All Forum Posts by: Chris Tarpey

The list can go on and on....

-Attend a meetup

- connect with wholesalers on a FB page

-Google "we buy houses cash___ " and fill in your city, get added to their buyers list

Once you get the DEAL.. work with private, hard, or personal money to fund the property! BP has a great network of lenders and contractors to help you get on your way.

No one is going to knock on your door to make sure you are living in the house, and although it's not "right" some people do rent out properties as an investment immediately after using an owner occupied loan.

BUT if the bills are getting paid, the house can stay vacant...

@Ben Brown Yessir! Things are great in NC, plenty of good markets throughout he state to get into investing!

If you are uncomfortable purchasing the property or don't have the means to do so, you can always sell it. This will at least give you access to see how real estate transactions work. It will give you experience working with agents, marketing, negotiations, as well as what buyers are looking for, and then closing and working with a closing attorney.

If you are in a position to take on the property yourself and purchase it, you can always find work with a mentor on BP or even a local REI meetup. If you decide to take it on, I would run the numbers using the BP calculator in tools so you can get an idea if this house would make a good investment property, or if it something you intend to house hack.

That is something you would have talk over with your partner, if it is a silent partner just lending you money and they are comfortable not being on the deed that is one thing, however most partnered transactions have both/all names and entities on the deed.

Congrats on getting your first BIG lead!

In response to your question, converting the home back into a duplex can be expensive and time intensive, depending on how much they altered the original layout. Moving a few walls aren't too bad, however if they took out kitchens/bathrooms and reworked electrical and plumbing, you are looking at a bigger bill.

The pool can be good/bad. It is an attractive amenity for a rental but you also incur maintenance costs. I am not too sure about the potential liability, but there are certain checklist items you need to hit (at least in some states) regarding a fence around the pool. Items like this are things you want to be aware of ahead of time so you can figure out the cost to make everything up to code.

It all comes down to your comfort level. If you plan to live in the home/househack, it might afford you more time to make some of the repairs on your own, or save up more money and slowly work through it while you live there. This would also allow you to take advantage of an owner occupied loan, so you can put a small amount down and still save up do make the upgrades/changes to the property.

Best of luck!

@Marina Cordova I have experience with Stressa and Cozy, although there are many others out there, most have reviews via different posts on BP. Some are free, while others have a small mouthy/yearly cost. Check one out and see how it works for you!

When it comes to hard money lenders, there is a TON of options. My biggest advice would be to compare quotes from a variety of lenders. Most will fluctuate between 10-25% as a down payment 10-14% interest, and 1-4 points. All of this can factor in to make what seems like a good deal, a money pit. Build your property report off the hard money lender you choose to work with so you can get the actual numbers (most lenders will give you a term sheet).

Hard money is great if you need it quick, but it is expense and comes with a lot of misc fees to include appraisals, up front points, closing costs, attorney fees, and rehab withdraw fees. Make sure to get all of this upfront so you know exactly what you have to factor into your numbers.

Awesome, congrats! Looks like a sweet deal, walking in with a bit of equity and an immediate jump in cashflow.

Congrats!

Looks decent for a first TRUE investment property. Would you consider self-managing to reduce costs and increase cash flow. Sometimes it is easier to self manage when you have a smaller portfolio, saving that extra cash flow to push into your next property.

I understand you are not co located with the property, but there are great systems/companies out there that make land lording and property management much easier to do remote.

Just something to consider!