All Forum Posts by: Richard Mercado

Wish I could be there to meet y'all ... I'll be in town in mid May if anyone wants to meetup then. 

@Ciji Masser

It's never too late! To put it into perspective ... I'm a late bloomer, got married and had a kid at 49, started investing in RE at 51, and now a year and a half later I'm 52 with 13 doors in NC, starting to wholesale, looking to do a syndication, and having a blast. Late 30s ... that would be an early start for me. Enjoy your youth and get started!

@Samantha Goetz. Hugely helpful diagram Samantha! I'm looking into buying a duplex in the area South of E MLK Jr near S University Pkwy. I've heard it was a high crime area but is perhaps getting better. What are your thoughts ?

@Karen Rittenhouse

Hi Karen -- I found this thread and thought I would see how High Point may have evolved in the last couple of years. I am looking at a duplex just south of E MLK Jr Blvd (near S University Pkwy) and was curious as to whether this area has improved or is still a high crime district? Thanks

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Durham.

Purchase price: $136,000
Cash invested: $102,000

This was my first long distance deal. Still has some challenges (Flood zone, Capital Expenditures) about break even on this one.

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

I really like the area. Growing population, great universities, but lot a lot of inventory for multi-family.

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

MLS

How did you finance this deal?

Traditional financing

How did you add value to the deal?

Rehabbed the A unit, repaired roof (B was already done)

Lessons learned? Challenges?

Appraised higher than expected and I have decided to try to sell this one. The Flood zone issue and Covid-19 has made that challenging.

Hi all --- Can anyone recommend a Rockstar Realtor in the Durham, NC area who is investor savvy. Thanks, Rich

I have a duplex in East Durham, NC that is currently listed on the MLS and the Tenant has requested no showings due to COVID-19. My agent says this is a "Showstopper" on getting the property sold. Should I trust him and pull the property off the market (or find a new agent?) He's taken photos of the units but there is no virtual representation (3D or otherwise). I am a rookie investor from CA and could use some guidance from the BP community on how to move forward. This was the first of five properties I have purchased in that area since December and by far it has had the most challenges. A few details about the property.

• I purchased for $136K in December, 2019
• Appraised for $165K
• Property is in a flood zone (Flood Insurance is approx $105/mo)
• I have a traditional loan of $100K on the property at 4.5% (Mortgage is $840/mo)
• Unit A: I put $15K into rehab (Window units No HVAC)
• Unit B: was rehabbed when I purchased it (Window Units No HVAC)
• Combined Rents are $1300
• I have a property manager at 10% (I live in CA)
• Property is currently listed for $159,900 on the MLS

I appreciate your input.

Can anyone one on BP suggest a good Property Manager who covers the Davie County, NC area? I recently purchased a few properties in Cooleemee / Mocksville and need help.

  @Chris T Hi Chris . Does your insurance broker cover the Burlington, NC area. I could use a good insurance referral for a Rental Property I recently purchased in that area. Thanks.

Hi all -- I'm considering buying a SFH on Center Street just SW of UNC School of the Arts. I'm a newbie Buy and Hold investor from California and have a couple of properties in Durham and Burlington already - but I'm not very familiar with Winston-Salem. I'm wondering if anyone is familiar with the area and if this is a good place to do the BRRRR thing? Thanks for your input.