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Updated about 6 years ago,

User Stats

4
Posts
1
Votes
Carter Owen
  • Rental Property Investor
  • Charlotte, NC
1
Votes |
4
Posts

First time with investment property! Saw opportunity and jumped

Carter Owen
  • Rental Property Investor
  • Charlotte, NC
Posted

Investment Info:

Single-family residence buy & hold investment in Charlotte.

Purchase price: $40,000
Cash invested: $1,500

Got opportunity to purchase family property well below market value. In the process of gutting and rehabbing with plans for short term rental (airBnB and travel nurses). Holding until the area values increase. Also have ties to the neighborhood and I know most of the owners and intend on purchasing around half of the neighborhood properties from them eventually.

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

I have always enjoyed renovation and it is inline with my engineering and building background and my goal is to create passive income so I can work less hours. This opportunity presented itself when my ailing grandfather decided to sell his home to me for cheap. I intend to use it as my entry into real estate investing.

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

Family purchase

How did you finance this deal?

Conventional loan. Started off as a reno-loan but my grandfather passed in the middle of the long process and we switched to conventional just to speed the process up.

How did you add value to the deal?

I am currently doing all renovations myself. Goal with that is that I get as much hands on experience as possible even if it costs extra due to how long it will take me doing it this way. This is aimed to be my "education" so leaving money on the table in trade for knowledge is just fine with me!

What was the outcome?

Still rehabbing

Lessons learned? Challenges?

Renovation loans are amazing but are very difficult to get contractors to be on board and just took an immense amount of time. But I may try again on the next deal but have a contractor on board PRIOR to applying for the loan. Also am very interested in private money for down payments and reno costs/

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