All Forum Posts by: Dennis Griffith

@Chris T. and @Brent B., the townhouse is located is SE Charlotte, not far from Matthews. It's approximately 1450 sq feet with two large bedrooms and 2.5 baths.  I was able to get $1,200 monthly for it. @Graham Prosch, I was initially looking for single family homes, but I found the price ranges a bit too high at the moment, so I decided to work with townhomes for the moment.  @Darrell Bratton, thanks for the kind words.  This is my second investment.  I have one other property, a single family home, which I purchased several years ago.  It used to be my primary residence and I held on to it after purchasing a new home.  

Can anyone share their experience or opinions regarding data mapping programs?  I recently attended a webinar that is promoting access to various types of leads (foreclosures, pre-foreclosures, vacant properties, tax delinquencies, etc.) for purchasing properties.   The data appeared to be fairly extensive, but the purchase price seemed high.  

Thanks,

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $98,000
Cash invested: $5,000

Townhouse built in 1974, which needed minimal updates.

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

Low investment.

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

We used a realtor to locate townhouses in Charlotte under $110K.

How did you finance this deal?

Conventional mortgage.

How did you add value to the deal?

We installed the entire upper floor with hardwoods, replacing the carpeting; updated all toilets, painted the entire interior and other minor cosmetic changes.

What was the outcome?

We rented the unit within one month of finishing the updates.

Lessons learned? Challenges?

We worked on the unit only on weekends, co it took us about 5 months to complete.

Congrats!

Welcome Chris!

@Karen U.

That's a very inspiring story.  I am an new investor myself and its reassuring to know that in only a few months you guys were able to make what appears to be a successful investment.  Congratulations!

Happy birthday, Joshua!

I am looking into getting funding to provide a source of capital for purchasing investment properties.  I was introduced the a company called Epic Fast Funding, which provides lines of credit up to about $200,000.  In the process of applying online, I was asked to obtain my credit report through a link they provided to a company called CreditNav.  I was instructed to then upload my credit report to the Epic Fast Funding site. 

Before proceeding further, I am curious to know if any members have any experience with either one of these companies or can shed some light on their operations or reputations. 

@Brandt Tingen

I have a flat roof over my garage, with which I have always had leaks when there was a moderate to heavy snow fall.  About two years ago, I had a rubber membrane surface installed over the original roof and have had no leaks since then.  I live in Charlotte, NC and could find no one who installed the rubber membrane roofs.  I was connected to an installer from Detroit who had done dozens of them over the years.  I was fortunate enough to get him to come down and do the job for a reasonable price.  I can certainly vouch for the roof as it relates to leaks, so that is something you can possibly look into going forward as a long term solution.  As far as roof failure is concerned, if two feet of snow accumulates on your roof, all bets might be off. 

@Steve Haight

Thanks. I'll check it out.