All Forum Posts by: Bob Anthes

Can anyone recommend an eviction atty in New Hanover Cty?  TIA

I’m also an investor in Wilmington.  I would suggest Sarah Weaver for 1 on 1 or group mentoring. 

Are you looking to buy this home for you to live in or to rent out?   if it’s an investment property and it’s the right property with about 20% down, you could get a lender to finance the 80% and the construction costs.  Then refi out 

I am also going through the eviction process in Winston-Salem called a bunch of attorneys and yeah they want crazy retainers however I was referred to one where there was a $300.00 hour phone consultation. I paid it and it was well worth it. The eviction process is really not that difficult as long as they don’t appeal it I’ll give you the attorneys name if you would like.  She will do as much or as little as you prefer

Very True! I started investing in RE as a hobby a few years ago and still am, BUT started a business with very little about 15 years ago.  That business has fed my family allowed me to never miss one of my sons, sporting events and his provided a great lifestyle. This all came from a computer, printer and Internet access that was my startup cost never thought about it that way before, but yeah, thanks for sharing.

Interested!

Hey Justin

I own an STR in Jensen Beach which is Martin County. I'm a block from the inter coastal, I have boat parking. My place is small 840 sq ft but stays booked all year. Treasure Coast has gotten expensive as everything else has but IMO less expensive as Broward and Palm Beach. Also allot of growth going on here. Reach out if I can help provide any info.
Bob 

Is this meetup monthly? Im an out of state investor everything so far has been residential but looking at other alternatives.  
Thanks

Bob

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $155,000
Cash invested: $50,000

Small 1950's beach bungalow originally an LTR that is now an STR.

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

Close to my home and the beach, was an up and coming area, in a small old Florida beach/fishing town.

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

Driving for dollars

How did you finance this deal?

PML and 20% from me.

How did you add value to the deal?

Initially bought made a few small repairs, had LTR tenant, had to evict after 5 months for non payment, added $50,000 in rehab to make it an STR

What was the outcome?

Refinanced into conventional @ 4% (remember those days)? STR NET monthly cashflow $2000.00.
Property value roughly $325,000.00

Lessons learned? Challenges?

Financing deals through conventional banks is a pain in the butt! However once completed it was worth it!

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $35,000
Cash invested: $150,000

This was a BRRRR, 100 year old home, complete rehab down to foundation and studs, added sq. footage, 2/1 to a 3/2. Added 2nd floor apartment with separate entrance. Currently and MTR with a NET monthly cash flow average $2000.00

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

This was a long distance opportunity. I fell in love with the City and saw it was going through gentrification and I wanted in.

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

Contractor found the deal, was part on an estate, I had to walk the seller through the courthouse proceedings because it was part of an estate with 7 siblings that needed to sign off.

How did you finance this deal?

Hard Money, plus my cash as the original estimate was allot more!

How did you add value to the deal?

Converted a 900 sq ft 2/1 to a 1200 sq ft 3/2, plus separate walk up apartment upstairs.

What was the outcome?

Currently being used as an MTR with a NET cash flow of $2,000.00 a month.

Lessons learned? Challenges?

always expect the unexpected, have multiple exit strategies.