All Forum Posts by: David Miller

100% agree with you @John Coleman on the big upside play for those cheaper SFR properties -- that's my big draw to this area (not to mention the town is just super cool).

had one final clarification for you: 

The only thing that makes my numbers work is no debt service. 

can you clarify? are you buying these properties outright with cash, no financing?

such key insight john, really appreciate that. 

BP squad, here's what I'm looking at: 

nice looking 3/1 brick ranch a right turn away from thriving Augusta Rd in Greenville, SC. 

30K purchase price 

ARV of 75K (most pessimistic scenario)

15K of rehab costs (pessimistic scenario)

Hard Money Loan (HML) terms:

• 10% down ($4,500)
• $3,500 origination fee 
• interest only loan at 10% for 13 months - ~$400 per month x 13 month  = $5200 max holding costs - goal to have property rehabbed and refinanced in 120 days
• no prepayment penalty
• total cash needed to get into deal: $8k 

expected rent: $1000 / month

goal is to hold onto the property for the long term and have a property that cash flows as area continues to appreciate. 

my only other deal so far is a rehab / rental that i purchased through a combination of cash out refinancing the down payment and having the seller hold the note. 

i've never dealt with HML so any advice you have would be greatly appreciated.

thx!

hey BP team, i'm looking to expand my team from asheville to greenville and am looking for recommendations for contractors, particularly contractors who are also investors / flippers. who are y'all working with? thx!

yo chris, check out joel chambers

[email protected]

he's got a laid back style and is used to real estate investors / is one himself. 

will follow up directly with you brian. 

hey Casey, i think Chris nailed it with his 'crowded lineup' metaphor, however there are still deals to be had. it just takes tons of patience and networking--almost like another full time job. 

i set out last year to get my first deal (a rehab and hold or 'brrr' as brandonturner calls it) and it took me 5 months. note that i did scout for multifamilies in nearby towns, from hendersonville to clyde to canton, but none of them added up for me and my investing strategy. (for the record, the lenoir options seems cool, and i think many of us in avl have been just waiting for marshall to heat up...still don't know why it hasn't..the setup is just awesome.)

in the end i finally found what i wanted (an sfr walking distance to RAD / new belgium). it was off market and likely wouldn't have been a property i could've gotten a traditional loan on--just needed tons of rehab. 

it fell into place by talking to the owner (an investor who was on the verge of divesting her other properties...why not this one too?), convincing her to sell it, and having her carry the note. 

hey @Shirley Gregory - got some friends over fairview way. real pretty out there. @Ned Carey, and @Dave Meadows - yeah avl has game. we saw pretty ridiculous appreciation in our neighborhood, like 30% over last 3 years. such little inventory as well. the influx of breweries and the long term development plan for the river corridor / river arts district is so promising. all we need is a surf / kayak wave (manmade whitewater feature) right in the middle of town, and we'll be on the next level!

sup everyone, I rarely open bigger pockets on my phone, but I just did, and it prompted me to this thread. I just realized that even though I've been here 6 months, I still haven't properly I introduced myself. 

my name is david miller. i'm an editor and media producer living in Asheville North Carolina with my family. 

a month ago, I closed my first deal--a fixer-upper that was dead center in my target area. it was also off market, and I was able to get with owner financing. 

asheville is a very hot market, and I absolutely put to use everything I've learned here over the past six months. it took me four months to find and close that deal.

anyway, i'm so stoked to have found this community, and massively appreciate everyone is taking time to help a total newbie. 

in the time since this deal I 've gotten a great remodel project underway (following Brandon's eponymous BRRR strategy) and continue to look for new deals--the latest an asheville note i've bird dogged and am trying to find an investor for it (message me if you're interested). thanks again for being so helpful everyone, and please feel free to connect with me.

david