All Forum Posts by: Gary Stringer

Investment Info:

Single-family residence buy & hold investment in Myrtle Beach.

Purchase price: $120,000
Cash invested: $24,000

2 BR 1 Ba 1000 SF detached

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

Location and price

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

Driving around

How did you finance this deal?

20% down with conventioonal financing

How did you add value to the deal?

Made several improvements to the property including new replacement windows and HVAC replacement

What was the outcome?

I have since paid off the mortgage and now have $950/ Mo gross income

Investment Info:

Other buy & hold investment.

Purchase price: $47,000
Cash invested: $47,000

20 Acres purchased , selling timber off the property valued at $17,000. Intend to build a small 3 BR 2 Ba house on the property and flip

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

It was a fabulous buy

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

Pouring over land for sale on line

How did you finance this deal?

cash

How did you add value to the deal?

Reducing cost by selling timber and then building a basic house to package up and sell house on 20 acres

What was the outcome?

In process

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $175,000
Cash invested: $175,000

2BR 2Ba single family detached

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

Located in a great area

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

One of my customers asked if I wanted to buy it. I had been doing maintenance on the property for about 12 years

How did you finance this deal?

All cash

How did you add value to the deal?

I have performed $5000 in capital improvements

Lessons learned? Challenges?

Don't wait til you are 70 years old to buy investment property. Try and get an earlier start

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $115,000
Cash invested: $23,000

2BR 1 Ba sf detached 1000 sf

Wow!! Thanks for all the feedback. I think I will begin raising the rents a little ($15 - $25 for a year then increase again annually only by a little. This only after meeting with the tenants and explaining my increases in property tax and insurance. As Sue and Bryan eluded- an empty unit and it's fix up costs can equal many increases and it's nice personally for me not to have to deal with having an empty rental to fix up and rent.

I have two tenants who have been with me - one for 4 years and the other for 7 years- We have been through tough times here in my locale and there have been many empty units- I have these tenants in single family homes and they pay each month- Golden tenants.

I have not ever raised their rent and my insurance and taxes have gone up and I find myself with a .05 return  per year- I think I am behind the times for similar properties by $100/month