All Forum Posts by: James Honeycutt

Wife and I are moving to North Carolina summer next year of 2023.  

With the uncertainty of the market, I am unsure if I should buy a home NOW and rent it out until we move there, or roll the dice and wait to buy until next year. 

Any thoughts?  I keep leanings towards buy now.  Interest rates will continue to rise, and home prices will probably continue to rise too I think (slowly at this point).  Seems safer to buy something now but...I really don't know what is best...probably nobody knows what is best right now.

Investment Info:

Townhouse buy & hold investment.

Purchase price: $175,000
Sale price: $367,500

Contributors:
Keith Varden

Bought using the VA loan. Lived there for one year. Rented it out for 4 years. Sold December 2021.

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

Colorado Springs was a rising market and I bought at a great time. Decided to sell since my property doubled in price and I can use that money for new investments.

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

I was just looking for a place to live in 2016 and I found this place. Was very low maintanence, a good price, and a fairly new build.

How did you finance this deal?

VA loan, no money down.

How did you add value to the deal?

I just held on for 5 years and the market did what the market does. Lucky for me, Colorado Springs, CO skyrocketed.

What was the outcome?

Doubled my money on a $0 money down home. Had a renter pay my mortgage for me for 5 years, then sold for a $175,000+ profit.

Lessons learned? Challenges?

Buying a newer property with low maintenance has it's advantages. No yard either which made things easy. Had an HOA that took care of everything on the outside fo the home to include the roof and sidings.

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

If you are looking to sell your place in Colorado Springs, CO, Keith Varden will get you the most you can out of your sale.

@Jane S. You absoultely can,  but only after ONE YEAR of living in the home.  After that one year, it's free game.

hank you everyone for the responses!  Sounds like networking is the #1 lesson learned here, which I will do!  I may reach out to some of you individually as well since you have been so nice to offer help.

My goal is to not have to work a regular 9-5 job as soon as that can be possible, which may very well still be years away. But I do believe with proper saving, re-investing, and using real estate in ways that you all mentioned above, I can achieve that goal!

@Graham A. Galvin I am moving to Greensboro, North Carolina.  Market there seems hot there right now, I am worried when I buy things may drop in price quickly.  But I won't let that stop me from buying. 

5 years ago I purchased my first home using the VA loan (no money down). Lived there for a year, then rented it out for 5 years. The market in Colorado Springs, CO skyrocketed so I sold it. I now have, after taxes, about $175k cash all profit. I also have one more property I plan on selling soon, which should sell for another $175k profit, leaving me with over $300k which is absolutely incredible for me and I am so excited about it!

I want this to be just my first step in reaching my goals of financial freedom.  I am moving April 2022 with my wife to Greensboro, North Carolina.  I plan on using that money to buy a few rental properties (with minimum down payments) and to have money left over to start flipping homes.  I think I would genuinely enjoy hiring contractors to fix up a home in a vision I see fit; and of course I would enjoy the profit off the sale of those flips.

I have a decent job working as a government contractor in the IT field, but I have a dream to be able to leave that work and go all in with real estate someday.  I'm 35, no kids, no bad debt, and my wife works a decent job as well.  I'm going to North Carolina with $300k to start this new adventure.  

I would love to hear ANY advice to help me on my journey.  My end goal is to be wealthy enough to have nice things and for my wife and I to not have to work a regular job anymore.  I would love to get big into flipping homes while having rental properties.  

Thanks everyone!