All Forum Posts by: Chris Lounsbury

Hey @Cody Lewis  Yep, we do this the last Thursday of every month.  Hope you can make it! 

Hey All! We are jumping back into our usual meetup here at Dust Off Brewery in Rock Hill, SC...just outside of Charlotte.  This is a very casual meetup, no pitching, just a group of investors at all skill levels.  Looking forward to seeing some new faces out there this month!  See you all there Thursday, July 29th at 6:30. First round is on me!

Regularly scheduled local meetup for all Investors, big or small. No pitches, just casual conversation, networking, and helping each other reach our Real Estate goals. Meetup starts at 6:30PM on Thursday at Dust Off Brewing.  First drinks on me!

@Stephen VanMeter

Yessir there’s a more recent event listed for next Thursday.

Hope to see you there!

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $65,000
Cash invested: $3,084

This was my first Solo deal. A nice duplex in Northeastern PA. I bought it with hard money and inherited two tenants. The one moved out immediately and we renovated and increased rents by $100. We also redid the siding and some windows with the construction portion of the hard money loan. Second tenant moved out 6 months later, we renovated that unit and increased by $150. Refinancing has been a disaster as COVID-19 shut down all appraisers in PA. I finally closed on refinance with a private bank loan, 80% LTV at 4.5% for 30 years. Appraisal came back slightly lower than what I wanted (92,000) so I was left with $3,000 in the deal, but still a home run!

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

Cash flow

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

found on MLS, offered just under list and they accepted. Further worked price down after inspection.

How did you finance this deal?

Hard money at first

How did you add value to the deal?

Re-painted exterior, did minor cosmetic upgrades and flooring to interior of units.

What was the outcome?

BRRRR and ended up with cash flow of $500/month, along with only $3,000 left in deal.

Lessons learned? Challenges?

Biggest challenge was getting refinance done. COVID played a large factor in banks not wanting to close.

Hey all! Turnouts have been great the past couple meetups.  Lets keep the momentum going! Same location, DustOff Brewing Co, same time 6:30PM.  No sales pitches, just straightforward networking with other investors, agents, contractors, etc.  All are welcome! Hope to see you all there. 

I essentially agree with @Kyle J.  It does completely come down to how your lease was written.  If this one lease was written with the term joint and several liability, you only collected one security deposit, and each resident was not responsible for a "portion" of the rent, but rather the entire rent, then when the other 3 moved out, they were still equally as responsible for the home as the 4th person.  Did you have them sign anything removing themselves from the lease when they moved out? Again, if not, and the 4th person continued forward on a verbal month-to-month agreement, then the lease contract is still in effect.  You would then have 21 days after the 4th person moved out to provide a full disposition of funds.  Always refer back to your lease, and in the future, let each resident know what they are signing, and what it means when they move out even though the entire group is not moving out.  (I am not a lawyer, this advice does not constitute actual legal advice, just my experience as a Property Manager in multiple states)

Was just discussing this with a client who wanted to by a property here in Charlotte.  The previous owners had dug out the basement to add additional square footage but did not use a permit, nor does it appear they used a structural engineer. Down here, the dirt is so thick and creates so much pressure, when you start digging deeper, you release a ton of that pressure that helps hold up your foundation. This specific home had major foundation issues, and was going to cost an additional 20k to re-support home. It definitely can be worth it, but make sure to get a permit, and hire an engineer to provide correct info on how deep/what supports you will need. 

@Ryan Ladson Inreally like Sharonview Federal. They have a couple locations, have multiple loan programs and LOCs. Also really like their 2% checking accounts.

Hey @Carlos Paz, the event is titled 

You should be able to find it in the Events section of BP.  Look forward to seeing you out there this Thursday!