Buy & Hold in Cary, NC

[Scott Ashworth]

Investment Info:

Single-family residence buy & hold investment in Cary.

Purchase price: $330,000
Cash invested: $410,000

Completely renovated 3/2 ranch near Downtown Cary with professionally landscaped yard. All new flooring throughout. New mudroom off carport houses laundry. Open concept! All new ss appliances, cabinets and quartz counters throughout. Kitchen has 8' peninsula! Large bedrooms. Master bath is a dream.

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

This home is near several of our other properties. We love the neighborhood & its proximity to downtown.

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

I was looking for a flip, and called the List Agent about another house. During the conversation, I realized the house I called about was not going to work out - so I asked if the Seller had any other properties. He said they did, a rental that they planned on selling once the Lease expired. I asked if they would consider not making any repairs and selling now to me.

How did you finance this deal?

Cash.

How did you add value to the deal?

Added a mud room off carport. We enlarged kitchen. Completely updated the home.

What was the outcome?

We have a short-term renter (6 months) for $3,500/month. Similar sized homes with fewer updates have sold north of $470,000 in the last 10 days.

Lessons learned? Challenges?

We had a 30-day timeline for renovations. We put teeth in the contract with the contractor that gave him a bonus for finishing early/on time and reduced his final draw if he was late. This project finished on time, and a little over budget. It is a long-term investment for us, so in the long run we will be happy.

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

Chris London stopped by several times and provided valuable feedback