All Forum Posts by: Meghan McGill

Investment Info:

Single-family residence buy & hold investment in Fayetteville, NC that I plan to LTR using a PM. This is an out of state investment. 

Purchase price: $112,000
Cash invested: $27,500
The Numbers: Free Cash Flow - $296, CoC Return - 12.94%

Contributors: My agent - Dan DiFilippo 
Dan DiFilippo | BiggerPockets

What made you interested in investing in this type of deal?
After doing some research, I decided that the SFH market in Fayetteville was a great opportunity for my buy and hold strategy. The cost to entry is lower than my local market and the rental market should remain fairly stable because of the base nearby.

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

My agent, Dan DiFilippo with Five Pillars Realty helped me find this deal. It was on the MLS and was a flip that someone else had already completed so it was basically rent ready. Because of the competitive market, I offered $10,000 over asking w/ the seller paying 2% of closing costs (there were multiple bids). They countered with a lesser contract amount and 0 towards closing costs. Contract price of $112,000. It appraised at $113,000.

How did you finance this deal?

Conventional financing, 20% down payment, 3% interest rate. 

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

Yes. My Agent Dan was excellent as well as my lender, Carolina Arango with Resource Financial. I'm also working with a local PM that I think will be great. She has been a great resource thus far. 

@Roxanne

ACE Property Management, Any Reynolds. I’m new to investing In the area but she comes highly recommended and my Interactions with her so far have been great. She is very responsive. I plan to place both of my properties with her when I close.

@Alexander Felice

Congratulations! I’ve heard great things about you. It sounds like you are doing exciting things in the Fayetteville market.

I would also suggest that you join a local REIA group and start networking. Hopefully you will be able to build up a list of referrals to use in the future.

@Deisy P.

I’m doing this without a partner as well. However, I’m working on building a list of trusted contacts. My advice is to use this as a learning experience and don’t give up!

You can search BP to find contacts in the area that you invest in. Start networking and ask for referrals. Then research those professionals online before using their services. Then, if you get a quote for something that is high, get a second opinion.

I’m sorry that roofer asked about the man of the house. That is disappointing.

I admit that I am very trusting and I haven’t always followed the advice I just gave. But I’m learning and I had someone quote me for a French drain the other day for $6,000+. They tried to get me to make a decision that day by offering me a discount. I told them I wasn’t making a $6000 decision that day. I got a second opinion and still waiting for the quote, but I am certain it will be less.

Good luck in your investments!

@Dan DiFilippo I might also be interested in more information. I'm just beginning to research the area for investing. 

@Mark Horton II are you happy with your property manager? I'm considering investing in Fayetteveille (I'm in SC) and am looking for a good property manager in the area. 

@Troy Gandee

I’m also having trouble with the link. How much is the event and where can I learn more about the group?

Thanks!

@Danny Randazzo Thanks for the info. I won’t be able to make this one, but I’m interested in future meetups.