All Forum Posts by: Joseph Harr

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $45,000
Cash invested: $51,000

Found this 2 bedroom, 1 bathroom house from a wholesaler's ad on Craigslist. The owner was an out of state landlord. Paid cash. Will fix up and refinance once my tenant moves out. Until then, enjoying the cashflow. A friend of mine bought the same house a couple streets over, same size, layout, year built. She flipped hers for $110,000.

@Jordan Smith @Andrew R. Lucas Thanks guys I'll pass him this info. 

@Ashley O'Hearn thank you!

Good morning everyone,

I'm looking for a lawyer in South Carolina. My brother is in a bit of a situation with a house he just bought in Columbia. Is anyone on here a lawyer or know one he could get in touch with. Thanks for your help.

Hey Andrew,

I just got my license in VA and I used Advanced School of Real Estate. It's an online self-paced course that's mostly reading but there's some videos to watch too. There's a 60 (might have been 50, can't remember exactly) hour timer that counts down to make sure you put in the required hours. Then you take a written test at home with a proctor. Once you pass that you can schedule the state exams. It's not zoom so maybe not quite what you're looking for but it worked for me. Good luck.

@Patti Robertson I know this is an old thread but in your opinion, should investors in Hampton Roads looking to buy houses for STR also wait for the market to loosen up?

 As someone also interested in, but new to this topic, your post about winter rentals was a great read. 

 Mellow Mushroom is awesome

 Thanks for the reply. The house seems to be in good condition. I probably wouldn't have to do any repairs initially until the current tenants moved out and then I think it would just be cosmetic stuff like carpet and paint in one unit, or I could do some upgrades to bring it in line with the other unit. 

Some extra info: Both units have tenants until June 2020. The house is right next to a highway that generates a lot of noise outside (inside is not as bad but you can still hear it). One unit has been updated. Seller says it appraised in 2014 for $234k before the one unit was updated. Seems to be in good condition. House is nearly 30 years old with the original roof. The seller says he "wouldn't go below 250k." Besides the highway noise, the neighborhood is ok. It's close to shopping and 5 minutes away from a very popular beach/tourist area/vacation spot. I was thinking about letting the leases expire and using the units as AirBnBs/short term rentals. My conservative estimate for monthly cashflow as an Airbnb is $700 altogether but it could be more. 

My goal is to buy houses for as much cashflow as possible. I'm saving $7k per month right now. I have $65k in cash right now. I also have another house I'm using as a rental but it's breaking even at best and I don't have much equity in that one at all. In addition, I just bought my personal residence with a 0 down loan in Feb of 2019. 

I'm torn between going for it and saving up more cash to do BRRRRs with my own money. Also, I'm not sure if it's a good idea to deplete all my cash reserves and be highly leveraged in three properties.