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Updated about 3 years ago on .

User Stats

64
Posts
33
Votes
Thomas Magill
  • Investor
  • Charlotte, NC
33
Votes |
64
Posts

First Buy and Hold in Cherryville, NC

Thomas Magill
  • Investor
  • Charlotte, NC
Posted

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $54,500
Cash invested: $60,000

The ability to find good deals in my typical buy box was getting pretty thin, so I had to increase the radius. This home was vacant for 3-5 year and needed a full renovation/reconfiguration. I removed a bedroom and added a bathroom to create a 3/2.

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

The potential upside due to the purchase price. This location was not on my radar but I was having trouble finding deals in other locations.

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

I found this deal through a wholesaler. I pulled comps in the area and tried to find something similar. Luckily a home sold on the same street a couple days before I closed over what I underwrote the deal for.

How did you finance this deal?

I borrowed money from a private money lender I found on BP.

How did you add value to the deal?

I reconfigured the floor plan to open up the space and added a bathroom.

What was the outcome?

I just finished the renovations and have listed the property for rent.

Lessons learned? Challenges?

I was originally wanted to flip this property, but once I realized that I didn't have any money in the deal and could cash flow the property I quickly changed my mind.

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

no

  • Thomas Magill