All Forum Posts by: Jay Banerjee

@Jay BanerjeeI'm looking for a buy and hold since it's my first deal, and I'm out of state. I'm willing to do cosmetic repairs on the property but not a full flip or rehab as I want to take things one step at a time and get one deal under my belt first :)

Houses in the $300K+ range seem like they won't break even with rents at $1.5-2K, depending on the neighborhood. I'm wondering if I have to pivot my strategy to find more off-market deals or take on a little more risk by finding houses in need of more repairs. I've been analyzing deals but numbers don't make sense based on rent prices, so I wonder what I'm missing? FWIW my goal isn't massive cash flow as I have a full-time job but do want some CF as a buffer.

Would love your thoughts!

@Maggie Blackburn, lower cash flow / cap rate, might give you better equity in the long run. If you are looking for a ~$300K deal and finance with a traditional mortgage with 20-25% down - yes you need ~1.5K to break even. You need low HOA, and meet neighborhood rental cap to make this work. There are pockets of neighborhoods that might meet that sweet spot.
If you have a local agent you know to help you find an off-MLS deal, that is ideal to get a discounted property. For casual browsing, there are rental investment options on roofstock.
https://www.roofstock.com/inve...

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Quote from @Dmitriy Fomichenko:

Congrats on this investment @Jay Banerjee

@Dmitriy Fomichenko, thank you !

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Quote from @Sarita Scherpereel:

Congratulations! Sounds like an ideal investment. I hope you can repeat as you hope!

@Sarita Scherpereel thank you ! I appreciate your encouraging words.

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Quote from @Yinka Taiwo:

@Jay Banerjee congrats. Hope I can repeat as you too

@Yinka Taiwo, thank you! Surely you can repeat. I'll be happy to connect and learn about your investment endeavors.

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Quote from @Maggie Blackburn:

Hi Jay! I'm a new investor, originally from CA and now living in NYC and looking to purchase my first SFH in Charlotte. Where was this first property? And what was your CoC and ROI? Neighborhoods I'm looking into are Mathews, Monroe, Mint Hill, Indian Trail, and Belmont. Would love any tips!

Hi @Maggie Blackburn, those are all great neighborhoods. Greater Charlotte is a banking / finance hub (BofA, Wells, etc.) and strong tech presence (Microsoft, Amazon, etc.). Still with a lot of room to grow.

Our choice of city to invest was 1st house in Charlotte, and 2nd house in Huntersville. Both of these cities are ranked near top for safety, school, with easy access to local amenities, highway, etc. Median housing price in Charlotte is $301K (compared to a median of $1.48M in the Bay area), making this an attractive choice for investors, and primary residence families.

What type of investment are you looking at (eg. - buy and hold, vs flip)?

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Investment Info:

Single-family residence buy & hold investment.

Purchase price: $690
Cash invested: $150,000

Rental Property in Washington, Renton

1 Vote

Investment Info:

Single-family residence other investment.

Rental Home in NC.

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

This was a cash flow property.

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

Brought with traditional loan, turned this into a rental

How did you finance this deal?

Traditional loan - 30 years fixed.

How did you add value to the deal?

Did minor upgrades and rented this out.

What was the outcome?

Rental covers the mortgage and provides positive cashflow.

Lessons learned? Challenges?

Repeat this type of deals.

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

Wells Fargo was my lender - they were easy to work with.

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All Forum Posts by: Jay Banerjee

Jay Banerjee has started 2 posts and replied 7 times.

Post: North Carolina Rental Property in Charlotte

Post: North Carolina Rental Property in Charlotte

Post: North Carolina Rental Property in Charlotte

Post: North Carolina Rental Property in Charlotte

Post: North Carolina Rental Property in Charlotte

Post: Rental Property in Washington, Renton

Post: North Carolina Rental Property in Charlotte