All Forum Posts by: Account Closed

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $8,001
Cash invested: $34,500

I am holding on to this property for a rental. If I were to sale it it would sale for $50,000-$53,0000

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

I've been doing them since 2013

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

I was driving for dollars

How did you finance this deal?

all cash, retirement fund. (401k)

How did you add value to the deal?

I added a laundry room, new roof, external lighting, modified the landscape, new front porch that stretches across the entire front of the house.

What was the outcome?

Found a renter for $630 within a short period of time (while fixing it up)

Lessons learned? Challenges?

Always ask contractors to fill out a w-9 and 1099 form first, be patient, All because a person gets a good reference from 2-3 people doesn't mean they are going to do a good job on your place. Ask as many questions as possible. Set a time-line for projects.
Once you show the home to 2-3 people for quotes don't waste too much more time than that because the prices. If you don't like the price that any of them give do the work yourself.
If something sounds too good, its a bad thing.

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

I did but she did not know a lot about rentals, and the price of a home in a "C" class neighborhood, but she was trying to learn.

In NC YOU CAN REQUEST the lease forms and statements. There is a legal document that was created years ago and a lot of people request for the prof. If books were kept up with it should not be hard. As far as bank statements I don’t think that means too much because they could have just raised the rents/lowered, they could be just not paying their bills. Evacuee of bad management.