All Forum Posts by: Connor Mather

I am having the hardest time finding an attorney who is comfortable with Subject to and Rent to own in Raleigh Durham. I was hoping someone on BP could point me in the right direction. Thank you all so much taking the time to respond.

Connor Mather

Hi Everyone,

I am outgrowing my current bookkeeper and am in search of one with significant knowledge in REI. I have found a few virtual bookkeeping options online and was wondering if these are ok or if I should steer clear.

If anyone has any recommendations I would love if you could refer me. I primarily am in the Airbnb and LTR space within REI so it would be great if they had related bookkeeping experience. Please PM me.

Thank you!

I am still working on it Kendra. I will let you know as soon as I find anything!

Looking for investors who have had success with Delayed Financing in NC. Looking to connect and hear about your experience with certain lenders as I am looking for one that understands travel nurse income. Thank you!

Hi BP community,

I am in the market to partner with an experienced flipper for my first flip. I have some capital and credit I will be working with up to 100k. I am hoping to find an experienced partner willing to put some of their own money in the deal in hopes of getting my feet wet with this. In return I can give you an agreed upon return in interest for your knowledge. Please private message me detailing your experience.

-Connor

Hi BP community,

I am hoping to connect with individuals and core 4 team members in brrrr friendly markets who have had success themselves. I am a newbie and wanting to make a move asap on the right deal. 

-Connor Mather

I am wanting to start a business related to RE investing. I am also currently managing my own properties because I am not at a point where I am dealing with headaches (6 tenants under two roofs). I have read a few of the BP books discussing how important it is to focus on working on my business (Real Estate Investing) than in my business as a property manager. However, I do believe I would be able to outsource much of the work in the property management business and hopefully make income off of managing other people's property.

I admit that I don't know what I don't know. However, I do know that one cannot just start managing other properties without a sales persons and or brokerage license depending on the state. I am in the process of getting my RE license. I also know that property management is a lot of work as expansion happens and can be challenging to scale. I do like managing/owning my business but am a little hesitant because I don't have experience starting a business and feel like: 

1. It may take away from my RE investing time

2. It will be a lot different dealing with RE owners and their tenants compared to me just dealing with my own tenants.

I am seeking advice from RE investors who have started PM companies themselves who have had both positive and negative experiences and what they were

I am also seeking advice from RE investors who would absolutely never do this because of x,y, and z reasons. 

Thank you all in advance for your thoughtful responses

Investment Info:

Townhouse buy & hold investment.

Purchase price: $238,000
Cash invested: $16,000

I use the same strategy that I did in my first townhome property and rent out rooms to maximize returns.

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

I realized I could add value by renting out rooms instead of leasing as a SFH

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

MLS and my realtor helped negotiate

How did you finance this deal?

Conventional financing

How did you add value to the deal?

Rented out rooms

What was the outcome?

Property is cash flowing as I expected. Values in the area continue to rise.

Lessons learned? Challenges?

Parking is extremely important when renting by the room in an HOA community. Also insurance becomes more complicated so make sure you are speaking to an agent who understand who you are trying to do and how to provide you with the right coverage.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Credit unions are the best to work with for unique lending situations. I would recommend John Mocker when attempting to insure your property.

Investment Info:

Townhouse buy & hold investment in Durham.

Purchase price: $217,000
Cash invested: $20,000

My first owner occupied house hack. I rented out 2 of the bedrooms and lived in the 3rd rent free. I have since moved out and rented out my old bedroom pre-furninshed. I utilize a room by room style rental as I am able to squeeze significantly more rental income out of the property than if I rented it as a SFH.

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

This was a turnkey property. As a first time homebuyer I wanted something that wasn't going to overwhelm me and that I knew would cash flow well.

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

I found this on the MLS and my realtor helped me negotiate the price down $5,000

How did you finance this deal?

I used conventional first time home buyer financing that was available to me in North Carolina.

How did you add value to the deal?

I rented the rooms out to get a lot more rent out of the townhome than if I had rented it as a single family home.

What was the outcome?

It has helped me learn lessons as a Real Estate Investor, Property Manager, and more. Most importantly it has taught me to keep investing and buying RE

Lessons learned? Challenges?

I have run into one challenging tenant so far. Ultimately, no legal action was taken but I learned a lot about systems I need to have in place to mitigate headaches in the future.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I worked with a realtor and lender however they did not invest in real estate themselves so I find it hard to recommend them knowing what I know now.

I am looking for a conventional investment property loan unless members with more experience advise otherwise (maybe a commercial or portfolio loan?). I currently have two townhomes with a total of 50k in equity but less than 10% equity in each property. The loan would hopefully be based on a 250k purchase price and allow for a 10-20% down based on appraised value.