All Forum Posts by: Jeffery Gibbs

@Cameron Riley’s I do a free prescreening. I just put the “make or break” questions. If they meet criteria I send them to Cozy and they pay for the background and credit check. I may take 20 applications but I start with the best and only do one at a time. If their info checks out, I’m done. If not I do the next best one. Usually only takes one or two.

@Zachary Ray I rent that one for $650

@Mark Linder most homes are smaller and rent for around $650 - $750. i do have a 3/2 that I rent for around $1100

@Mark Linder Sorry for the confusion. That house is actually 45 minutes away in Elkin, NC. "B" may be off but it is a working class neighborhood, a little rural, mostly owner occupied. 

@Andy Eakes Thanks, My first thought was to go to a bank and get some cash out to do another one. I bought and rehabbed a condo and I purchased a small MHP (needs a lot of work) just after this deal so for now I am just sitting on it. I know I could use the money to find another one but, I have enjoyed knowing it is paid off. Appreciate any advice, just starting to learn. 

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $35,000
Cash invested: $35,000

Appraised at $56,000. 2 bedroom 1 bath, B neighborhood, new windows, new siding, 5yr new roof, bought for cash, monthly expenses: insurance $55, taxes $45, vacancy $30, Maintenance $30, cap ex $40, repayment of cash (over 12 years) $240.

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

We had the cash from another property we sold, closed both the same day. Built-in Equity and existing tenant had good history and company pays his rent.

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

I mentioned that I was looking for a cash deal to some other investors and 3 days later one of them called me with this one. He had just purchased 3 and was focused on those.

How did you finance this deal?

all cash from sell of other property

How did you add value to the deal?

have not done anything to the property yet.

What was the outcome?

still renting

Lessons learned? Challenges?

Tell everyone what you are doing, be confident when you talk to people about your investing and be ready to move when an opportunity presents.

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

My wife is an agent. Erika Gibbs with Premier Properties She works in the Winston Salem and Elkin Markets. 8435577359. She loves investing and working with investors. Whoever you work with, make sure they invest as well!

@Mark Linder My wife is a Real Estate agent in this area and around Elkin. She just started working for Premier Properties, they also do management. I am doing most of the work myself, at this point but will be happy to share if I run across any of those people. I have found a few great deals in the Elkin and surrounding areas this year.

Feel free to reach out anytime.

@Jeremiah Fennell I have purchased 1 house, 1 condo and a small MHP this year. All in and around Winston Salem.

I am actually looking at the same 2 flooring options. I was hoping to get some help with that question here. Not sure if you decided on one or the other. Hopefully someone with some experience in this area will answer soon. Good luck. If I choose one first, I will let you know