All Forum Posts by: Carter Owen

@Frank Patalano what's holding us back currently is rehab money! Working on getting HELOC if that doesn't work out we will need a partner and/or a hard money loan. We're in the process but that's slowing the train!

Well....if we are throwing looks off the table as an opinion thing (I would not!, then I would highlight as someone mentioned earlier that tile last longer. Granted it has slightly more ongoing maintenance than a surround but negligable. But for me a surround flexes and sometimes makes that cracking fiberglas sound and it just feels cheaper. I suppose that's because it is cheaper!

With that being said, if the budget is tight and the area is starter home style neighborhood, go for it! But if other houses are offering tiled bathrooms and you're the only one skimping out, you'll loose out on more money than it would've cost to just do tile. 

Excellent advice, but unfortunatly due to some unforseen cricumstances, we don't have enough cash to sub out at this time. I don't wish to be in a partnership at this time with a rental. But I have my eye on several properties for flipping, I am hoping for some hard money or partnership on the flip ventures. And truth is, I enjoy working on houses and learning new stuff. But I certainly have no plans to repeat this same method again unless I am bored and have some extra time! 

Ideally I plan on building a rental portfolio of mostly short term/airBnB properties but long term rentals if it is more adventageous for the moment. All the while utilizing external capital for the flipping side of the business. 2019 I would like to have two rental properties and flip at least 1 if not 2 additional properties. The neighborhood I purchased the current property has many currently rented properties and elderly owners. I know the owners of 6 of the rental properties and I believe i can persuade them to sell to me below market value. That is my angle and "unair advantage"!

To achieve this, I will need a source for capital and a trustworthy GC in my area. I hope to find these contacts via bigger pockets and make 2019 my first year as a real estate investor!

Thanks for the help guys!

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/