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All Forum Posts by: Garrett White

Garrett White has started 14 posts and replied 40 times.

Post: Cashflow in a Competitive Markets

Garrett White
Posted
  • Property Manager
  • Raleigh-Durham, NC
  • Posts 42
  • Votes 18

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $245,000
Cash invested: $80,000

I served as the buyer's agent acquiring this property. We targeted 4 br properties at or under $300k. This took under two months to get rent ready and should cashflow about $500+ each month. The layout also has the possibility to convert to a duplex in the future.

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

Cashflow opportunity

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

Sourced through the MLS and negotiated heavily with the seller to get price reductions and credits at closing

How did you finance this deal?

Traditional financing

How did you add value to the deal?

Market insights and understanding the rental rates in the neighborhood.

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

I served as the buyer's agent and property manager for my clients under Blue Chariot Realty & Management.

Post: What Makes An Investor Agent

Garrett White
Posted
  • Property Manager
  • Raleigh-Durham, NC
  • Posts 42
  • Votes 18



@Eric Fernwood Great post! I've been an investor for ten years and recently became a realtor to help others on their REI journey. I love the way you highlighted the differences and opportunity an investor agent possesses!

@Kevin Walton You're absolutely right! My market is Durham, NC and I'm sure many cities have intricacies that out of state investors could easily miss. Having knowledgeable boots on the ground is priceless when making quick decisions in a competitive market. 

Post: Downtown Durham Townhouse

Garrett White
Posted
  • Property Manager
  • Raleigh-Durham, NC
  • Posts 42
  • Votes 18

Investment Info:

Townhouse buy & hold investment in Durham.

Purchase price: $150,000
Cash invested: $35,000

Contributors:
Jonathan Taylor Smith

Purchased needing roughly $30k in repairs. Appraised for $220k in 2021 and providing solid cashflow month to month.

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

Location! Downtown property positioned for STR or LTR tenants. Great cashflow opportunity.

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

MLS

How did you finance this deal?

Traditional finance for purchase and private funds for rehab.

How did you add value to the deal?

Update interior/exterior paint, new lighting, new flooring, updated bathrooms, and refresh of the kitchen.

What was the outcome?

Cash flowing asset that has appreciated well in a short timeframe.

Post: Downtown Durham Townhouse

Garrett White
Posted
  • Property Manager
  • Raleigh-Durham, NC
  • Posts 42
  • Votes 18

Investment Info:

Townhouse buy & hold investment.

Purchase price: $150,000
Cash invested: $35,000

Purchased needing roughly $30k in repairs. Appraised for $220k in 2021 and providing solid cashflow month to month.

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

Great location for either STR or LTR. Low entry price for downtown Durham, NC property. Great cashflow.

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

MLS. Negotiated through sellers agent.

How did you finance this deal?

Traditional financing for purchase and private funds for rehab.

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

Worked with Jonathan Smith with Blue Chariot Realty

Post: Need Rehab and Management Team in S. Philadelphia

Garrett White
Posted
  • Property Manager
  • Raleigh-Durham, NC
  • Posts 42
  • Votes 18
Quote from @Robert Gorra:

Hi Garrett,

I am a GC licensed by the state of Pennsylvania as a home improvement contractor. I am also licensed by the city of Philadelphia. I've done contracting work in and around the city over the last several years and become quite familiar with the subtleties of the different requirements of each township. I have several of my own properties that I rent out as well. 

If you are still in need of a GC let me know. Unfortunately, my phone is inoperable right now but feel free to email me at [email protected]. If you message me on BP, I'll give you the number for my office manager. 

Rob


 Hey Robert,

Thanks for responding. I'm planning a trip to come into town later this month or early next month and will reach out to you to walk the property if you're available.

Thanks again!

Post: Need Rehab and Management Team in S. Philadelphia

Garrett White
Posted
  • Property Manager
  • Raleigh-Durham, NC
  • Posts 42
  • Votes 18

Thanks Sergio! I'd love to have you come by and take a look. Are you licensed in PA? 

Post: Need Rehab and Management Team in S. Philadelphia

Garrett White
Posted
  • Property Manager
  • Raleigh-Durham, NC
  • Posts 42
  • Votes 18

Hey BP family, I'm based in Durham NC but just inherited a townhome in Philadelphia, Pa. It needs not only cosmetic work but also HVAC, plumbing, and probably some electrical updates. I'm looking to find some recommendations to manage not only the renovations but also property management for long term tenants after rehab. Any help or recs are appreciated!

Post: Looking for wholesalers in Raleigh-Durham-Chapel Hill area

Garrett White
Posted
  • Property Manager
  • Raleigh-Durham, NC
  • Posts 42
  • Votes 18

Hey Steven! New Western has a lot of deal flow although listed prices usually are a little high for my standards. Diana Ortega is my contact and can get you set up with automated emails of their deals. These forums don't allow me to add phone numbers or email addresses but here is the website. https://www.newwestern.com/

Post: Partial rent qustion in Durham, NC

Garrett White
Posted
  • Property Manager
  • Raleigh-Durham, NC
  • Posts 42
  • Votes 18

Hey @Andreas W.

What does the lease agreement stipulate? I've added a very specific line in all of our leases saying 'Late fees are imposed against the FULL rent amount even in cases of partial rent payment from any source(s) - as payment of rent is due in FULL on the 1st of each month, and LATE after the 5th,
regardless of if that day falls on a weekend or holiday.'  Hope this helps!

Post: Acquire or Merge Property Management Company

Garrett White
Posted
  • Property Manager
  • Raleigh-Durham, NC
  • Posts 42
  • Votes 18

Hey BP,

Our property management company currently has 30+ properties under management with over 70% of those properties under our ownership. My business partner and I are looking to scale this aspect of our business and considering acquiring a operational business to increase our units under management. Any  advice on what to look for from a potential seller and what kind of multiplier we can expect for making offers? Any help is welcome, thanks!