All Forum Posts by: Brian Corbett

Welcome!  I am an investor, property manager, and real estate broker in Greenville and Goldsboro. Let me know if you have any questions or need some information about certain areas or properties. 

Investment Info:

Single-family residence buy & hold investment in Goldsboro.

Purchase price: $65,000

This brick ranch is a 2 bedroom and 2 full bathroom house. At lease now it is a 2 bathroom house. Originally it was a 2/1.5 but we converted a closet into a stand up shower making it a 2 full bathroom house. We also added approximately 65 square feet to the house by closing in the porch area on the back and making it a heated/cooled laundry room. Rented it very quickly for $950/month

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

This property was found on the MLS and was listed as a estate sale and sold As-Is. The pics were terrible and some of the information wasn't listed correctly. Upon viewing it we made an offer immediately for below list price and was able to get it negotiated and closed.

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

This was an MLS deal that my agent brought to my attention. We were able to negotiate a favorable price after reviewing the remodel expense and process.

How did you finance this deal?

We used hard money to be able to pull off a fast “cash” closing. We are now in the process of doing a cash out refi with a local bank.

How did you add value to the deal?

After walking the property with our contractor, we discovered that we could convert a somewhat useless closet into a stand up shower for the half bathroom. This added tremendous value for relatively little expense. We also converted a small back porch to an enclosed space with added HVAC duct and made it into a heated and cooled laundry room for our tenants. These two additions added about $15k to the ARV of the home for only about $2k worth of expenses.

What was the outcome?

We rented this house to a military family for $950/month the first week it was available.

Investment Info:

Single-family residence buy & hold investment in Goldsboro.

Purchase price: $25,000
Cash invested: $9,000

This is a BRRRR deal that was part of a 6 property portfolio that I purchased. The current market value of the property is $60,000 in today's market. This is a 2 bedroom/1 bath single family house that we have rented with a new tenant for $750/month.
We used hard money to purchase the property and are now refinancing it through a cash out refi loan for long term permanent financing.

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

This little house is in the downtown area of Goldsboro, NC which has provided us great rental leads. A two bedroom house is not the “ideal” property in many markets, but with this being a military town where Seymour Johnson Air Force Base is located we have many service people that are single or want/have one roommate.

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

A friend of a friend owned 6 properties and needed to sell them all due to divorce and aging parents that wanted to travel. All but two of the properties were already rented.

How did you finance this deal?

We used private/hard money to finance this and now working with a local bank on doing long term financing through the cash-out refi option.

How did you add value to the deal?

We were able to remodel the kitchen with tile backsplash, granite tops, and new appliances. We also added a laundry area inside the home for minimal cost but a huge draw for potential tenants. Also, dressed up the bathroom with a new tub surround, vanity, and lighting throughout.

What was the outcome?

We were able to rent this property for $750/month the first day on the market!

Lessons learned? Challenges?

The biggest lesson here was the impact of COVID-19 on the long term financing of the property. I had planned on having that completed by now but the banks pumped the brakes on any cash outs until they figured out how the market was going to hold up. We are now in process of completing the refi.

Investment Info:

Single-family residence buy & hold investment in Goldsboro.

Purchase price: $25,000
Cash invested: $9,000

This is a BRRRR deal that was part of a 6 property portfolio that I purchased. The current market value of the property is $60,000 in today's market. This is a 2 bedroom/1 bath single family house that we have rented with a new tenant for $750/month.
We used hard money to purchase the property and are now refinancing it through a cash out refi loan for long term permanent financing.

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

This little house is in the downtown area of Goldsboro, NC which has provided us great rental leads. A two bedroom house is not the “ideal” property in many markets, but with this being a military town where Seymour Johnson Air Force Base is located we have many service people that are single or want/have one roommate.

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

A friend of a friend owned 6 properties and needed to sell them all due to divorce and aging parents that wanted to travel. All but two of the properties were already rented.

How did you finance this deal?

We used private/hard money to finance this and now working with a local bank on doing long term financing through the cash-out refi option.

How did you add value to the deal?

We were able to remodel the kitchen with tile backsplash, granite tops, and new appliances. We also added a laundry area inside the home for minimal cost but a huge draw for potential tenants. Also, dressed up the bathroom with a new tub surround, vanity, and lighting throughout.

What was the outcome?

We were able to rent this property for $750/month the first day on the market!

Lessons learned? Challenges?

The biggest lesson here was the impact of COVID-19 on the long term financing of the property. I had planned on having that completed by now but the banks pumped the brakes on any cash outs until they figured out how the market was going to hold up. We are now in process of completing the refi.

You can always contact your local building code dept and ask them what you are legally allowed to do.  You don’t want to do what the neighbors did only to find out that your insurance could/would be denied if an issue ever arose. 

Thanks @Tiffany Alexy.  @John 

@John Hamilton I’d love to speak with you about your PM needs.  

@Tiffany Alexy would be a great resource for you in the Triangle area.  Also, @Adam Schneider would be a great contact. 

Hey @Kyle Groseclose,

You will definitely have to work under a BIC until you complete the 90-hour post licensing course.  There also may be a time constraint before you can become a BIC also.  I can’t remember.  In order to self represent, then you will either need to be a BIC or work under a BIC. 

I’m not aware of an online pre-licensing course for NC unfortunately.  You may have to get your license in a different state as previously mentioned, then get your NC Brokers license when you move back officially in August of 2020.  

Small multi family listings are very limited right now across NC as a whole. I would connect with a couple of local reputable Realtors and commercial brokers in the markets you wish to pursue. They should be able to keep you in the loop about properties that hit the market and possibly some that aren't "listed" for sale but might be for sale by the owner outside of the MLS.