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All Forum Posts by: Jason Harty

Jason Harty has started 5 posts and replied 42 times.

Quote from @Ray J.:

Great job on the renovation, and I love the pics! Keep crushin it!

Thanks bud! 
Quote from @Kawthar Suleiman:

congrats thats amazing! the house has a ton of charm and potential i"m sure you will crush it!

Thanks!
Quote from @Paul Chapey:

Nice job on the rehab. No wonder I see more traffic going down Isle of Pines. 😊

Quite a few new STRs down there this year. Where are you?

Quote from @Michael Baum:

Thanks @Jason Harty! Looks really nice! I am not sure if you are looking for notes or not, but I would add more art to the wall in the bedrooms. Splashes of color to liven up the space.

Thanks! We have added some art recently. We’ll be reshooting the property later this year. 
Quote from @Michael Baum:

Very cool @Jason Harty! Post the links to the listings so we can check it out!


 https://airbnb.com/h/followthe...

Here you go!!

Quote from @Simon Lee:
Quote from @Jason Harty:

Hey all!

It is with super excitement that I share that my wife and I are in contract for our first investment home that we intend to rent out on a short-term rental basis. The property is located on the beautiful Lake Norman in Mooresville, NC. The property is located just 30 minutes north of Charlotte and just a few minutes off of I-77. The property is a SFH outside of any HOA and we are purchasing from the original owners of 30 years. The property can use a little TLC, but not much at all. I am a contractor by trade and will be doing any renovations myself quickly to get the property listed for use ASAP.

I would love to speak with people in the Lake Norman area that are currently renting on a short term basis and learn from what you are doing.  Thanks to all who comment or reach out!


 Congratulations!  Best of luck on the reno!  Would you recommend the realtor you used?  I'm considering investing in two properties this year in the NC/triad area and Mooresville is very compelling to me.  


 Thanks so much for the well wishes Simon. We had excellent experiences with our whole process. Let’s connect to discuss more! 

Quote from @Frank Ygarza:

Jason - Curious to see if you've completed the reno and have started to take bookings. 

Currently I'm in the Dallas market but considering making the move into NC to get into an STR in LKN or possibly another lake in the area.

Any insight? 

Thank you


 Reno has been completed and lots of reservations on the books! I’d love to connect more about the area with you if you’re up for it! 

Post: Lake Norman - This is going to be a homer!

Jason HartyPosted
  • Contractor
  • Long Island, NY
  • Posts 42
  • Votes 23

Investment Info:

Single-family residence buy & hold investment in Mooresville.

Purchase price: $740,000

Using investor contributions and a non-qm loan, we've purchased a lake front home on Lake Norman, NC. The rehab had been completed (04/01/2023) and will be launched as a STR property by tomorrow (04/07/2023)

Investment / Holding / Exit options being considered:
1: Cash-out REFI upon 1 year loan maturity and substantial bookings.
2: List for sale on NC MLS at $1,100,000 and see if there is interest in the property as an operational STR property.

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

Love the area (Mooresville, NC), saw a huge value-add potential. Taking advantage of the fear in the market for buyers/sellers and made a low offer that worked!

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

On market, sitting for 6 Mos.

How did you finance this deal?

Non-QM @ 9.25% ... UGH!

How did you add value to the deal?

Large renovation completed raising the value of the home substantially.

What was the outcome?

It's my opinion (awaiting an appraisal) that the homes new value is 1,100,000. Increasing by $210,000, over purchase appraisal of $890,000.

Lessons learned? Challenges?

- Underestimated the total time to get the reno done. I would have more help next time or hire out completely and manage construction process.
- Being a contractor is a blessing and a curse... As much as I have the skills to do ANY construction task, that isn't where my time is most valuable.
- First window order arrived damaged and incorrect specs. It was quite the hassle to get this taken care of with the vendor and I had to contact a CEO to have acceptable action taken to rectify.

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

An agent, wholesale mortgage broker, building material vendors.