All Forum Posts by: Antoine Basquiat

Thank you!

Would you need to go to wake county & propose plans? If so, does 1 typically secure the propety before talking to the city?

Either way I would want to have mutiple exit strategies in place just in case.

Hello,

I am currently looking at multiple lots zoned R40-W zoning in Wake County, NC. My strategy is to build town homes or attached single story multi unit apartments. Are there any local investors that have experience with such a build? I would be interested in partnering as well.

Thank You,

Antoine

Hello I am a new investor looking for my first fix & flip or rental property. I have been seeing potential good deals in the NC area come & go before I can jump on 1. Last deal I saw was listed as coming soon, 0 days on market & then pending sale all within the hour. So I have been seeing first hand how hot this current market can be. After this I decided to take a step back & reevaluate my approach. A good friend of mine once told me they rather be a BIG fish in a little pond then a little fish in a big pond. 

So, instead of looking for a great property in a hot market & decided to look for the market that will fit my current needs instead. With this I will need to set specific property criteria & stick to it. But first I need to find the right market. I have analyzed a lot of properties & the surrounding area of a property but never an entire market. So to get some ideas flowing I figured I ask here first.

What different strategies or steps do you take in order to evaluate a new potential market/new area?

Thank You!

Hello,

I am a new investor looking for property management companies for potential multifamily property in the Fayetteville, NC area. Would be interested to see references the BP community has. One company I heard so far was Spoat, Jackson & Browne LLC. Has anybody you used the guys before or have any other references.

I am also looking for possible realtors/brokers & lenders. But I am still currently researching this part of the team.

Thank You!

Thanks good point! I did not consider flood zones in this analysis, but this property is not in a flood zone. I will most def add that to my list while assessing properties. I am currently looking into financing options in preparation of taking a look at this property to see if I should move forward. Hopefully after talking to a realtor &/or my potential property manager for this property I can get a better feel for comps in the area to produce a more accurate analysis then the one above. Hopefully this will give me a better picture on how much I can charge for rent after repairs in that area.

Hey Nate! Nice to link with another TREIA memeber. I might still take a look at the place to get an understanding of the needed repairs. Hopefully finding an investor friendly realtor. I have been focused on analyzing properties and now I plan on switching gears a bit to focus more on finding lending options. This way when I find a deal I will have the needed components to take action and hopefully have a quick close, creating needed relationships.

I have also been looking in the Raleigh, Duham area as well. Along with Garner, Holly Springs & Apex. I will be sure to connect with!

Thank you Phillip! The property is in the Fayetteville area. I think you bring up a very good point about being able to attract stable renters and repair costs. I would not be surprised if this was the very same reason it is up for sale now as 3/6 units are currently in need of repair. Also I am not sure how well increasing the rent after repairs would do in that particular area. Would hope to get better comps for a better evaluation. 

I will work on building more and more solid connections. When I find the right deal, the money will come.

Thanks again and I will be sure to connect with you!

Hello,

I am a new investor in the Raleigh, NC area and a new member of the TREIA group. I am a software manager by trade with experience in 3D design, websites & general construction. With a love for organization & spreadsheets. While my wife has experience in property management, both residential/commercial & is currently studying to be a realtor. 

I have been practicing analyzing multifamily housing in the area to purchase my first rental property. With plans to eventually branch out into various other states outside of NC. On my own I have been finding some potential deals that I think look good on paper, but currently stuck at that phase & slowly watching potential deals pass me by.

I would like to get some more information on a current property of interest & take the next steps but would like to procure the needed funds first. This way I am not wasting any ones time. If current property of interest falls through, I would still like to have the procured funds available/pre-approved, so I can enlist some help from an investor friendly real estate agent &/or wholesaler moving forward. I know I do not need the funds available to work with an agent, but would like to do so for a quicker close, potential search criteria & for piece of mind on my first deal. 

I have listed some info below on this potential deal to see if anybody had any opinions. Is this a good deal? What financing/investing strategy would be the best to move forward on the below deal? Although we have family in the military, we are not veterans ourselves & do not plan on house hacking this property. 

Thank You,

Antoine Basquiat

6 Unit Multifamily    1 bed 1 bath each unit w/ own backyard/parking

Repairs needed for some units -> Need to contact for more details on this

Tenants pay for Utilities. Landlord pays for trash pick up.

Purchase: $165K before repairs (Depending on repairs price might be negotiated)

Annual Taxes: $1,258

Current Rental Income:  $375/unit

Potential Rental Income: $600/unit (based on comps I could find & rentometer)

Cap Rate: 23.87% (based on potential income) 

BP Rental Calculator: Numbers based on 20% down but if possible would prefer $0 down payment

• Monthly cash flow: $1,538/mo
  Income: $3,600/mo
  Expenses: $2,061/mo
  CoC ROI: 25.9%