All Forum Posts by: Chris Weyl

Investment Info:

Single-family residence buy & hold investment in Wilmington.

Purchase price: $78,900
Cash invested: $19,725

My 1st deal! What a great learning experience. Finally executing and getting through the transaction process was invigorating. The nuances of lending, business licenses, entity formation, and property management processes are somehting (for me) that required a "real" purchase to fully appreciate and learn....not just the theories I have been playing through until this day.

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

Cash flow and passive income were the main goals for this deal. Getting through my first transaction and getting educated were intrinsic opportunities I saw in this as well.

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

MLS through an investor friendly agent

How did you finance this deal?

Conventional financing with my primary residence HELOC for down-payment.

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

Erik Bashford with Pantano Realty. He works really well with investors.

I would give Global Title a try, they are excellent.

The owner is an investor looking to reduce portfolio and focus on wholesaling sheriff sales.  The owner also shared that this is an "illegal" duplex but has never had an issue with the city, even when enforcing an eviction.

Thanks for any advice on this one!

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