All Forum Posts by: Douglas Harris

Hi Chris, 

Have you looked at the comps for similar units in a short mile radius?  Although the HCVP market rents allow for a certain amount what non voucher tenants would normally pay matters. Believe it or not tenants on vouchers actually are aware of this. In some cases a small portion of the rents may even have to be paid by them. 

Investment Info:

Single-family residence buy & hold investment in Lynchburg.

Purchase price: $30,000
Cash invested: $7,000

I won the bid on this property at a local auction. I knew the previous owner of this house. I knew it was in good shape. I got a steal on this one!

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

I knew the starting bid was way under what the property was actually worth

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

I knew the previous owner. The property went to auction to remove second lien.

How did you finance this deal?

Seller financing

How did you add value to the deal?

No value needed.

What was the outcome?

I have a long term tenant in the property on a two years lease.

Lessons learned? Challenges?

Deals are also made by who you know

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

no

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $50,000
Cash invested: $5,000

SF home that cash flows $200 after all expenses

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

The seller was willing to carry the note

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

Off market deal with seller financing

How did you finance this deal?

Seller carried the note

How did you add value to the deal?

Simple cosmetic rehab

What was the outcome?

I have a tenant that pays on time every month

Lessons learned? Challenges?

On some projects it is easier to outsource the work. I had many late nights trying to repair items that could've been done by a pro in a few hours.

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

No

Hey Vasheka, 

As @Greg Gaudet mentioned podcast are the way to go! There is a meet up that I’ve been to a few times here in PWC. Check them out on Facebook. Northern Virginia RE meet up. I’m sure there are plenty of wholesale experts that you can network with.  

@Ned Carey This is true. One bank said no to a HELOC but would give me a line of credit secured by the property. I found this to be interesting. How's investing in Baltimore? I'm not too far from out from your market.

@Corby Goade Thank you! one "NO" is closer to a "Yes"

@Christopher Phillips and @Corby Goade thank you so much for your input. I reached out to over 15 local banks and I would say 3 are willing to do a HELOC loan. Simply due to the house being in the local community.

@Christopher Phillips Thank you. And it is a LLC

Yes, it is in my business name @Christopher Phillips