All Forum Posts by: Jason Harty
Jason Harty has started 5 posts and replied 42 times.
Post: Zero out of personal pocket to purchase a lake front home!
- Contractor
- Long Island, NY
- Posts 42
- Votes 23
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $740,000
Using strictly investor contributions, we've purchased a lake front home on Lake Norman, NC. The current plan is to rehab (in progress - 2/12/23) and use as a STR property. Cash-out REFI upon rehab and substantial bookings to purchase more.
What made you interested in investing in this type of deal?
Love the are and the research data shows high potential for cash flow.
How did you find this deal and how did you negotiate it?
Cold called realtors in the area. I negotiated by waiving a home inspection and made an offer 130k below asking. Home was on the market for 6 months. Needs mostly cosmetics and some amenity based upgrades.
How did you finance this deal?
Non-QM Loan at 9.25%
How did you add value to the deal?
50K Reno, personally doing the Reno.
What was the outcome?
Home appraised for 150k above contracted price before closing. Total ARV is 250k above purchase price. Total projected value upon 1 year of revenue to be 360K above purchase price.
Lessons learned? Challenges?
I should’ve had someone do the Reno for me with a team and managed the Reno.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
My wholesale mortgage broker was great at pulling the financing together. It was a unique situation and I believe he was the reason this deal happened. Happy to refer upon request, (he’s not on here).
Post: Winston Salem, NC Brewery Meetup - 1-26-23
- Contractor
- Long Island, NY
- Posts 42
- Votes 23
Thank you all for being so incredibly welcoming and supportive last night. Such a great vibe, looking forward to connecting again with everyone.
Post: January Lake Norman Meetup
- Contractor
- Long Island, NY
- Posts 42
- Votes 23
Quote from @Caten Murphy:
@Jason Harty, @Princess Small hope you can come to the next one! It is always the third Wednesday of every month so next month will be Feb 15! DM me your emails and I can add you to the notifications as well!
Post: January Lake Norman Meetup
- Contractor
- Long Island, NY
- Posts 42
- Votes 23
Quote from @Caten Murphy:
This month's Lake Norman Real Estate Meetup is Wednesday, January 18th at 6:30 pm and we will be meeting in person at Sabi Asian Bistro in Davidson (Exit 30) at 130 Harbour Place Drive, Davidson, NC 28036!
I know we have all heard the saying "your network is your net worth," and in this business, that couldn't be more true. With over 100 people moving to Charlotte a day, we have also gained a lot of new (to Charlotte) investors who have reached out looking to join our community. We love to hear about the conversations, connections, and the deals that come out of these meetings and we know there is always a diverse group of experience that attend our meetups, so we wanted to start the year off by having a networking event. With an ever-shifting market, this is a great opportunity to talk to other investors about what's working for them, new strategies to implement, and to see how you could benefit from working together! We are also inviting any and all contractors or service-providers to come out and introduce themselves/what they offer to the group as we all know a solid team is essential to success and scaling. This will be a great opportunity to add some power-players to your team so you can do big business in 2023!
We look forward to seeing you guys this month! Please feel free to bring anyone you think may also enjoy this!
Caten Murphy - Maverick Property Group
Post: Winston Salem, NC Brewery Meetup - 1-26-23
- Contractor
- Long Island, NY
- Posts 42
- Votes 23
@Becky Pesek I will be going to this meet-up if you and Frank would like to join!
Post: Winston Salem, NC Brewery Meetup - 1-26-23
- Contractor
- Long Island, NY
- Posts 42
- Votes 23
I’ll be there!
Post: January Lake Norman Meetup
- Contractor
- Long Island, NY
- Posts 42
- Votes 23
Hey all, new to Mooresville area. Looking for meetups!
Post: Lake Norman, Mooresville, NC - In contract for our first STR!!!
- Contractor
- Long Island, NY
- Posts 42
- Votes 23
Quote from @Tyler Solomon:
Jason - Beautiful Property! I spent a lot of time on Lake Norman during my college days at Davidson (just down the road from you!). Lot's of beautiful homes out there! How has this been performing for you so far?
Post: Lake Norman, Mooresville, NC - In contract for our first STR!!!
- Contractor
- Long Island, NY
- Posts 42
- Votes 23
Post: Lake Norman, Mooresville, NC - In contract for our first STR!!!
- Contractor
- Long Island, NY
- Posts 42
- Votes 23
Quote from @Mark DiPietro:
@James York we live close by too. I’d love the address if you wouldn’t be ok DMing it. Love to check out the progress.
Hey Mark! I am in town. Feel free to pop in and say hello. Just got here yesterday and getting a started on the reno! 618 Isle of Pines Rd. Mooresville, NC 28117