All Forum Posts by: Samuel Albert

Piggy backing off of what @Tim McGarvey said. the area directly between the triad and triangle areas is blowing up right now. i believe that Burlington is one of the top 5 markets in the country right now or close to it. There is a lot of opportunity in these areas. If you're  in need of an agent in this area let me know an Ill put you in contact with an investor friendly agent friend of mine.  

Good luck!

Quote from @Misti DelMar:

I'm buying my first investment property this summer and I've been watching everything in real estate pretty closely (through Bigger Pockets and social media)....

When I'm ready to buy this summer, I'll have 20-30k saved up,  that still won't leave room for having 50-100k liquid on the side to pay over asking price, like so many people are doing. 

*Do you guys (realtors?) out there think I even have a chance? I'm open to buying anywhere. 

*Will realtors even want to work with me if they find out I don't have tons of cash on the side to pay over asking? How bad is it really out there?

(If crypto goes on another run, I will have a lot of $$$- but that's no guarantee)

Thanks for any honesty or encouragement. Trying to mentally prepare.

Hey misti! I would say as a first step that you should figure out a market that you want to focus on. That way you can run numbers and know that when an opportunity comes up that its a good deal. I would say make your offers based on the numbers. If the numbers only work if you offer 5k above asking, then dont offer 15k above cuz youre afraid of missing out. opportunities are easy to come by. 15k is not. 

As for realtors. I know a couple around here in the triad area of NC that I could connect you with that work with investors. I would say talk to them and be honest about your situation and they will be honest with you. You absolutely have a chance. The deals are out there. Just gotta keep a positive attitude and stick with what your numbers are telling you.

GOOD LUCK!!

Around the price youre looking for, your best bets are probably parts of greensboro, burlington, gibsonville, or graham. If you would like, shoot me a message and  i can put you in touch with a couple of wholesalers that I get emails from, as well as some agents i know. Happy investing!

Do you know anyone with a large savings that could help finance it in return for a percentage of the cash flow? If you can bring the financials to them and show them that its a solid deal and that they will get more than if their money was just in a savings account, They might be willing to put up the funds. You might even approach the owner and see if they'll seller finance it. you might be able to do no money down and a 5 year balloon and pay the owner off with a bank loan. There are also hard money lenders but those are typically higher interest, short term loans. I think biggerpockets even has a vendor list of hard money lenders. so you could start there if thats the route you choose. Just dont let the fear of getting told no prevent you from taking the next step. Good Luck!

If it were me, I wouldnt do it. But if the numbers make sense, go for it. For example, if you can use it to buy a property outright that cash flows 400+ you might take the chance. But if it only cash flows 200, then youre really down to 100 after the hit from the refi. that leaves only 1200 in cash flow for the year, so if something major needs repairs, you might find yourself in the negative for the year. Now, if you can use that money to spread out as down payments across a couple of properties that cash flow 200 or more each, then it might make sense. It's really a matter of your risk aversion. Just my two cents. Good luck!

Hey Bryan! Greensboro is a pretty decent market. There is a lot of industry so you wont have to worry about one factory closing and everyone leaving. Housing prices have been appreciating a lot and along with them the rents. you have neighborhoods ranging from class A to class D. I think you would be able to find a lot of good opportunity in Greensboro and the surrounding markets. Feel free to reach out. I'd be happy to help out in any way i can.

Quote from @Don Gouge:

Quote from @David P.:

I have a first-floor tenant who had their washroom completely gutted out everything new and fixed previously leak and about 7 months ago that leak did minor damage to the basement ceiling washroom. Not once did the 1st-floor tenant tell me that the tube drains slow he decided to take upon himself and fix it he used draino what sure what else he did but water leak to the basement ceiling and walls washroom and made it worse suggestions and how to handle this situation

Exactly what is "the tube"?

I think he means the bath tub.

My thoughts is that you should find a good GC that can walk the property and get rough scope of work estimate. Maybe compensate him well for his time so he can give you an objective estimate and not feel like he needs to downplay the repair costs so you'll be more likely to buy it and it's not a waste of his time. If you can find one that also has inspector experience, that would be a unicorn you don't want lose. Good luck!

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $35,000
Cash invested: $55,000

Inherited the property from my dad and bought my brother's half from him. Needed a new roof, new hvac, basement had water damage and flooding issues, new floors, kitchen had a soft spot from a water pipe leak. Overall I had to put an extra 20k. Ended up refinancing and pulling out about 125k that I used to buy my next property.

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

I had been managing the property for my father for years, so it seemed like a no brainer.

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

Inherited the property and negotiated with my brother to buy his half. He knew how much work it needed so we came to a reasonable agreement.

How did you finance this deal?

Used money I had in savings.

How did you add value to the deal?

New roof, hvac system, floors, drainage and vapor barriers in the basement, and painted the walls.

Investment Info:

Condo buy & hold investment.

Purchase price: $150,000
Cash invested: $160,000

Using this as short term rental for traveling healthcare professionals.

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

I was going to use it as a regular airbnb due to its location near the airport, but later found that the HOA didn't allow for less than 30 day leases. I looked into extended stay bnbs and came across this strategy that seemed like a good fit because it was also close to many healthcare facilities.

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

Found on the MLS and made a cash offer.

How did you finance this deal?

I got a HELOC on another rental property and used some of the money I had in reserves.

Lessons learned? Challenges?

Always read the HOA and know what is and is not allowed for your unit.