All Forum Posts by: Glenn Hastings

@Jayna Stevens I concur with what this thread is saying. Use a multitude of strategies. Where I live houses go for $800k on a 100k salary (one house just sold 1 day on market for $750k and they were only asking $675k) but where I do most my investing is 3hrs away where I can pick up a house for 50k and turn it into 150k. Check out the book, Long Distance Real Estate Investing by David Greene. Also, try looking at something other than the MLS. One technique I find that works around where I live is going on Facebook marketplace or Craig's List and find places for rent. Reach out to the owner and see if they would be interested in selling.

BLUF don’t get down on not being able to find a deal, figure out HOW to find a deal. Don’t allow yourself to be a victim, especially to yourself, find a way around it. Every obstacle that comes up just makes you stronger and more resilient if it’s what you truly want.

@Brian Beck I’m currently in the NOVA area not far from you actually. We should link up. I’ve been looking at doing some more flips but want to keep the Buy and Holds so I can eventually get out of my govt job. 

I went to Radford University not far from Roanoke. Had some friends that were from there and liked the area, then in my govt life, I had a classmate of mine that was a cop there and was an agent and a property management company. His mom and dad are really good friends of mine and they have been down there for over 40 years. They are agents, own a brokerage, lenders, and appraisers. So I figured I had part of a team In place down there so I should start doing some market research. There were a few things that peaked my interest... growing market, gentrification and jobs. VA Tech just launched a MD program with Carillon Hospitals in Roanoke, Breweries and Coffe Shops started opening up, flippers started coming in, Chick-fil-A, Lowe's and Starbucks all opened up shops and some luxury apartment complexes opened up as well. These are just some of the things I saw.

@Jason Davis it is in the SE area of Roanoke 

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $99,000
Cash invested: $10,000

BRRRR. 2/1 into 4/2. Refi'd out at 99k with only 10k left in the deal.

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

BRRRR Trial in new investment area. I wanted to see what the market held before investing more in the area.

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

Found it on the MLS and offered 75% of asking price of which they took it without negotiation.

How did you finance this deal?

HELOC of the purchase and then personal money to rehab. Then we refinanced.

How did you add value to the deal?

Finished the basement making it into a 4/2 from a 2/1. Added HVAC and legitimate plumbing. Increased square footage and made it an open floor plan. Added deck and parking to the back of the house.

What was the outcome?

Appraisal at 132k with 110k into it of which we took out 99k.

Lessons learned? Challenges?

Should have offered less for the property. We purposely bought the worst house we could find so we knew exactly what we would be up against if we wanted to do more.

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

My brother, Kyle Hastings, is a lender whom I worked through. And I had an agent that is a close friend that I would recommend.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $343,000
Cash invested: $20,000

3/2.5 New Build 2 level ground level condo. 1 car garage. 1606sqft. First property bought as a home. Just turned it into a rental as family grew. 2 years old.

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

This wasn't meant to be an investment so quickly. I bought this house right before I got married thinking we would live in it for 5-7 years and then turn around and rent it out. I started a couple businesses out of our 1 car garage, got a dog and my wife became pregnant. Business started picking up and I need more storage space for them so we turned it into a rental property sooner than anticipated.

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

It was our first house and a new build.

How did you finance this deal?

VA loan

How did you add value to the deal?

There wasn't much value to add to the deal. The real value is appreciation with this house. It is a new build area that was built right across the street from a huge shopping center that is slotted to go in.

What was the outcome?

We are currently breaking even on the condo due to the no money down option I took on the VA loan.

Lessons learned? Challenges?

Appreciation takes time, especially as an initial first investment. VA loan with no money down is nice for a first time home buyer but it really takes off any potential ability to make money on the rental.

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

Kevin Hastings (younger brother) from Pearson Smith Realty. Very informative and helpful to every other person he has helped. He is continuing to help us look for more rental properties.