All Forum Posts by: Garrett White

Hey BP!

I'm very excited to get a 48 unit property under contract this week. Would love some recommendations for Inspectors with multifamily experience in the Rocky Mount, NC area. During this process I'm also going to be looking for additional boots on the ground for maintenance and contract work. Any help would be much appreciated.
Also, if you have interest in investing/partnering please let me know and I'll send over property information.

Hey Steven,

Congrats on the acquisitions! I'd like to connect with everyone on this thread. Me and my business partner have acquired single family and duplex properties totaling 24 units. We now are submitting offers on larger multifamily deals and hopefully closing on a property in downtown Durham in august. Would love to hear your experiences in other markets and see if we have any opportunities to partner on some larger projects.  

Welcome to BP. I'm also in Durham and would love to stay connected with like minded investors in the area! I have been investing in the triangel for a few years and looking to expand out for larger properties. If there's anyting I can help with, please reach out.

Hi Arlyn,

Ther's a lot of factors into making this decision and the response from Drew is absolutely correct. I manage my own properties around the triangle including N. Durham, as well as other investors. Would love to connect with you investor to investor and see if we have some synergies to work together. If not, I always like connecting in general!

Hey Henry,

This is a tough question to give a short and concise answer to. Main reason being that many of these neighborhoods are experiencing changes. 10 yrs ago I would say they all would fall below B- but today you will see A homes next door to a tear down. Would love to connect and talk more if you want to grab a coffee. 

Spec Home. The contractor we worked with already had several homes of the same floor plan being built. He was by far the most cost effective when we were shopping around. 

The $190 was strictly for the new build construction cost. The $1 was the cost to acquire the vacant lot during the duplex deal.

Investment Info:

Single-family residence fix & flip investment in Durham.

Purchase price: $100,000
Cash invested: $2,000
Sale price: $136,500

Purchased as primary residence and sold for a profit

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

Lowering living expenses and building equity instead of paying rent at an apartment building.

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

Collaborated with my agent and came in 12% below asking.

How did you finance this deal?

Traditional mortgage

How did you add value to the deal?

updated appliances and spruced up small accents in the bedrooms.

What was the outcome?

Sold a little over a year later for a profit.

Lessons learned? Challenges?

Would've liked to keep it as a rental property but the next property we purchased need quite a bit of work and we wanted the cushion profits.

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

Jonathan 'JT' Smith

Investment Info:

Single-family residence other investment in Durham.

Purchase price: $1
Cash invested: $190,000
Sale price: $270,000

Purchased a vacant lot as a part of acquiring a duplex next door. Used the lot to build a new construction home. (3 Bedroom 2 1/2 Bath 1920 Sq/Ft)

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

Made sense due to the minimal cost of the acquired land.

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

Became apart of the acquisition of the neighboring property. Because the owner didn't want to make repairs to the acquired duplex, he threw the lo in for a dollar.

How did you finance this deal?

Hard money

What was the outcome?

Another investor purchased the new build property in order for long term rental.

Lessons learned? Challenges?

This was the first experience with a new construction project. Awesome learning experience that taught me all the small details of the process.

Thank @Jessica Zolotorofe