All Forum Posts by: Josh Wright

@Derek B.

Awesome info. Thanks. I was not in NC in '99 but my wife stated that the entire Eastern NC was devastated. Lets hope that doesn't happen again in our lifetime. 

Capex could be another reason why the owner is selling. I know a majority of his properties are closer to the coast and his reason for selling this property to me is very plausible. However, if I was in his situation - selling without having to worry about fixing what you stated above sounds ideal as well for the current owner.

 I should have the paperwork over to me today along with more photos Monday. I plan on visiting the properties next weekend. I really do appreciate the help. Based on reading the discussions here on BP the target income is $100+ per door. If this property is able to turn that I am looking at $500/month. Rent could be increased as well due to being under the market but if the tenants are not troubling and need little maintenance then I feel it is more beneficial to leave it as is. My plan is to also add another duplex to the lot that is not being used and as time passes, renovate and increase rent to each of the current properties as it comes. What are your thoughts? Does that sound like a good plan? Greenville is the largest close by city and it continues to grow. I think where this property is located the need for rental property/rent will only increase. Furthermore the land surrounding the property was recently bought by a very large Farmer who is always in need of worker housing. Could be an viable option as a buyer down the road.

-Josh

@Derek B. I appreciate the feedback and yes this is for CF. Properties are Class B/B-. The area is rural with the town having 10k people. Most of the rental properties in the area are trailers. The rent in the area is $400 - 500. Average rent on these properties is $330.

I meet with the current owner on Monday to do a walk through and take photos. There is also a waiting list on the properties as well that can be provided by the owner. Apparently he is a bit OCD with the properties which is a plus in my eyes.

I am also getting a breakdown of monthly expenses from the owner and should have a better line by line breakdown. When speaking to him he stated $700 total for all the properties.

The properties were built in the 50's but completely rehabbed in 1999 due to Hurricane.

Thanks Derek!

-Josh

First and foremost I would like to introduce myself. I have been soaking in all I can on real estate investing and am on BP daily. I am now to the point in which I am looking to purchase my first properties. I would appreciate any and all feedback. I am originally from Lexington, KY but now reside in Goldsboro, NC. I spend time between both. My goal is to purchase 10 properties by the end of 2016. Grow my portfolio slow and steady and then quit my regular sales position. Please feel free to let me know if the following is a good deal or something I should stay away from.

Asking price: $95k

3 houses 1 duplex all side by side on the same street with an empty lot at the end of the street which is included. All properties have long term tenants and the rent is well below market. Currently all properties combined bring in $1650/month and rent has not been increased in the last 10 years. All properties were completely remodeled in 1999. Minor exterior cosmetic work needed. Total taxes $1700. End lot has a possibility to add another home/duplex.

Reason for selling is the owner is an older gentleman who has multiple properties throughout Eastern NC. He is selling the properties that are furthest from his beach home where he plans to now spend the majority of the time. I am trying to get the price down but money is not an issue.

I plan on doing a cash out refinance on my current home. Monthly expenses look to be $700/month.

Sorry for the long email. I need all the help I can get. I tired of having analysis paralysis.....

Thanks!

-Josh Wright