All Forum Posts by: Jason Coleman

Hey Daniel,

You're talking about the one on Sherwood right? I walked that property and had an offer on it myself. It's a decent amount of rehab but it was hard to tell what the previous owner did correctly. Let me know if you need a local contractor to take a look. Good luck on the rehab!

@Griffen Angel

I’m an investor/agent in Greensboro. I personally invest in Greensboro, Wilmington, and Lexington NC. Happy to help when you’re ready to get started. Shoot me a message and we can schedule a call. Thanks.

Hey @Richie Thomas

I put an offer in on this property the day it hit the market. Within an hour of me noticing it hitting the MLS. Offered 5k over asking. 4 units total. BP wouldn't let me click 4 units on the headline. They had 3 out of the 4 units rented out. Leases run out multiple times throughout the year. March, July, September. I did not check on the current tenants credit but I did due diligence on the rent payment history. We did cosmetic rehab on the vacant unit. Paint, carpet, etc. Pressure washed outside and painted exterior back wall (mildew growing previously). The rent was 350/unit. We bumped up the rent to 475/month and already have that rehabbed unit rented. We budgeted 425/month after rehab so the extra 50 is a bonus. The property manager pretty much took care of everything start to finish and conservatively quoted the rehab and new rent. Pretty happy with this property so far. Thanks for asking.

@Peter Faulkner Good luck with those properties in 2020! Winston and Greensboro are excellent places to invest. I'm working on a seller financed 21 SFH purchase closing in March. FIngers crossed.

@Casey Rondinella Be careful in High Point. It's tough to tell what areas are experiencing a turnaround. I think HP will be fine in the long run it's just a guessing game currently. 

@Nathan Faucett Get that basement finished!! Looking forward to finding another rental as soon as it's completed : )

Hey Cedric,

Send me more info. Thanks. 

[email protected]

Investment Info:

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

Purchase price: $105,000
Cash invested: $23,000

Multifamily BRRRR project. Rents currently at 350/unit. With light rehab we should be able to get rents up to at least 425/unit most likely 450/unit. Cashflow Machine. Estimated 590 dollars in positive cashflow monthly

Was able to take my commission and roll it into the deal in order to make it even cheaper overall. Pretty excited about this one.

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

I've been looking to scale my investment business into multifamily for a while. This one popped up on the MLS so I put an offer in.

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

MLS. Listing agent was paying 5% commission (10% total) for the buyer agent. Wow...

How did you finance this deal?

Conventional Loan 25% down

How did you add value to the deal?

Light rehab. Paint, LVP flooring, pressure washing.

What was the outcome?

Still working on it but we should easily be able to get the rents up to 425/month. Compared to the 350/month currently

Lessons learned? Challenges?

I'll keep you posted ; )

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

I am a full Broker so I was able to work on this deal myself. Rolled commission into the deal.

Erin Schlachter at Fidelity Bank. Low closing costs. Easy to work with.

Bigger Pockets won't let me post phone numbers or email. Feel free to reach out if anyone needs them. Thanks. 

Hey Jason,

I know we already spoke about this but I figured I'd post it for other investors. These are the property managers that I would recommend. There a few that I wouldn't recommend but I don't want to publicly post a bad review about them. Thanks. 

Brent Morris @ Real Property Management of the Triad 

Steve Tyree @ T'Vinci Properties 

@Terrin Horton

Look up the Coastal REIA. Great people with plenty of good content. Cheap education and networking opportunity.

@Kenny Berrios Welcome to BP! It's an excellent place to connect and learn from other experienced investors as well as newbies. Happy to sit down with you and talk real estate. I've been in Greensboro since 2006 so I know a lot about what's happening here and all around the Triad. My wife and I primarily invest here in Greensboro as well as Wilmington NC although we're phasing out of the coastal region. Winston has changed dramatically over the last 10 years as well as Greensboro. Both are excellent places to invest for value as well as long term growth. High Point is a little behind at this point but it has potential near the Baseball Stadium and HPU depending on your investment strategy. Send me a message if you want to talk RE over coffee or lunch. Happy to talk goals and how to get there.