side. Things getting sold a lot over the asked price and despite being boots on the grounds and getting connected with local wholesalers and investor, I find it almost impossible to land a deal. The idea that I would like to launch here is to ask the local investor and out state that have rental here, how are you growing your local portfolio and the most important how do you get your rehabs done?

The entire idea of this post is to shoot out and connect with more investors in area and find out how we can help each other and make the things work for everyone. 

Looking forward for my first BRRRR, now in May as soon as i find a property that will make sense.

Cheers Everyone and let's find out how do you find the current situation and what is your biggest challenge to make the things work?

Investment Info:

Single-family residence buy & hold investment in Fayetteville.

Purchase price: $120,500
Cash invested: $8,000

Got a new home as a primary residence with 5% down. Get the home repaired lightly, small cosmetic adjustment.
We moved in and after a month or so we got one of our bedroom rented, so basically the reason I decided to share this information here is to share the understanding of a house hacking concept. So at the moment we are house hacking, almost living for free meanwhile the mortgage getting paid by our tenant.

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

One of the ways how to get properties with low money down.

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

Through MLS, I am a realtor, location is close to both my office and my wife's work. It is a great neighborhood so it makes perfect sense to move in.

How did you finance this deal?

We get a conventional loan for a primary residence with 5 % down.

How did you add value to the deal?

Making small cosmetic adjustments and renting the converted garage in a bedroom.

What was the outcome?

Just going through this process for just a couple of months, the idea is to save enough to get the money ready for a BRRR. Active searching the deals.

Lessons learned? Challenges?

Used multiple handymen and plumbers to get the things done. Learned to keep searching and interviewing until eventually will find something that clicks both on personal and professional level, and makes monetary sense.

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

I was a buyer agent for my wife.

Hi Everyone, Ion here. Time arrived and We're are on the way of getting our second home so we're looking to connect with more contractors and rental investors in order to get more things done together. Cheers.

Kevin Hunter, how long you've been in investing business and what is the best way to get in touch and connect with you?