All Forum Posts by: Robert Russotti

Investment Info:

Single-family residence buy & hold investment.

Investment Info:

Industrial commercial investment investment in Selma.

1st Commercial BRRRR Under Contract

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

I've always wanted to own and design a restaurant/entertainment space.

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

Driving for Dollars.
Negotiated monthy payment & interest rate.

How did you finance this deal?

Owner Finance/10k down

How did you add value to the deal?

I am forming an Opportunity Zone Fund

What was the outcome?

TBD

Lessons learned? Challenges?

This will be a total gut renovation.

@Padric Lynch

As long as you let the guest know in advance of booking and/or make it very clear on the listing, that should not cause negative reviews.

I disagree that Raleigh is primarily a flip market. I'm a buy and hold investor and I continue to find ample opportunities for cash flow. Originally from Rochester, NY here...

Nothing for a long time. It needs A LOT of work... I'm going to sit on it and continue to build equity. I will do a very large renovation when it is feasible. 

Investment Info:

Industrial commercial investment investment in Selma.

Purchase price: $87,000
Cash invested: $10,000

My first commercial opportunity in the path of development in Selma, NC.

Hey All,

A neighboring commercial building was also available. Owner finance, 10K down... I have it under contract as of tonight.

I appreciate everyone who participated in the conversation, it keeps me growin'.

Rob

Hello All,

I have stumbled over a good equity opportunity that is listed for 110k. I have the ability to get 75% financing yet lack a downpayment. Do hard money lenders do smaller amounts around 30k? Additionally, a 75k renovation beyond the sale amount will make it a premier property in this growing town. Thoughts, please.

Thanks

Rob

Investment Info:

Single-family residence buy & hold investment in Raleigh.

Purchase price: $85,000
Cash invested: $800

This home started as a lease option that became a live-in BRRRR that was destroyed by a tornado and rebuilt into an Airbnb.

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

I had no money to put down and no credit.

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

A good friend told me that there was a house to rent a couple of doors down from him in downtown Raleigh. I asked the owner of the home, a real estate lawyer if he would be willing to owner finance the home. We ended up in a 3-year lease with the option of an 85k buy out at the end. A year and a half into the lease, mid-May of 2008 as the market was eroding, I was able to purchase the home with help from a friend.

How did you finance this deal?

My friend purchased the home, he added me to the deed as T-COMM the following month and I refinanced in 2009 after the market had crashed.

How did you add value to the deal?

After slowly refinishing the hardwoods and painting inside and out, a tornado totaled the home. I rebuilt a new home in 2012.

What was the outcome?

I was able to HELOC the home, buy and rehab a second home for cash leveraging that home to buy 2 more homes. I created an Airbnb and now have 5 investment properties in Raleigh.

Lessons learned? Challenges?

Make sure you know how many 401k loans you can borrow and payback in a 12 month period. Getting blindsided and having to pivot to hold the deal together will certainly show you where to look to ensure your funding is secured.

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

Melissa Gordon
Coldwell Banker Advantage
6020 Creedmoor Road
Raleigh, NC 27612

Investment Info:

Single-family residence buy & hold investment in Raleigh.

Purchase price: $85,000
Cash invested: $800

Inside Out Modern - Home Staging & Design