All Forum Posts by: Jm McNabb

The contract states no smoking indoors but does not specifically call out vaping.  After doing some research we’ve learned that vaping can cause damage to the interior of the house and potentially lower property values and/or potential sale as we have to legally disclose it was occurring.  How do you all suggest we move forward and what are out legal and financial options?

@Chad U..  We just went into contract on a single family in Valdosta, GA.  We may end up finding ourselves in the area once I retire from the military.  We are jumping into this hoping to plant roots in the area in the coming years and I'd like to have a few properties prior to us moving there permanently.  Memphis is an intriguing location as well.  I have a lot of family in the area in both Valdosta and Memphis. 

@Ramon Flores, Thank you for that.  We haven't pulled the trigger on anything yet.  We are still a ways off before we decide to jump into that pool.  I want to move a bit closer to the area we are looking at so that I have a better access.  We are a military couple so out of state investing is usually what we look to do considering we are going to end up leaving whatever location we are in at the time we bought a home.  

Investment Info:

Single-family residence buy & hold investment in Dover.

Purchase price: $177,000

Currently live on property and plan to rent out this fall for a potential $450 cashflow and 15% CoC ROI.

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

Military audience and strong rental market.

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

Basic MLS purchase. Bought from a flipper

How did you finance this deal?

Bank Lender

How did you add value to the deal?

Cosmetic/painting kitchen and bathroom cabinets. Replaced all appliances with stainless steel. Replaced living spaces and bedroom floors with carpet. Stained 3 newly built decks. Rebuilt storage shed in backyard and added fresh paint. Minor landscaping improvements.

We are looking to build a portfolio but don't quite have the resources to pay cash and/or finance another property this close to our last deal.  Is seller financing a good idea to pick up a foreclosure in a location we don't currently live and can't visit because of COVID? 

We just started.  Currently in Delaware and just about to close on our first investment in Valdosta, GA.  Hoping to jump into that market a bit more.  Have you started?